Watkin Jones (WJG) Trading update summary

Trading performance and operational delivery

• Achieved practical completion on two major build to rent schemes in Belfast and Cardiff, totaling 1,345 units, with margins in line with guidance.

• Maintained focus on cash and cost management amid ongoing geopolitical and economic challenges impacting liquidity.

• Adjusted operating profit for the full year is expected to be similar to H1, as some investor transactions may not close by year end.

Building safety and compliance

• Progressed building safety rectification with four projects on site; two expected to complete in FY26.

• Provisions for building safety are under ongoing review, reflecting continued investigations and discussions.

Financial position and strategic outlook

• Year-end net cash is anticipated to exceed the half-year level of £61m.

• Business model evolution continues, aiming to diversify revenue streams and leverage a robust balance sheet.

• Well positioned to capitalize on long-term sector fundamentals as market conditions improve.