Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

MJ Gleeson expects first half results to “comfortably exceed" prior year, maintains full year results guidance

The urban regeneration and strategic land specialist said its Gleeson Homes business completed the sale of 593 units, up 31% on the previous half-year's total of 451 unit completions
Housebuilder
It added that Gleeson Strategic Land sold three sites, the same number as the previous half-year

MJ Gleeson PLC (LON:GLE) said its first half results are expected to “comfortably exceed those of the prior year comparable period” and the housebuilder has maintained guidance for full year results to be in line with its expectations.

In a trading update, the urban regeneration and strategic land specialist said its Gleeson Homes business completed the sale of 593 units, up 31% on the previous half-year's total of 451 unit completions.

READ: MJ Gleeson becomes the latest housebuilder to brush aside political and economic uncertainty

It added that Gleeson Strategic Land sold three sites, the same number as the previous half-year although, as indicated in the AGM Statement issued on 7 December 2017, these were smaller sites and this will lead to the division's first half-year results being lower than those of the previous year and second-half results being higher than those of the prior year.

The small cap firm said it will report results for the half-year to end December 2017 on Monday, 19 February 2018.

In an initial note to clients, analysts at Liberum Capital said the trading update shows that the first half ended strongly for Gleeson.

READ: Gleeson’s bullish update the latest sign that northern property market is catching up with south

They commented: “Homes appears on schedule for a doubling of output within five years of 2017. Demand remains strong for both Homes and Strategic Land.”

The analysts raised their target price for MJ Gleeson shares to 844p from 830p and reiterated a ‘buy’ rating on the stock. The shares ended trading yesterday at 792p.

View full GLE profile View Profile

MJ Gleeson Timeline

Related Articles

1523450716_Belvoir_02.jpg
April 11 2018
Some 80% of Belvoir’s revenue comes from letting, which insulates it to a large degree from the ‘disruptors’

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use