Watkin Jones

WJG · AIM · Real Estate · mcap £38m · 14.9p

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Financials · LTM to 31 Mar 26

Source: results 27 May 26 ↗

Revenue: £251m
Operating profit: −£5.8m
Net income: −£8.6m
Free cash flow: −£22.6m
Net cash: £61.3m
Market cap: £38.3m
EV / EBIT: –
FCF yield: −58.9%
Price / book: 0.3×

Latest half-year · H1 Mar 26 vs H1 Mar 25 results 27 May 26 ↗

Revenue: £100m
Operating profit: £400k
Net income: −£888k
Cash from operations: −£6.2m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it in the results of each period, newest first. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 27 May 26 · read the results ↗

	FY Sep 25£'000	FY Sep 24£'000
Continuing operations
Revenue	279,837	362,371
Cost of sales	(260,455)	(328,565)
Gross profit	19,382	33,806
Administrative expenses	(33,306)	(36,500)
Profit on disposal of subsidiary	8,163	6,260
Operating profit/(loss)	(5,761)	3,566
Share of loss in joint ventures	-	(8)
Finance income	1,359	1,008
Finance costs	(4,278)	(4,873)
Profit/(loss) before tax	(8,680)	(307)
Income tax credit/(expense)	274	2,202
Profit/(loss) for the year attributable to ordinary equity holders of the parent	(8,406)	1,895
Other comprehensive income
That will not be reclassified to profit or loss in subsequent periods
Net profit/(loss) on equity instruments designated at fair value through other comprehensive income, net of tax	27	(236)
Total comprehensive income/(loss) for the year attributable to ordinary equity holders of the parent	(8,379)	1,659
Pence Pence Pence Pence Pence Pence
Basic earnings/(loss) per share	(3.275)	0.739
Diluted earnings/(loss) per share	(3.275)	0.734

	H1 Mar 26	H2 Sep 25£'000	H1 Mar 25
exceptional
Continuing operations
Revenue	129,176	279,837	-
Cost of sales	(114,765)	(260,455)	-
Gross profit	14,411	19,382	-
Administrative expenses	(13,989)	(33,306)	-
Profit on disposal of subsidiary	-	8,163	-
Operating profit	422	(5,761)	-
Finance income	955	1,359	-
Finance costs	(1,205)	(3,188)	(1,090)
Profit/(loss) before tax	172	(7,590)	(1,090)
Income tax (expense)/credit	(43)	–	272
Profit/(loss) for the year attributable to ordinary equity holders of the parent	129	(7,588)	(818)
Other comprehensive income
That will not be reclassified to profit or loss in subsequent periods
Net gain/(loss) on equity instruments designated at fair value through other comprehensive income, net of tax	9	–	-
Total comprehensive income/(loss) for the year attributable to ordinary equity holders of the parent	138	(7,561)	(818)
Pence Pence Pence Pence Pence Pence
Basic earnings/(loss) per share	0.050	(2.957)	(0.318)
Diluted earnings/(loss) per share	0.050	(2.957)	(0.318)
Consolidated Statement of Comprehensive Income
for the year ended 30 September 2025
Year ended 30 September 2025
Before
exceptional Exceptional
items items Total
Notes £'000 £'000 £'000
Continuing operations
Revenue	279,837	–	-
Cost of sales	(253,345)	–	(7,110)
Gross profit	26,492	–	(7,110)
Administrative expenses	(28,306)	–	(5,000)
Profit on disposal of subsidiary	8,163	–	-
Operating profit/(loss)	6,349	–	(12,110)
Share of loss in joint ventures	-	-	-
Finance income	1,359	–	-
Finance costs	(2,097)	–	(2,181)
Profit/(loss) before tax	5,611	–	(14,291)
Income tax credit	274	–	-
Profit/(loss) for the year attributable to ordinary equity holders of the parent	5,885	–	(14,291)
Other comprehensive income
That will not be reclassified to profit or loss in subsequent periods
Net gain on equity instruments designated at fair value through other comprehensive income, net of tax	27	–	-
Total comprehensive income/(loss) for the year attributable to ordinary equity holders of the parent	5,912	–	(14,291)
Pence Pence Pence
Basic earnings/(loss) per share	2.293	–	(5.568)
Diluted earnings/(loss) per share	2.288	–	(5.563)

