Proactive Investors - Run By Investors For Investors

MJ Gleeson sees strong home sales boost half-year profits

Dermot Gleeson, the firm’s chairman commented: “Land remains available to us at sensible prices and demand for our homes amongst our customer base remains strong.”
houses
The board is confident that the group will deliver a result for the full year in line with expectations

MJ Gleeson PLC (LON:GLE) saw its shares jump 5% higher after the urban housing regeneration and strategic land trading firm reported another strong half-year performance, with pre-tax profit jumping by 19%.

In results for the half-year to December 31, the FTSE All-Share listed company posted pre-tax profit of £13.7mln, up from £11.5mln a year earlier, as revenue increased by 34.7% to £73.7mln, up from £54.7mln.

READ: Housebuyers queue to view Gleeson’s homes as demand booms in the North

The company’s home sales went rose by 31.5% to 593 units in the last half year, compared to 451 homes at the same period the year ago, with the average selling price rising by 2.5% to £124,000, up from £121,400 in the previous year.

MJ Gleeson opened its new pilot office in Ashington, Northumberland in the year, bringing the total to 7 area offices and 3 pilot offices.

Dermot Gleeson, the firm’s chairman commented: “Land remains available to us at sensible prices and demand for our homes amongst our customer base remains strong.”

He concluded: “Against this background, the board is confident that the group will deliver a result for the full year in line with expectations.”

In early morning trading, MJ Gleeson’s shares were up 5% at 726p.

The firm plans to pay an interim dividend of 9.0p per share, up 38.5% on last year’s 6.5p payout.

View full GLE profile View Profile

MJ Gleeson Timeline

Related Articles

tesco
June 27 2019
The investment trust's current portfolio comprises seven stores – five occupied by Tesco and one each by Sainsbury’s and Morrison’s
Custodian
June 21 2019
Since its initial public offering five years ago, the company has deployed new equity, reached target net gearing and grown dividends annually.
Belvoir
February 08 2019
Belvoir has expanded its operations in mortgages to provide an alternative source of income

© Proactive Investors 2019

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