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Full year results announced, Jan 15th 2019

January 15, 2019

Today our parent company Watkin Jones Group announced the full year results for the year ended 30 September 2018. ‘Record results and continued momentum’ was the key message delivered to the city and investors.

FPG highlights on performance:

  • The business continued to grow strongly in FY18, generating revenue of £7.3 million (FY17: £6.1 million) and gross profit of £4.5 million (FY17: £3.8 million), representing a gross margin of 61.8% (FY17: 61.9%).
  • FPG had a good year for winning new management contracts, picking up 14 student accommodation schemes with effect from the start of the 2018/19 academic year. As a result, FPG saw a net drop in beds under management of only 1,196, despite the CST sale. Excluding the beds under management associated with the properties sold by CST, FPG’s beds under management were increased by 3,740 beds, or 23%, compared to the start of the 2017/18 academic year.
  • This led to FPG having 15,421 student beds and build to rent apartments under management at the start of FY19 across 56 schemes. Of these schemes, 48% were developed by Watkin Jones and 52% by third parties, showing the broad attraction of FPG’s offer to institutional clients. By FY21, FPG is currently contracted to manage 18,258 student beds across 65 schemes.

To view the full results see the announcement here:

http://www.watkinjonesplc.com/~/media/Files/W/Watkin-Jones/documents/preliminary-results-2018.pdf

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