	Latest Mar 26£'000	FY Sep 25£'000	FY Sep 24£'000
Non-current assets
Intangible assets	10,212	10,487	11,047
Investment property (leased)	13,463	15,681	20,751
Other right of use assets	4,851	4,585	5,747
Property, plant and equipment	809	828	1,401
Investment in joint ventures	18,754	14,515	7,952
Reimbursement assets	7,628	7,710	6,147
Deferred tax assets	–	15,090	15,090
Deferred tax asset	15,090	–	–
Other financial assets	679	679	866
Total non-current assets	71,486	69,575	69,001
Current assets
Inventory and work in progress	91,691	86,851	94,266
Contract assets	27,796	29,123	36,538
Trade and other receivables	28,858	41,015	31,191
Reimbursement assets	2,537	2,565	1,470
Current tax receivable	–	2,911	2,461
Current tax receivables	285	–	–
Cash and cash equivalents	67,064	80,398	96,962
Total current assets	218,231	242,863	262,888
Total assets	289,717	312,438	331,889
Current liabilities
Trade and other payables	(73,579)	(83,169)	(86,054)
Contract liabilities	(7,353)	(4,005)	(3,252)
Lease liabilities	(6,801)	(8,223)	(7,750)
Provisions	(15,402)	(22,286)	(12,090)
Total current liabilities	(103,135)	(117,683)	(109,146)
Non-current liabilities
Interest-bearing loans and borrowings	(5,757)	(9,933)	(13,591)
Lease liabilities	(23,406)	(25,408)	(33,019)
Provisions	(32,737)	(34,420)	(43,543)
Total non-current liabilities	(61,900)	(69,761)	(90,153)
Total Liabilities	(165,035)	(187,444)	(199,299)
Net assets	124,682	124,994	132,590
Equity
Share capital	2,568	2,567	2,567
Share premium	84,612	84,612	84,612
Merger reserve	(75,383)	(75,383)	(75,383)
Fair value reserve of financial assets at FVOCI	204	189	162
Share-based payment reserve	2,368	1,808	1,780
Retained earnings	110,313	111,201	118,852
Total Equity	124,682	124,994	132,590

	H1 Mar 26£'000	H2 Sep 25£'000	H1 Mar 25£'000	H2 Sep 24£'000
Non-current assets
Intangible assets	10,212	10,487	10,767	11,047
Investment property (leased)	13,463	15,681	18,606	20,751
Other right of use assets	4,851	4,585	5,136	5,747
Property, plant and equipment	809	828	1,317	1,401
Investment in joint ventures	18,754	14,515	7,884	7,952
Reimbursement assets	7,628	7,710	10,774	6,147
Deferred tax assets	–	15,090	–	15,090
Deferred tax asset	15,090	–	15,319	–
Other financial assets	679	679	875	866
Total non-current assets	71,486	69,575	70,678	69,001
Current assets
Inventory and work in progress	91,691	86,851	100,062	94,266
Contract assets	27,796	29,123	34,323	36,538
Trade and other receivables	28,858	41,015	27,350	31,191
Reimbursement assets	2,537	2,565	1,099	1,470
Current tax receivable	–	2,911	–	2,461
Current tax receivables	285	–	2,523	–
Cash and cash equivalents	67,064	80,398	86,827	96,962
Total current assets	218,231	242,863	252,184	262,888
Total assets	289,717	312,438	322,862	331,889
Current liabilities
Trade and other payables	(73,579)	(83,169)	(80,547)	(86,054)
Contract liabilities	(7,353)	(4,005)	(1,900)	(3,252)
Lease liabilities	(6,801)	(8,223)	(7,733)	(7,750)
Provisions	(15,402)	(22,286)	(6,581)	(12,090)
Total current liabilities	(103,135)	(117,683)	(96,761)	(109,146)
Non-current liabilities
Interest-bearing loans and borrowings	(5,757)	(9,933)	(13,443)	(13,591)
Lease liabilities	(23,406)	(25,408)	(29,689)	(33,019)
Provisions	(32,737)	(34,420)	(50,399)	(43,543)
Total non-current liabilities	(61,900)	(69,761)	(93,531)	(90,153)
Total Liabilities	(165,035)	(187,444)	(190,292)	(199,299)
Net assets	124,682	124,994	132,570	132,590
Equity
Share capital	2,568	2,567	2,567	2,567
Share premium	84,612	84,612	84,612	84,612
Merger reserve	(75,383)	(75,383)	(75,383)	(75,383)
Fair value reserve of financial assets at FVOCI	204	189	171	162
Share-based payment reserve	2,368	1,808	2,440	1,780
Retained earnings	110,313	111,201	118,163	118,852
Total Equity	124,682	124,994	132,570	132,590

