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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Watkin Jones (WJG) investor relations material
Watkin Jones H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary18 Dec, 2025
Executive summary
Delivered resilient operational performance in FY25 with adjusted operating profit of £6.3m at the top end of consensus, despite a 23% revenue drop due to fewer forward sales and economic volatility.
Gross profit margin improved to 12.4%, supported by delivery efficiency and cost control.
Maintained strong cash and debt management, ending with gross cash of £80.4m and net cash of £70.5m.
Diversification and innovation in revenue streams, including Refresh and development partnerships, contributed over £90m in revenues and now represent 30% of the mix.
Four schemes completed on or ahead of schedule, with staff engagement and operational delivery outperforming targets.
Financial highlights
Revenue declined to £279.8m from £362.4m year-over-year, reflecting lower secured forward sold revenue.
Adjusted operating profit of £6.3m and adjusted profit before tax of £5.6m.
Gross profit margin increased by 1.3 percentage points to 12.4% year-over-year.
Overheads reduced by 4% despite inflationary pressures.
Statutory operating loss of £5.8m after £5m building safety provision and £7.1m impairment charge.
Outlook and guidance
Entered FY26 with £340m of secured revenue, up from £290m last year.
Focus remains on delivery of secured pipeline and practical completion of three schemes due this year.
Diversified revenue now 30% of mix, targeting 40% by FY27.
Pipeline grown to over £2bn, with over 70% contractually secured and nearly half with planning consent.
Market remains challenging, with transactions taking longer to close.
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Next Watkin Jones earnings date
H1 20263 Jun, 2026
Next Watkin Jones earnings date
H1 20263 Jun, 2026
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Frequently asked questions
Watkin Jones Plc operates as a real estate investment trust (REIT) company. The company develops and manages properties for residential occupation in various regions, including the United Kingdom and China. Its divisions include Student Accommodation, Build to Rent, Affordable Homes and Accommodation Management. Watkin Jones Plc was founded in 1791 and is headquartered in London, the United Kingdom.
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