Watkin Jones sees flat full-year operating profit, shares fall

Watkin Jones PLC shares dropped on Friday after it said that, contrary to a previous forecast, it is unlikely to conclude a number of transactions before the end of the year.

Shares in the London-based residential property developer fell 13% to 15.60 pence in the afternoon in London.

The group said that, as a result of the delay, it now expects to deliver adjusted operating profit for the full year to September 30 “at a similar level” to the one achieved in the first six months. Half-year adjusted operating profit was £400,000.

In July, Watkin Jones said it was “actively engaged with investors on a small number of transactions which have the potential to conclude in the final quarter and completion of which are required to deliver adjusted operating profit progression in the second half over the first half.”

At the time, the group warned that ongoing economic and political uncertainty on real estate funding liquidity represented a risk to the timing and completion of these transactions.

On Friday, Watkin Jones said it had made progress on building safety rectification obligations across four projects and was evolving its business model to diversify its revenue streams.

The group said it remains focused on active cash management, with net cash at September 30 expected to be ahead of the £61 million level reported at the end of the first half.

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