This morning, the firm said it had met its target to complete four schemes in the second half of the financial year but had incurred additional costs, including acceleration costs to ensure successful completion on two schemes.

The firm said it had also achieved the planned sale of its three non-core private rental sector operational assets.

But the race to complete projects has seen previously forecast underlying profit of £2m slip to breakeven with revenue for the year set to exceed £400m.

In a year-end trading update this morning, Watkin Jones said cash performance was strong following the sales with net cast at £43m at 30 September 2023.

Watkin Jones said it had now pared back overheard costs in a streamlining exercise expected to generate annualised savings of over £2m going forward.

Looking ahead the firms said: “While the current challenging market conditions are set to continue into the start of this new financial year, the group’s level of secured revenue is £330m.

“The group is making progress with its assets for forward sale in the market and remains active, but highly selective, in the land market. “