Watkin Jones plc reported a resilient performance for the six months ended 31 March 2026, with revenue of £100.2 million, primarily from in-build schemes. The company achieved an operating profit of £0.4 million, supported by strong construction delivery and effective cost management. Despite challenging market conditions, Watkin Jones made operational progress, securing planning for approximately 800 new living units and growing its Development Partnership and Refresh pipeline by 20%. The company maintained a strong focus on cash management, ending the period with gross and adjusted net cash balances of £67.1 million and £61.3 million, respectively. Watkin Jones also made further progress on building safety, achieving Gateway 2 at four sites and reducing its net provision to £38.0 million. The companys total secured pipeline stands at approximately £1.3 billion, including £300 million of contractually secure forward-sold revenue, positioning it well for future growth despite near-term market uncertainties.
| Financial Metric | HY26 | HY25 | Change |
|---|---|---|---|
| Revenue | £100.2m | £129.2m | -22.4% |
| Gross Profit | £9.3m | £14.4m | -35.4% |
| Operating Profit | £0.4m | £0.4m | 0% |
| Profit/(Loss) Before Tax | £nil | £0.2m | -100% |
| Basic Earnings/(Loss) per Share | 0.01p | 0.05p | -80% |
| Adjusted Net Cash | £61.3m | £73.4m | -16.5% |
| Debt (Interest-bearing loans and borrowings) | £5.8m | £13.4m | -56.7% |