The housebuilder achieved this despite a fall in revenue, from £413.2m in 2023 to £362.4m in 2024.

Commenting on last year’s figures, Watkin Jones’ management has attributed this to the successful completion of six schemes, cost-saving actions implemented in 2023 and the sale of two major developments.

Watkin Jones has also solidified its financial position, with £83.4m in net cash in 2024 compared to £43.9m in 2023. A £50m banking facility with HSBC has also been extended by two years.

•   Watkin Jones secures funding for 397-bed PBSA
•   Watkins Jones practically completes 184-bed BTR scheme in Lewisham

Looking ahead, PBSA is a major part of the firm’s pipeline. Watkin Jones has recently secured planning permission for four schemes, totalling around 2,600 beds, and secured two further PBSA sites subject to planning.

"While the investment market has continued to be challenging, the sectors in which we operate remain attractive,” commented Alex Pease, CEO at Watkin Jones.

“PBSA is still undersupplied and BTR offers a key solution to the UK's housing shortage, helping to accelerate the delivery of new homes and fostering communities.

“As a market-leading developer with a strong track record, Watkin Jones is an ideal conduit for institutional capital. Looking to the medium term, we believe that there is an excellent opportunity in the sector and that we are well placed to take advantage of that."