23rd Apr 2024 12:25
(Alliance News) - Watkin Jones PLC on Tuesday announced the appointment of a new chief financial officer, as Sarah Sergeant plans to step down next month.
Shares in Watkin Jones were up 6.0% at 42.80 pence each in London on Tuesday midday.
The London-based student accommodation developer and manager said its CFO Sarah Sergeant will step down in mid-June as part of a managed succession process, and will be replaced by Simon Jones.
Sergeant has served as CFO to Watkin Jones since 2021.
Jones, who will officially join the board on May 21, is a "highly experienced CFO with a strong track record within the property sector," the company said. He is the current CFO to property outsourcing firm, Mapeley Estates Ltd.
Watkin Jones said Sergeant will work closely with Jones to ensure "a smooth hand over of responsibilities".
Chair Alan Giddins said: "I am delighted to welcome Simon to Watkin Jones. He is a very experienced CFO with significant property related experience, which is highly relevant as Watkin Jones continues its recovery and broadens its focus on opportunities within the residential for rent sector.
"I would also like to thank Sarah, on behalf of the board, for her contribution to Watkin Jones and, in particular, in supporting the business through the challenging market conditions that the group has experienced over the last 18 months."
Watkin Jones also gave an update for the first half of its financial year ending September 30.
The company said that performance in the six months to March 31 has been "driven substantially by the group's contractually secure forward sold developments," where project margins of around 10% have been in line with guidance.
Looking ahead, Watkin Jones said it continues to focus on the delivery of its building safety rectification obligations and has completed works on three buildings in the half-year, with cash spend in line with expectations.
Watkin Jones added that "there remains significant uncertainty in this area across the sector and, as for many other participants in our industry, assets in scope and the scope and cost of works continue to evolve. Based on developments in the period to date, our provision remains unchanged and we will continue to monitor this as discussions with building owners and building investigations continue."
Watkin Jones will publish its half-year results on May 21.
By Sabrina Penty, Alliance News reporter
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