In a trading update for the six months to 31st March, the construction firm revealed a reduction in revenue caused by lower levels of transaction activity.

Despite this the group is “encouraged by the number of attractive opportunities” in its Refresh and Development partnerships, with a 20% noticed in the latter.

Watkin Jones also signed two transactions during this period, a Bristol PBSA scheme in its existing JV with Maslow Capital and the delivery of a hotel on a Wimbledon brownfield site.

•   The Finance Professional Show 2025: The Video
•   Watkin Jones secures Gateway 2 approval for Bristol PBSA
•   Watkin Jones progresses next phase of 201-bed Bristol PBSA

Looking ahead, the group’s executive team is continuing to monitor the evolving geopolitical and economic backdrop.

“We are taking proactive steps, where possible, to mitigate potential increases in build cost inflation, including earlier procurement of selected sub-contract packages and forward buying of materials,” read a statement accompanying Watkin Jones’s update.

“While the adverse movement in the UK interest rate outlook since early March has created greater uncertainty with regards to future transactional liquidity conditions, the group will continue to be agile in optimising its pipeline whilst continuing to diversify its revenue streams.”