Proactiveinvestors United Kingdom MJ Gleeson https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom MJ Gleeson RSS feed en Wed, 17 Jul 2019 11:34:10 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190711105555_14145131/ Thu, 11 Jul 2019 10:55:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190711105555_14145131/ <![CDATA[News - MJ Gleeson posts record year-on-year volume growth ]]> https://www.proactiveinvestors.co.uk/companies/news/223335/mj-gleeson-posts-record-year-on-year-volume-growth-223335.html Housebuilder MJ Gleeson PLC (LON:GLE) said its homes division is comfortably on track towards achieving its stated target of doubling annual volumes by 2022.

Gleeson Homes delivered its largest year-on-year volume growth in the year to the end of June, selling 1,529 homes during the year, a 25% increase compared with the previous year's total of 1,225.

READ MJ Gleeson boss booted out following disagreement with board over “his remuneration and succession planning”

Gleeson Homes is currently active on 69 sites and anticipates an increase to 80 or more sites during the coming year.

Gleeson Strategic Land, which focuses on securing mainly residential planning consents, sold nine land interests with the potential to deliver 1,755 plots for housing development in the year just ended.

The group ended the year with lower cash balances, as expected, of £30.3mlm, down from £41.3mln a year.

"Gleeson Homes' unique model of acquiring land at low cost and building homes for sale to people predominantly on low incomes in the North of England and the Midlands continues to deliver sustainable growth as we progress towards our target of doubling volumes to 2,000 new homes per year by 2022,” said James Thompson, the group's interim chief executive.

Shares in MJ Gleeson were up 5.7% at 780p early doors.

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Thu, 04 Jul 2019 08:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223335/mj-gleeson-posts-record-year-on-year-volume-growth-223335.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190704070004_14135907/ Thu, 04 Jul 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190704070004_14135907/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190628070001_14128002/ Fri, 28 Jun 2019 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190628070001_14128002/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190610141608_14105200/ Mon, 10 Jun 2019 14:16:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190610141608_14105200/ <![CDATA[News - Peel Hunt cuts MJ Gleeson to ‘reduce’ from ‘hold’ on valuation grounds in the wake of CEO departure ]]> https://www.proactiveinvestors.co.uk/companies/news/221782/peel-hunt-cuts-mj-gleeson-to-reduce-from-hold-on-valuation-grounds-in-the-wake-of-ceo-departure-221782.html Peel Hunt has cut its stance for MJ Gleeson PLC (LON:GLE) to ‘reduce’ from ‘hold’ in the wake of Monday’s news that the housebuilder’s CEO since 2012, Jolyon Harrison has left the company with immediate effect, citing valuation grounds.

In a note to clients, the City broker’s analysts said: “Following a very strong run in the shares in the ytd (+38%) they are trading on a CY19 PE of 13.2x (sector average 9.2x) and P/NAV of 2.1x (sector average 1.6x).”

READ: MJ Gleeson boss booted out following disagreement with board over “his remuneration and succession planning”

They concluded: “These are demanding multiples and we move our recommendation to Reduce from Hold.”

The analysts said they have left their forecast for MJ Gleeson unchanged with the group having also reiterated their guidance for the full year with an update scheduled for early July.

MJ Gleeson’s shares dropped following news of Harrison’s departure after a disagreement with the builder’s board “regarding his remuneration and succession planning”.

The group said James Thomson, the former chief executive of Keepmoat Homes Ltd - a private equity owned housebuilder selling over 4,000 homes a year - will join as its chief executive officer on an interim basis with immediate effect.

It added that a search process has been initiated to identify a long-term CEO appointment, which will include both internal and external candidates.

In late morning trading, MJ Gleeson shares were 8,.4% lower at 812p.