	FY Sep 25£'000	FY Sep 24£'000
Cash flows from operating activities
Cash (outflow)/inflow from operations	(13,101)	27,521
Interest received	1,359	1,008
Interest paid	(2,314)	(2,177)
Tax (paid)/received	(61)	3,872
Net cash (outflow)/inflow from operating activities	(14,117)	30,224
Cash flows from investing activities
Acquisition of property, plant and equipment	(129)	(120)
Proceeds on disposal of property, plant and equipment	-	12
Proceeds on disposal of subsidiary	9,122	6,260
Repayment of related party loan following disposal of subsidiary	6,558	18,540
Investments in joint venture interests	(6,750)	(7,951)
Net cash inflow from investing activities	8,801	16,741
Cash flows from financing activities
Payment of principal portion of lease liabilities	(7,807)	(7,370)
Drawdown of RCF	-	-
Repayment of bank loans and RCF	(3,441)	(15,064)
Net cash outflow from financing activities	(11,248)	(22,434)
Net (decrease)/increase in cash	(16,564)	24,531
Cash and cash equivalents at 1 October 2024 and 1 October 2023	96,962	72,431
Cash and cash equivalents at 30 September 2025 and 30 September 2024	80,398	96,962

	H1 Mar 26£'000	H2 Sep 25£'000	H1 Mar 25£'000
Cash flows from operating activities
Cash outflow from operations	(8,685)	–	(5,868)
Interest received	598	715	644
Interest paid	(889)	(1,184)	(1,130)
Tax received/(paid)	2,778	–	-
Net cash outflow from operating activities	(6,198)	–	(6,354)
Cash flows from investing activities
Acquisition of property, plant and equipment	(122)	-	(129)
Proceeds on disposal of property, plant and equipment	-	-	-
Proceeds on disposal of a subsidiary	5,520	–	-
Repayment of related party loan following disposal of subsidiary	620	6,558	-
Investment in joint venture interests	(4,565)	–	-
Net cash (outflow)/inflow from investing activities	1,453	–	(129)
Cash flows from financing activities
Payment of principal portion of lease liabilities	(4,317)	(4,155)	(3,652)
Drawdown of RCF	-	-	-
Repayment of bank loans and RCF	(4,272)	(3,441)	-
Net cash outflow from financing activities	(8,589)	(7,596)	(3,652)
Net (decrease)/increase in cash	(13,334)	(6,429)	(10,135)
Cash and cash equivalents at beginning of the period	80,398	–	96,962
Cash and cash equivalents at end of the period	67,064	–	86,827

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	250.8	279.8	362.4
Gross profit	14.3	19.4	33.8
Adjusted EBITDA	–	13.5	18.2
EBITDA	–	8.5	11.2
Adjusted operating profit	–	6.3	10.6
Exceptional / adjusting items	–	(12.1)	(7.0)
Operating profit	(5.8)	(5.8)	3.6
Operating profit to net income
Finance costs	(3.9)	(4.3)	(4.9)
Profit before tax	(8.7)	(8.7)	(0.3)
Tax	0.0	0.3	2.2
Net income (owners)	(8.6)	(8.4)	1.9
Per share
EPS basic	(3.4p)	(3.3p)	0.7p
EPS diluted	(3.4p)	(3.3p)	0.7p

