Watkin Jones (AIM:WJG) reported revenue of £100.2m for the six months ended 31 March, down from £129.2m in the six months to 31 March 2025, reflecting a sustained lower level of transactional activity.
The group's operating profit was unchanged at £0.4m and gross profit fell to £9.3m (margin 9.3% versus 11.1% HY25), with adjusted pre-tax breakeven excluding a £0.9m exceptional finance cost and adjusted basic EPS of 0.01p (HY25: 0.05p).
"Our integrated platform continues to be a key differentiator, enabling us to identify incremental opportunities to deploy capabilities and diversify revenues," Alex Pease said.
Watkin Jones finished the period with gross cash of £67.1m and adjusted net cash of £61.3m, had £43.9m of undrawn RCF headroom and total liquidity of £111m, and the board said it will not declare an interim dividend.
By segment, Build to Rent revenues fell to £52m (HY25: £90.3m) while PBSA rose to £33.2m (HY25: £25.6m), Development Partnerships contributed £43.8m (HY25: £32.3m) and Refresh pipeline grew by 20%.
The group used £9.4m of its building safety provision in HY26, the discount unwind added £0.9m and the net provision stood at £38m at 31 March.
Watkin Jones reported a secured pipeline of c.£1.3bn including c.£300m of contractually secure forward-sold revenue (c.£90m deliverable in H2) and said the number and type of H2 transactions will significantly affect the full-year outcome.
