Contractor collapse causes losses at Watkin Jones

Watkin Jones suffered a loss in the six months to March 31 2023 as its balance sheet was hit by the collapse of the main contractor on a scheme in Exeter and the cost of making 10% of staff redundant.
Half year results for the build-to-rent specialist show a pre-tax loss of £800,000 compared to £16.6m last time as turnover dropped to £153.9m from £193m.
But Watkins Jones is confident of a second half recovery as it confirmed the forward sale of a 819 bed scheme in Bristol