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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.”

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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.

Quick facts: MJ Gleeson

Price: 818 GBX

LSE:GLE
Market: LSE
Market Cap: £446.64 m
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