MJ Gleeson profits slide but orders recover
The housebuilder aims to deliver 2,000 homes in 2022
Company
MJ Gleeson
LON:GLE
MJ Gleeson plc specialises in urban housing regeneration and strategic land trading. Within these activities, we employ people with outstanding skills which we are determined to improve continuously and to deploy ever more widely and effectively for the benefit of our customers, our shareholders and society at large.
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MJ Gleeson sees recovery but full-year revenue to slump
The housebuilder has restarted construction activity and sales offices in most sites
MJ Gleeson drums up cash to meet first-time buyer demand once lockdown lifted
Around £4mln will be used to get sub-contractors and key trades ready to restart building, with another £2mln to secure materials
MJ Gleeson to meet forecasts despite dearth of land sales
It expects to meet forecasts after a "strong" start to the second half
MJ Gleeson sees greater certainty in housing market following election
Its own housebuilding arm, Gleeson Homes, sold 811 units during the six months to December
Builders and building materials
MJ Gleeson makes stand-in CEO permanent
Chairman Dermot Gleeson said James Thomson “has already made a significant impact at Gleeson”
Builders and building materials
Housebuilders diverge as analysts look for election winners
Shares in Gleeson were up 5% on Wednesday morning as Liberum picked it out as one of its top smaller housebuilders
MJ Gleeson posts record year-on-year volume growth
"Both Gleeson Homes and Gleeson Strategic Land have delivered a record performance with the Group's positive outlook underpinned by continued strong demand," said the company's interim CEO, James Thompson
Peel Hunt cuts MJ Gleeson to ‘reduce’ from ‘hold’ on valuation grounds in the wake of CEO departure
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)”
Investments and investor services
MJ Gleeson boss booted out following disagreement with board over “his remuneration and succession planning”
The firm said that, following extensive discussions with Jolyon Harrison, its board concluded that “it was not possible to find a mutually acceptable basis for Mr Harrison to continue as chief executive officer”
MJ Gleeson sees half-year profit soar by over 60% on solid demand for its homes
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
Archive
FTSE 100 closes a tad higher but sentiment dented by US data
FTSE 100 closed up just over six points at 7,197, while FTSE 250 shed over 74 at 18,898
Archive
Drug firms AstraZeneca and Indivior to be in spotlight on Thursday
AstraZeneca, Indivior and Coca-Cola HBC are among the higher profile names in the schedule for Thursday.
Archive
Blue-chip corporate update mill to continue to grind, with RBS and AstraZenca to the fore
Aside from all the company news, the Week Ahead also brings the latest UK inflation and GDP growth data for investors to digest, while the Brexit saga will continue to roll on
MJ Gleeson's half-year results to be significantly ahead of prior year's
"We continue to see strong demand for our low-cost homes, supporting both increased build activity on existing sites and the opening of new sites across our target geographic area," Gleeson said
Investments and investor services
FTSE 100 closes lower after struggling to gain ground all day
The FTSE 250 on the other hand, a better gauge of UK companies, added over 180 points at 17,976
Archive
Slew of Christmas updates from retailers to dominate after Next's positive seasonal surprise
The Week Ahead will bring trading updates from the likes of M&S and Debenhams on the general retail front and all three of the listed UK supermarket groups – Morrisons, Sainsbury’s, and Tesco
Canaccord sees housebuilding sector bouncing back after tough 2018
The broker said with the housebuilding sector pricing in significant risk after a challenging 2018, it now presents an attractive potential value opportunity
Builders and building materials
Liberum upgrades three housebuilders to 'Buy' as it sees upside from smooth Brexit outweigh no-deal risks
In a note to clients, the broker upgraded Barratt, Bovis Homes, and Crest Nicholson to ‘Buy’ from ‘Hold’ off what it said was an upside of “at least 20%” if a smooth Brexit materialised
MJ Gleeson reports increase in house-building activity
"Very strong customer demand in all regions, good mortgage availability and our ability to offer attractive levels of affordability to our customers, means that the outlook for the [Gleeson Homes] division remains very positive," said compa