In a trading update for the six months to 31 March 2026, the build‑to‑rent and PBSA specialist said operational delivery remained strong, with in‑build schemes achieving margins in line with guidance. Revenue, however, was lower year‑on‑year due to fewer completed transactions.

During the period, the developer secured a further PBSA project in Bristol through its joint venture with Maslow Capital, and a hotel development on a brownfield site in Wimbledon.

The company said it is actively marketing several projects that could support a stronger second‑half performance.

Watkin Jones also highlighted growing momentum in its Refresh and Development Partnerships divisions, noting a 20% increase in the Development Partnerships pipeline. This uplift helped maintain the group’s overall pipeline at levels consistent with the end of FY 2025.

Effective cash management delivered a solid balance sheet at the period end, with gross cash of around £67 million and net cash of approximately £61m. Both figures were slightly lower than the FY 2025 year‑end position but remain described as “robust”.

Watkin Jones said it continues to monitor geopolitical and economic conditions, particularly their impact on investor confidence and construction activity. With build cost inflation still a risk, the group has moved to mitigate pressures through earlier procurement and forward purchasing of materials.

The company also acknowledged that the recent shift in UK interest rate expectations since early March has created additional uncertainty around future transactional liquidity. Even so, it said it will remain agile in optimising its pipeline while continuing to diversify revenue streams.