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Mon, 10 Jun 2019 11:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221782/peel-hunt-cuts-mj-gleeson-to-reduce-from-hold-on-valuation-grounds-in-the-wake-of-ceo-departure-221782.html
<![CDATA[News - MJ Gleeson boss booted out following disagreement with board over “his remuneration and succession planning” ]]> https://www.proactiveinvestors.co.uk/companies/news/221762/mj-gleeson-boss-booted-out-following-disagreement-with-board-over-his-remuneration-and-succession-planning-221762.html MJ Gleeson PLC’s (LON:GLE) shares dropped on Monday following news its chief executive officer, Jolyon Harrison, has been booted out with immediate effect after a disagreement with the builder’s board “regarding his remuneration and succession planning”.

In a statement, the FTSE All-Share-listed firm said that, following extensive discussions with Harrison, who was appointed the Gleeson boss in July 2012, the board concluded that “it was not possible to find a mutually acceptable basis for Mr Harrison to continue as chief executive officer.”

READ: MJ Gleeson sees half-year profit soar by over 60% on solid demand for its homes

The group announced that James Thomson, the former chief executive of Keepmoat Homes Ltd - a private equity owned housebuilder selling over 4,000 homes a year - will join Gleeson as its chief executive officer on an interim basis with immediate effect. Thomson will remain a non-executive director and shareholder of Keepmoat.

Gleeson said it is initiating a search process, which will include both internal and external candidates, to identify a long-term CEO appointment.

The group added that believes it is very well placed to continue achieving strong growth in turnover and profits and re-affirmed its previous guidance that it anticipates to deliver a result for the year in line with expectations.

The company is scheduled to issue its next trading update in early July and results for the year ended 30 June 2019 on 16 September 2019.

Shares down 10%

In afternoon trading, Gleeson shares were still over 10% lower at 794p.

In a note to clients commenting on Harrison's departure, analysts at ‘house’ broker Liberum Capital said: “While this is disappointing and surprising, as he was key to establishing and scaling up Gleeson's business model, we note that the business is not as dependent on him as it once was.”

Liberum added: “Gleeson is bringing in James Thomson (ex Keepmoat CEO) as interim CEO and we note that the COO and MD have built up significant experience in the Gleeson model. We are convinced that the model will not be changed and will continue to be scaled up across Northern England and beyond and that this change will not de-rail the Strategic Land process.”

Liberum repeated its ‘buy’ rating and 900p target price on Gleeson shares.

Pay-related spats

Russ Mould, investment director at AJ Bell, pointed out: “The housebuilding sector seems to be developing a reputation for pay-related spats. We’ve seen Jeff Fairburn leave Persimmon following political and shareholder backlash over a gigantic bonus. Berkeley Group fought a shareholder revolt in 2017 over very large payments to various directors. And now we have Jolyon Harrison leave MJ Gleeson over a row regarding his remuneration.”

He added: “The housebuilding industry has enjoyed significant profits for many years but is now facing cost inflation and a slowing property market. If that’s not enough, companies in general are under increasing pressure from investors to clamp down on excessive pay.

“Admittedly, Gleeson’s shareholders have enjoyed strong returns since Harrison was made CEO on 1 July 2012. Assuming all dividends were reinvested, Gleeson has returned 728% during his time at the top. That’s nearly 10 times as much as delivered by the FTSE 100 over the same period (73%).

“The fact that Harrison has now gone shows that the board are taking a pragmatic view over remuneration and governance in general, which is to be applauded.”

