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Watkin Jones has said underlying profit for the year will now break-even, after previously warning it would be unlikely to top 拢2m.

The troubled student housing and build-to-rent developer, in a trading update for the year to 30 September, said it now expects its underlying profit before taxes and interest, which excludes one off items, will 鈥渁pproximately鈥� break even.

It had previously said it would unlikely improve on the 拢2m in underlying profit recorded for the first half of the year.

Watkin Jones said that since the summer, it has incurred additional expense, including acceleration costs to ensure it successfully completed two schemes.

It did not give a figure for expected overall profit or loss, having reported an 拢800,000 pre-tax loss for the first half of the year.

Watkin Jones endured a turbulent summer, issuing a profit warning in July as chief executive Richard Simpson resigned.

>>See also: Watkin Jones stays in red as cost of redundancies tops 拢1m

The firm said it has reviewed its overheads and carried out 鈥渃ost actions鈥� that will generate 拢2m of savings next year. Watkin Jones previously cut around 10% of its 400 staff last autumn in the wake of mini-Budget.

Watkin Jones said its cash performance in the latter part of the year was 鈥渟trong鈥� with gross and net cash of 拢72m and 拢43m respectively as of 30 September. It said it has secured revenue of 拢330m for 2024.