Watkin Jones PLC (WJG:AIM) reported a resilient FY25 performance despite prolonged economic volatility, constrained market liquidity and regulatory headwinds, delivering adjusted operating profit of £6.3m at the top end of consensus, an improved gross margin of 12.4%, and a strong net cash position of £70m, underpinned by disciplined cost control, delivery execution and strategic diversification. Revenues were impacted by lower forward-sold income entering the year, but operational performance improved across core metrics, with four schemes completed on or ahead of programme, £3m+ of margin betterments, and continued progress in cash and debt management. The group advanced its diversification strategy, with refresh and development partnerships generating over £90m of revenue and diversified income rising to 30% of the mix, on track for a 60/40 split by FY27, enhancing earnings resilience and visibility. The development pipeline expanded to over £2bn (c.11,000 beds/units), with 70% secured and nearly half consented, while Fresh, the accommodation management platform, grew units under management by over 2,000 beds net, delivered strong margins and maintained high occupancy and satisfaction levels. Market fundamentals across PBSA and BTR remain attractive, supported by structural undersupply, demand growth and improving investor sentiment, with early signs that easing interest rates may unlock liquidity. While statutory results reflected building safety provisions and asset impairments, management remains focused on capital preservation, execution excellence and selective growth, positioning the business to maintain profitability through cycles and build a more resilient, diversified platform for future growth.