 -- Adds further analyst comment, updates share price --

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Mon, 10 Jun 2019 07:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221762/mj-gleeson-boss-booted-out-following-disagreement-with-board-over-his-remuneration-and-succession-planning-221762.html
<![CDATA[RNS press release - Re Directorate ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190610070005_14104030/ Mon, 10 Jun 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190610070005_14104030/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190531070002_14093190/ Fri, 31 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190531070002_14093190/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190530070009_14091630/ Thu, 30 May 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190530070009_14091630/ <![CDATA[RNS press release - Notice of Site Visit ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190522070002_14082623/ Wed, 22 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190522070002_14082623/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190510105249_14069871/ Fri, 10 May 2019 10:52:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190510105249_14069871/ <![CDATA[RNS press release - Smaller related party land purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190502070002_14060124/ Thu, 02 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190502070002_14060124/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190430070004_14056247/ Tue, 30 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190430070004_14056247/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190429122515_14055612/ Mon, 29 Apr 2019 12:25:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190429122515_14055612/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190409122931_14034578/ Tue, 09 Apr 2019 12:29:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190409122931_14034578/ <![CDATA[RNS press release - Statement re press speculation ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190401070007_14022489/ Mon, 01 Apr 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190401070007_14022489/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190329070002_14020349/ Fri, 29 Mar 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190329070002_14020349/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190307111624_13994196/ Thu, 07 Mar 2019 11:16:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190307111624_13994196/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190228070005_13984377/ Thu, 28 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190228070005_13984377/ <![CDATA[News - MJ Gleeson sees half-year profit soar by over 60% on solid demand for its homes ]]> https://www.proactiveinvestors.co.uk/companies/news/214625/mj-gleeson-sees-half-year-profit-soar-by-over-60-on-solid-demand-for-its-homes-214625.html MJ Gleeson PLC (LON:GLE) saw its shares rise on Thursday as the low-cost housebuilder reported rising first-half profits and revenue as its buyers seemingly shrugged aside any caution over Brexit and the uncertain outlook for the UK economy.

The FTSE Small Cap firm, which sells homes to people on lower incomes in the Midlands and North of England, reported a 62.8% rise in pre-tax profit to £22.3 mln for the half-year ended 31 December 2018, as revenues jumped by 52.8% to £118.3mln.

READ: MJ Gleeson's half-year results to be significantly ahead of prior year's

The company said the total number of units sold in 2018 rose to 691, up from 593 at the same stage a year earlier, with the average selling price in the period increasing by 2.4% to £127,400, up from £124,400 in the first-half of 2017, reflecting modest price increases and the effect of plot mix and development mix.

Dermot Gleeson, the housebuilder's chairman, commented: "The Group has once again delivered an excellent performance, increasing operating profit in both divisions.”

He added: “Gleeson Homes' growth plans remain on track. We see no signs of customer caution and demand remains robust.”

The company rewarded shareholders with a 27.8% hike in the interim dividend to 11.5p per share.

Price targets hiked

In response to the strong results, City broker Liberum Capital raised its share price target for MJ Gleeson to 845p from 835p and reiterated a 'buy' rating on the stock.

In a note to clients, Liberum's analysts said: “Management expects full-year profits at least in line with expectations and we leave PBT estimates unchanged. However, with seven strategic sites being marketed and a very strong order book in Homes, we are very confident in our H2 expectations."

They added: "Gleeson easily warrants its premium to the other housebuilders as it is delivering 3-4x faster volume growth without absorbing cash significantly and at much lower risk.”

Meanwhile, fellow broker Peel Hunt increased its target price for MJ Gleeson to 715p from 630p, retaining a 'hold' rating on the stock.

In late morning trading, MJ Gleeson shares were 3.4% higher at 766p.

 

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Thu, 14 Feb 2019 10:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214625/mj-gleeson-sees-half-year-profit-soar-by-over-60-on-solid-demand-for-its-homes-214625.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190214070003_13968769/ Thu, 14 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190214070003_13968769/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190208112053_13963479/ Fri, 08 Feb 2019 11:20:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190208112053_13963479/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190131070002_13952609/ Thu, 31 Jan 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190131070002_13952609/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190108165142_13927965/ Tue, 08 Jan 2019 16:51:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190108165142_13927965/ <![CDATA[News - MJ Gleeson's half-year results to be significantly ahead of prior year's ]]> https://www.proactiveinvestors.co.uk/companies/news/212025/mj-gleeson-s-half-year-results-to-be-significantly-ahead-of-prior-year-s-212025.html MJ Gleeson PLC (LON:GLE), the house builder and strategic land specialist, said it continues to see strong demand for its homes.

