Business
Watkin Jones : Half Year Results for the six months ended 31 March 2026
Watkin Jones : Half Year Results for the six months ended 31 March
About this update from Watkin Jones Plc
Watkin Jones plc (the 'Group')HY Results for the six months ended 31 March 2026Operational progress & proactive strategy for continued diversification The Group announces its interim results for the half year ended 31 March 2026 ('HY26' or 'the period').Adjusted Results(1)Statutory ResultsHY26 HY25HY26 HY25 Revenue£100.2m £129.2m£100.2m £129.2m Gross profit£9.3m £14.4m£9.3m £14.4m Operating profit£0.4m £0.4m£0.4m £0.4m Profit / (loss) before tax£nil £0.2m(£0.9m) (£0.9m) Basic earnings / (loss) per share0.01p 0.05p(0.35p) (0.27p) Adjusted net cash(2)£61.3m £73.4m (1) For HY26 Adjusted Profit before tax and Adjusted Earnings per share are calculated before the impact of an exceptional finance cost of £0.9 million (HY25: £1.1 million) for the unwinding of the discount rate on the Building Safety provision. (2) Adjusted net cash is stated after deducting interest bearing loans and borrowings, but before deducting IFRS 16 operating lease liabilities of £31.1 million as at 31 March 2026 (31 March 2025: £37.4 million).HY26 Highlights · Revenue of £100.2 million delivered primarily from in-build schemes: - Two new transactions during the period - a further PBSA scheme in Bristol and a scheme to deliver a hotel on a brownfield site in Wimbledon · Operating profit of £0.4 million: - Strong construction delivery, at margins in line with previous guidance, including the initial contribution from the sale of our Bristol scheme supported by our diversified routes to market. - Continued effective cost management despite inflationary pressures. · Further operational progress, despite the challenging backdrop: - Achieved planning on c.800 new living units in the period - Growth of 20% in Development Partnership and Refresh pipeline · Maintained focus on cash management: - Period end gross and adjusted net cash balances of £67.1 million and £61.3 million, respectively. · Further progress on building safety: - Successful achievement of Gateway 2 at four sites during the period, benefiting from early engagement with the Building Safety Regulator - Reduced net provision of £38.0 millionOutlook · Whilst we monitor the evolving geopolitical and economic backdrop and the consequential impacts on both market confidence and liquidity, the Group continues to focus on the factors within our control: - successfully delivering our in-build projects - carefully managing our costs a...