Watkin Jones (WJG) Trading Update summary

Trading and operational performance

• Achieved a small positive operating profit for H1-2025, supported by strong construction delivery and adherence to margin guidance.

• Signed two new development partnerships, both now on site: St Helens new homes and Southwark aparthotel.

• Development opportunities continue to attract strong investor interest, with a positive outlook for the Refresh model and partnership pipeline.

Financial position and cash management

• Maintained robust cash position with gross cash at approximately £87m and net cash at £73m as of 31 March 2025, up from £67m and £44m respectively in H1 2024.

• Continued focus on cost management and cash generation amid challenging market conditions.

Market outlook and strategy

• Closely monitoring market volatility, especially in residential transactional liquidity.

• Current pipeline expected to support a stronger performance in the second half of the year.