Listed BTR specialist makes promise in trading update

Watkin Jones has pledged to install heat pumps in all its new developments from 2023.

The build-to-rent and student housing specialist outlined the commitment in a raft of targets it published as part of a wider trading update this morning.

01 - Main Tower - Pershore St View (1)

The firm is working on this scheme in Birmingham called Maker鈥檚 Yard which will have more than 500 homes

Last month, the government said homeowners can apply for a 拢5,000 grant to install a heat pump from April next year which will come through a 拢450m boiler upgrade scheme.

Watkin Jones also pledged to achieve net zero on scope 1 emissions 鈥� direct emissions from own sources 鈥� and scope 2 emissions 鈥� indirect from generation of electricity, heating and cooling from own sources 鈥� by 2030.

And it pledged a 鈥渕eaningful reduction鈥� in scope 3 emissions, which covers all other indirect emissions in the supply chain, over the same period.

In its trading update, the firm said profit margin was 鈥渟tronger鈥� than expected while operating profit is in line with expectations. But it added that revenue in the year to September would be around 拢430m, slightly below expectations due to land sales falling outside the year end.

The developer said in the year it has secured planning consents for 877 student bed spaces on sites in Birmingham and Nottingham.

Its current pipeline, including forward sold sites and sites with and without planning, has a revenue value of 拢1.75bn. This includes 4,012 build-to-rent apartments and 7,142 student bed spaces.