In the second half of 2018 – the first half of the company’s fiscal year – it completed the sale of 691 units, up 16.5% on the 593 units sold in the same period of 2017.

READ: MJ Gleeson reports increase in house-building activity

Gleeson Strategic Land sold three sites during the period, as it did in the corresponding six-month period of 2017, but this time around the sites sold were larger and will, therefore, lead to the division's half-year results being considerably higher than those of the prior year comparable period.

For the group as a whole, the board expects the half-year results will be significantly ahead of the same period of 2017 and that full-year results will be at least in line with expectations.

In a note to clients, the analysts at City broker Liberum Capital said: “We maintain our Buy recommendation and see over 30% TSR upside to our unchanged 835p target price, based on the sum of the parts, valuing Gleeson as a small growing business rather than a housebuilder as its target market is much more undersupplied than the overall market and affordability not a constraint at its average selling price of £125,000.”

In late morning trading, MJ Gleeson shares were 10.9% higher at 730p.

 -- Adds analyst comment, share price -- 


 

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Mon, 07 Jan 2019 07:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212025/mj-gleeson-s-half-year-results-to-be-significantly-ahead-of-prior-year-s-212025.html
<![CDATA[RNS press release - Notice of Results and Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190107070003_13924980/ Mon, 07 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20190107070003_13924980/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181231070005_13918685/ Mon, 31 Dec 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181231070005_13918685/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181219163525_13910294/ Wed, 19 Dec 2018 16:35:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181219163525_13910294/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181211091606_13899111/ Tue, 11 Dec 2018 09:16:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181211091606_13899111/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181207104132_13895915/ Fri, 07 Dec 2018 10:41:32 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181207104132_13895915/ <![CDATA[News - MJ Gleeson reports increase in house-building activity ]]> https://www.proactiveinvestors.co.uk/companies/news/210657/mj-gleeson-reports-increase-in-house-building-activity-210657.html Low-cost housebuilder and strategic land specialist MJ Gleeson PLC (LON:GLE) said net reservations were up more than 40% over the last six months.

Ahead of today’s annual general meeting (AGM), the company released an upbeat statement in which chairman Dermot Gleeson said land continues to be available at sensible prices and the pipeline remains strong.

READ MJ Gleeson confident after record year for its strategic land division

Gleeson Homes has a pipeline of 12,490 plots with a gross development value of £1.5 billion, of which 7,253 plots are owned and 5,237 are conditionally purchased, Gleeson revealed.

Build activity has increased in recent months; Gleeson’s construction division currently has 62 active sites, compared with 58 at this time last year.

"The Government's Help to Buy scheme remains popular with 71% of our customers taking advantage of it so far this financial year while other buyers continue to be attracted by our own bespoke purchaser assistance packages,” Gleeson revealed.

Over the second half of 2018, the board expects Gleeson Homes to complete around 10% more houses than in the first half of the year.

"Gleeson Strategic Land continues to experience strong demand for consented land. Since the start of the financial year the division has completed the sale of three sites with planning permission for a total of 483 plots and is progressing sale negotiations on a further 7 sites,” the chairman’s statement revealed.

The division's land pipeline currently consists of 58 sites that have the potential to deliver roughly 21,789 plots. The portfolio includes nine sites that now have planning permission.

