Watkin Jones this week delivered adjusted PBT of £5.6m for the 12 months to 30 September, ahead of our estimate of £5.0m and down from a prior-year result of £9.2m, reflecting the ‘challenging backdrop over the last three years’. Net cash before leases declined from £83.4m to £70.5m, in line with our estimates. We introduce FY26E forecasts, conservatively pointing to a 20% rise in adjusted PBT to £6.8m and further growth in net cash.