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Watkin Jones is setting aside more than 拢30m to cover the cost of cladding repairs as required by the 好色先生TV Safety Act.

The company, which specialises in built-to-rent and student housing, said it was making an exceptional charge of 拢30.4m for the work which it said it expected to be carried out over five years. At the half year it had said the figure for the work was 拢28m.

Income in the year to September 2022 fell 5% to 拢407m with pre-tax profit slumping two-thirds to 拢18m 鈥� although it said this was better than expected following the sale of two of its student accommodation developments that are already up and running. Operating profit was down 58% to 拢24m.

The firm admitted 鈥渋t is unclear exactly鈥� what fire safety remedial works will be needed鈥� but added it had carried out a review of all its buildings above 11m that it had developed over the past 30 years 鈥渨hich concluded that an exceptional charge should be made for these potential costs鈥�.

Last autumn, Watkin Jones became the first major firm to start making job losses in the wake of the market turmoil caused by the mini-Budget in September with around 40 jobs of the 400 people it employs going.

It added revenue and profit had been reduced because of the market volatility in the wake of the mini-Budget which it said affected two sales that were planned to complete in September. It said these will now be signed off in its current financial year but the impact of the delay meant operating profit was 10% off what it had been expecting.