Watkin Jones delivers seven developments during lockdown

Watkin Jones expects full-year adjusted operating profits to be in the range of £48.0-50.0m, with revenues pegged to be in the region of £350.0m.

Year-end gross cash balances were predicted to be around £130.0m and net cash balances anticipated to be roughly £90.0m, after deducting site-specific loans of £40.0m.

Assuming no "material detonation" in market conditions, Watkin Jones highlighted that it would pay an interim dividend in line with its policy of 2.0x cover, thanks to its "strong cash position".

Chief executive Richard Simpson said: "The underlying market dynamics for residential for rent, both student and build to rent, remain strong.

"As we enter our 2021 financial year, the business has gained real momentum and, with our resilient, diverse and capital-light business model, we believe that we are well placed to navigate the challenges and are confident in the future."

As of 1020 GMT, Watkin Jones shares were up 2.15% at 137.90p.