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REG - Watkin Jones plc - FY25 Trading Update

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RNS Number : 1045E  Watkin Jones plc  21 October 2025

21 October 2025

 

Watkin Jones plc

('Watkin Jones' or the 'Group')

 

FY25 Trading Update

 

Performance in line with expectations

 

Watkin Jones provides the following trading update for the year ended 30
September 2025 (the 'year' or 'FY25'), ahead of the publication of the Group's
final results.

 

FY25 Trading

 

The transactions in respect of the Group's joint-venture student development
in Glasgow announced in September and the development partnership announced in
August, together with good operational delivery across previously sold
schemes, underpinned the expected stronger second half performance. As a
result, the Group expects to report, subject to audit, FY25 revenue of c.
£280m and adjusted operating profit 1  (#_ftn1) in line with current market
expectations.

 

Cash management has remained a key focus, with gross and net cash as at 30
September 2025 of c.£80m (FY 24: £97m) and c.£70m (FY 24: £83m),
respectively. A number of cash receipts, including a significant portion
associated with the Glasgow transaction of £10m, were received in early
October and consequently the Group's cash position has increased post year
end.

 

H2 FY25 Operational Review

 

The Group has continued to execute effectively on its broader operational
objectives during the second half of the year with a rigorous focus on cost
control and consistent construction delivery, which included the completion of
three schemes comprising c.600 rooms on target in H2. Our Refresh initiative
continues to gain traction in the market with three projects underway in H2
and a growing pipeline of opportunities. Our in-build schemes remain on budget
and programme, with three further practical completions totaling c.1,900 rooms
expected in the new financial year.

 

Along with the Glasgow transaction, we also signed three development
partnerships in the year, as previously announced, all of which have started
on site (St Helens affordable homes, Southwark aparthotel and Bristol student
accommodation). We are sourcing new opportunities selectively, with sites for
three future schemes exchanged in the year, subject to planning, amounting to
c.1,000 rooms.

 

We have made further progress on our building safety rectification
obligations, completing works on six buildings in the year. The Group's
provision is being kept under review, reflecting ongoing building
investigations and discussions with owners.

 

Outlook

 

While market conditions remain challenging and we see timetables being
extended on certain transactions, we enter FY26 with a strong pipeline of
opportunities.

 

Looking ahead to the medium term, the end markets in which the Group operates
remain attractive, supported by a structural shortage of rental and student
properties and enduring investor appetite. We continue, therefore, to
selectively add to our pipeline with good quality assets in undersupplied
markets.

 

 
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For further information:

 

 Watkin Jones plc
 Alex Pease, Chief Executive Officer                             Tel: +44 (0) 20 3617 4453
 Simon Jones, Chief Financial Officer                            www.watkinjonesplc.com
 Adam McGhin, Chief Legal Officer & Company Secretary

 Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker)      Tel: +44 (0) 20 7418 8900
 Mike Bell / Ed Allsopp                                          www.peelhunt.com

 Singer Capital Markets (Joint Corporate Broker)                 Tel: +44 (0)20 7496 3000

 Sara Hale / Graham Hertrich / James Todd                        www.singercm.com

 Media enquiries:
 MHP Group                                                       Tel: +44 (0) 7711 191518
 Reg Hoare / Rachel Farrington / Catherine Chapman               watkinjones@mhpgroup.com

 

Notes to Editors

 

Watkin Jones is the UK's leading developer and manager of residential for
rent, with a focus on the build to rent, student accommodation and affordable
housing sectors. The Group has strong relationships with institutional
investors, and a reputation for successful, on-time-delivery of high-quality
developments. Since 1999, Watkin Jones has delivered over 50,000 student beds
across 150 sites, making it a key player and leader in the UK purpose-built
student accommodation market, and is increasingly expanding its operations
into the build to rent sector, where it has delivered 2,500 apartments across
15 schemes to date. In addition, Fresh, the Group's specialist accommodation
management business, manages c.20,000 student beds and build to rent
apartments on behalf of its institutional clients. Watkin Jones has also been
responsible for over 80 residential developments, ranging from starter homes
to executive housing and apartments.

 

The Group's competitive advantage lies in its experienced management team and
capital-light business model, which enables it to offer an end-to-end solution
for investors, delivered entirely in-house with minimal reliance on third
parties, across the entire life cycle of an asset.

 

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker
WJG.L. For additional information please visit www.watkinjonesplc.com.

 1  (#_ftnref1) Adjusted Operating Profit is calculated before the impact of
exceptional items, impairment charges, interest and taxation.

 

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