The towers are lined in excessive strain laminate (HPL) cladding which the federal government has suggested ought to be faraway from high-rise buildings.
Watkin Jones mentioned it could look to get better a number of the prices from consultants and subcontractors concerned within the unique development.
It mentioned: “In response to the revised Authorities steerage, issued in January 2020, on the suitability of sure cladding options used on high-rise residential buildings, the Group is working with the homeowners of eight of its beforehand developed purpose-built scholar lodging schemes to remediate/change cladding.
“The vast majority of the cladding is excessive strain laminate (HPL), which has been beneath more moderen scrutiny and is roofed by the revised steerage.
“The group is taking proactive and accountable steps to make sure the security of tenants, working with constructing homeowners, regardless that the buildings involved have been developed in accordance with all constructing rules on the time of development and no legal responsibility is accepted for the works.
“Discussions with the property homeowners stay ongoing, however the board presently expects that this may increasingly end in a sharing of the prices of sure remedial works with them.
“The gross price to the group might be within the vary of £12 million to £15 million, over the subsequent two years.
“A one-off non-underlying provision for this price is prone to be made on the yr finish, as soon as the result of these discussions has been established.
“The group will look to get better a few of this price from the subcontractors and consultants engaged on implementing the actual cladding programs on the time.
“That is prone to take an prolonged time frame to realize and the extent of any restoration is presently unsure.”
The announcement got here at Watkin Jones introduced robust first half outcomes for the six months to March 31 2020.
Pre-tax revenue was as much as £26.6m from £22.4m final yr as income rose to £185.7m from £159.1m.
Most websites have now been remobilised following lockdown with jobs working at round 75% capability.
Watkin Jones mentioned: “We anticipate a modest enhance in prices to finish our dedicated improvement programme throughout Covid-19 disruption.”