FY26 Trading Update
Watkin Jones plc provided a trading update for the year ended 30 September 2026, announcing the successful completion of two major build-to-rent schemes in Belfast and Cardiff, totaling 1,345 units with margins in line with guidance. While progress has been made on building safety rectification, the company now expects full-year adjusted operating profit to be similar to the first half, as not all potential Q4 transactions are likely to be finalised by year-end. However, year-end net cash is anticipated to exceed the H1 figure of £61 million, and the Group remains focused on diversifying revenue streams and is well-positioned for future market improvements.
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Watkin Jones plc, the UK's leading developer and manager of residential for rent, provides the following update on trading for the year ended 30 September 2026 (the 'year' or 'FY26').
The Group has continued to execute effectively on its broad commercial objectives with a particular focus on effective cash and cost management and operational delivery despite ongoing geopolitical uncertainty and economic headwinds impacting transactional liquidity. In recent weeks, the Group has achieved successful practical completion on two major schemes, in Belfast and Cardiff, comprising 1,345 units of build to rent accommodation and with aggregate margins in line with guidance.
We have made further progress on our building safety rectification obligations with four projects currently on site of which two buildings are expected to be completed in FY26. The Group's provision will continue to be kept under review, reflecting ongoing building investigations and discussions with owners and supply chain.
As set out in the Q3 trading update, the Group has been engaged with investors on a small number of transactions with the potential to conclude in Q4. Whilst investor engagement in each of these schemes remains active, the Board has concluded that it is now unlikely that all of these transactions will be finalised by the year end. As a result, the Group is expected to deliver adjusted operating profit for the full year at a similar level to H1.
The Group remains focused on active cash management with year-end net cash anticipated to be ahead of the level reported at the half year end of £61m.
The Group continues to make progress in evolving its business model with the aim of further diversifying its revenue streams. With a robust balance sheet, the Group is well positioned to capitalise on the attractive long-term fundamentals of our target sectors as market conditions improve.
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