This is based on the period for the 12 months to September 2025 based on schemes sold and development partnerships entered.

Ahead of the group’s final results, Watkin Jones also reported that cash management had remained a key focus during this period with gross and net cash of £80m and £70m respectively.

However, this is down from the respective amounts of £97m and £83m for the preceding 12-month period.

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In its outlook, the group is positive given a “strong pipeline of opportunities” and despite challenging market conditions and the chance of delays.

“Looking ahead to the medium term, the end markets in which the Group operates remain attractive, supported by a structural shortage of rental and student properties and enduring investor appetite,” added Watkin Jones in its commentary accompanying the update.

“We continue, therefore, to selectively add to our pipeline with good quality assets in undersupplied markets.”