Watkin Jones PLC Issues Full-Year Profit Warning

Watkin Jones PLC announced that its full-year adjusted operating profit is expected to be broadly in line with its first-half results. The developer attributed the weaker outlook to several anticipated transactions being pushed beyond the September financial year-end, specifically involving a small number of residential-for-rent schemes originally targeted for the fourth quarter.

Despite the profit warning, the company expects to end the year with net cash exceeding the 61 million pounds reported at the half-year mark, citing effective cost and cash management. Operationally, the group completed build-to-rent schemes in Belfast and Cardiff totaling 1,345 units.

The company continues its building safety rectification programme with four active projects and two expected completions this year. Watkin Jones PLC is maintaining a review of associated provisions through ongoing discussions with building owners and supply-chain partners.