Progressive publishes new research
Watkin Jones plc has released a new research note from Progressive Equity Research highlighting a resilient financial year 2025, with adjusted profit before tax of £5.6 million, exceeding estimates of £5.0 million but down from £9.2 million in the prior year due to a challenging market. Net cash before leases decreased to £70.5 million from £83.4 million, aligning with expectations. The research forecasts a conservative 20% increase in adjusted profit before tax to £6.8 million for FY26E, with further growth anticipated in net cash.
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Progressive Equity Research has been commissioned by Watkin Jones to produce ongoing research coverage. A new research document has been published this morning, and is freely available to UK investors.
Research note summary:
Earnings beat estimates after 'resilient' FY25
Watkin Jones this week delivered adjusted PBT of £5.6m for the 12 months to 30 September, ahead of our estimate of £5.0m and down from a prior-year result of £9.2m, reflecting the 'challenging backdrop over the last three years'. Net cash before leases declined from £83.4m to £70.5m, in line with our estimates. We introduce FY26E forecasts, conservatively pointing to a 20% rise in adjusted PBT to £6.8m and further growth in net cash.
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