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	100.2	−22%	150.7	129.2
Gross profit	9.3	−35%	5.0	14.4
Operating profit	0.4	−5%	(6.2)	0.4
Operating profit to net income
Finance costs	(1.9)	−18%	(2.0)	(2.3)
Profit before tax	(0.9)	n/m	(7.8)	(0.9)
Tax	0.0	n/m	0.0	0.2
Net income (owners)	(0.9)	n/m	(7.7)	(0.7)
Per share
EPS basic	(0.3p)	–	(3.0p)	(0.3p)
EPS diluted	(0.3p)	–	(3.0p)	(0.3p)

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	(14.0)	(14.1)	30.2
Interest paid	(2.1)	(2.3)	(2.2)
Tax paid	2.7	(0.1)	3.9
Investing activities
Capex (PP&E)	(0.1)	(0.1)	(0.1)
Financing activities
Lease principal paid	(8.5)	(7.8)	(7.4)

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	(6.2)	n/m	(7.8)	(6.4)
Interest paid	(0.9)	−21%	(1.2)	(1.1)
Tax paid	2.8	n/m	(0.1)	0.0
Investing activities
Capex (PP&E)	(0.1)	−5%	0.0	(0.1)
Financing activities
Lease principal paid	(4.3)	+18%	(4.2)	(3.7)

	Latest Mar 26	FY Sep 25	FY Sep 24
Non-current assets
Other intangibles	10.2	10.5	11.0
Property, plant & equipment	0.8	0.8	1.4
Investment property	–	15.7	20.8
Associates & JVs	18.8	14.5	8.0
Other investments	0.7	0.7	0.9
Non-current assets	71.5	69.6	69.0
Current assets
Inventories	91.7	86.9	94.3
Trade receivables	28.9	41.0	31.2
Cash	67.1	80.4	97.0
Current assets	218.2	242.9	262.9
Total assets	289.7	312.4	331.9
Current liabilities
Trade payables	73.6	83.2	86.1
Lease liabilities, current	6.8	8.2	7.8
Current liabilities	103.1	117.7	109.1
Non-current liabilities
Borrowings, non-current	5.8	9.9	13.6
Lease liabilities, non-current	23.4	25.4	33.0
Non-current liabilities	61.9	69.8	90.2
Total liabilities	165.0	187.4	199.3
Equity
Total equity	124.7	125.0	132.6
Net cash and other figures
Net cash / (debt) ex leases	61.3	70.5	83.4
Net cash / (debt) incl. leases	–	36.8	42.6
Undrawn facilities	43.9	–	–

	H1 Mar 26	H2 Sep 25	H1 Mar 25	H2 Sep 24
Non-current assets
Other intangibles	10.2	10.5	10.8	11.0
Property, plant & equipment	0.8	0.8	1.3	1.4
Investment property	–	15.7	–	20.8
Associates & JVs	18.8	14.5	7.9	8.0
Other investments	0.7	0.7	0.9	0.9
Non-current assets	71.5	69.6	70.7	69.0
Current assets
Inventories	91.7	86.9	100.1	94.3
Trade receivables	28.9	41.0	27.4	31.2
Cash	67.1	80.4	86.8	97.0
Current assets	218.2	242.9	252.2	262.9
Total assets	289.7	312.4	322.9	331.9
Current liabilities
Trade payables	73.6	83.2	80.5	86.1
Lease liabilities, current	6.8	8.2	7.7	7.8
Current liabilities	103.1	117.7	96.8	109.1
Non-current liabilities
Borrowings, non-current	5.8	9.9	13.4	13.6
Lease liabilities, non-current	23.4	25.4	29.7	33.0
Non-current liabilities	61.9	69.8	93.5	90.2
Total liabilities	165.0	187.4	190.3	199.3
Equity
Total equity	124.7	125.0	132.6	132.6
Net cash and other figures
Net cash / (debt) ex leases	61.3	70.5	73.4	83.4
Net cash / (debt) incl. leases	–	36.8	–	42.6
Undrawn facilities	43.9	–	–	–

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.