Watkin Jones (WJG) H1 2026 TU earnings summary

Executive summary

• Achieved strong operational delivery in HY 2026, with in-build scheme margins meeting guidance.

• Operating profits expected to match HY 2025 levels, despite lower revenue from reduced transactional activity.

Financial highlights

• Gross cash at 31 March 2026 was approximately £67m, down from £80m at FY 2025.

• Net cash at period end was about £61m, compared to £70m at FY 2025.

Outlook and guidance

• Monitoring geopolitical and economic conditions for impacts on residential investment and construction markets.

• Taking proactive steps to mitigate build cost inflation, including early procurement and forward buying.

• Greater uncertainty in transactional liquidity due to adverse UK interest rate movements since March.

• Focused on pipeline optimization and revenue stream diversification.