Gleeson said the board remains confident of meeting the market’s expectations with its results for the year to the end of June 2019,

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Thu, 06 Dec 2018 09:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210657/mj-gleeson-reports-increase-in-house-building-activity-210657.html
<![CDATA[RNS press release - AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181206070002_13893282/ Thu, 06 Dec 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181206070002_13893282/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181130070002_13886066/ Fri, 30 Nov 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181130070002_13886066/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181107095011_13858268/ Wed, 07 Nov 2018 09:50:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181107095011_13858268/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181105090002_13854771/ Mon, 05 Nov 2018 09:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181105090002_13854771/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181031070003_13848426/ Wed, 31 Oct 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181031070003_13848426/ <![CDATA[RNS press release - Performance Share Plan award to Directors/PDMRs ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181010165549_13824071/ Wed, 10 Oct 2018 16:55:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181010165549_13824071/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181009120113_13821863/ Tue, 09 Oct 2018 12:01:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20181009120113_13821863/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180928070002_13807869/ Fri, 28 Sep 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180928070002_13807869/ <![CDATA[News - MJ Gleeson confident after record year for its strategic land division ]]> https://www.proactiveinvestors.co.uk/companies/news/205007/mj-gleeson-confident-after-record-year-for-its-strategic-land-division-205007.html Urban housing regeneration and strategic land trading firm MJ Gleeson PLC (LON:GLE) increased the full-year dividend by a third after a strong performance.

Revenue in the year to the end of June 2018 rose 23% to £196.7mln from £160.4mln the year before while profit before tax climbed 12% to £36.9mln from £33.0mln the previous year.

READ: MJ Gleeson sees strong home sales boost half-year profits

Operating cash flow before the payment of dividends was up 10% year-on-year paving the way for the proposal of a final dividend of 23p, resulting in a total dividend for the year of 32p, up from, 24p the previous year.

The group ended the reporting period with cash and cash equivalents of £41.3mln, up from £34.1mln at the end of June 2017.

The Gleeson Homes division sold 1,225 units in the year, up from 1,013 units the previous year with the average selling price rising to £125,200 from £122,700. The group said it is on track to meet its target of doubling sales to 2,000 units a year between 2017 and 2022.

“Led by a strong and highly experienced management team, who have created a very attractive land pipeline, the division's scope for expansion continues to be underpinned by strong demand from our customers who aspire to home ownership but who are ill-served by the majority of housebuilders,” said Dermot Gleeson, the chairman of MJ Gleeson.

Gleeson Strategic Land had a record year and chipped in with an operating profit of £12.6mln, up from £12.0mln the year before, driven by an increase in transactions.

The division has nine sites with planning consent or resolution to grant with the potential to deliver 2,089 plots.

"Our twin-track strategy – the development of low-cost homes for open market sale in the North of England and the Midlands and strategic land sales in the South – delivered another excellent year of increased volumes, profit and cash,” Dermot Gleeson said.

“The board is confident that the group's unique business model will continue to deliver significant growth in both revenue and profits in the current year and beyond," he added.

Shares in Gleeson were up 4.6% at 728p in early deals.

#MJGleeson - Solid results as expected. Final dividend raised from 17.5p to 23p as profits rise 12%. Outlook is for further growth. Slight concern may be exposure to Help-To-Buy. #GLE

— Robert Barron, MCSI (@RobBarronInvest) September 17, 2018 ]]>
Mon, 17 Sep 2018 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205007/mj-gleeson-confident-after-record-year-for-its-strategic-land-division-205007.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180917070006_13792267/ Mon, 17 Sep 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180917070006_13792267/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180907095003_13782868/ Fri, 07 Sep 2018 09:50:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180907095003_13782868/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180831070003_13773756/ Fri, 31 Aug 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180831070003_13773756/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180809070014_13749049/ Thu, 09 Aug 2018 07:00:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180809070014_13749049/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180731070005_13736811/ Tue, 31 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180731070005_13736811/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180709090519_13710234/ Mon, 09 Jul 2018 09:05:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180709090519_13710234/ <![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180705070003_13706245/ Thu, 05 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180705070003_13706245/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180629070001_13698326/ Fri, 29 Jun 2018 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180629070001_13698326/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180606151427_13669705/ Wed, 06 Jun 2018 15:14:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/14254/LSE20180606151427_13669705/