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Watkin Jones profits up 50 per cent

Welsh construction and development company Watkin Jones saw its profits shoot up 50 per cent from the previous year, the firm announced today.

The company announced a record pre-tax profit of £13 million for the year ending 30 September 2007, up £4.3m from the previous year.

Turnover rose from £93 million to £108 million.

The growth in the group’s operations was mostly down to its student accommodation and construction divisions, while its homes division said sales flow remained steady.

The group gave a confident statement of intent for 2008 despite saying it faced “tightening market conditions”.

Group managing director Mark Watkin Jones said: “We are very pleased with the results for 2007 and the prospects for the future look very positive, both in the short and longer term.”