Watkin Jones has reported losses and a drop in turnover in its half-year results as it says market conditions “remain challenging”.
For the six months ending 31 March 2026, the developer posted losses of £0.9million, remaining level with the losses reported for the same period last year. The Group also recorded revenue of £100.2million, down 22% on the previous year, which Watkin Jones says reflects the “sustained lower level of transactional activity”.
The developer said that, going forward, it will continue to monitor the evolving geopolitical and economic backdrop and the impact these have on both market confidence and liquidity. As a result, it says it will “carefully manage” its “costs and cash, in particular with earlier procurement of selected sub-contract packages and forward buying of materials to mitigate inflationary pressures”.
The Group also says that it is accelerating the move into Development Partnerships and Refresh, its refurbishment work, where it is refocusing and optimising utilisation of its resources and “capitalising on the business’ end-to-end capabilities”.
Alex Pease, chief executive officer of Watkin Jones, said: “We have achieved a resilient performance in the first half, underpinned by strong operational delivery and a proactive approach to cost and cash management. Our integrated platform continues to be a key differentiator, enabling us to identify incremental opportunities to deploy capabilities and diversify revenues across Development Partnerships, Refresh and adjacent sectors.”
“While market conditions remain challenging and continue to impact the pace of recovery, the long-term fundamentals of our end markets remain attractive, and our flexibility, strong pipeline and capital-light model positions us well to navigate the near-term market conditions and create value for our stakeholders in the future.”
Watkin Jones currently has a total secured pipeline of £1.3billion, including £300million of contractually secure forward sold revenue as at 31 March 2026, of which 90 million is for delivery in the second half of this year.
The trading update says that several schemes are currently being marketed, which have the potential to underpin delivery of an improved second-half performance.
