MJ Gleeson

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

Man building a house
"We do not see any signs of customer caution," Gleeson said

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 -- 


Quick facts: MJ Gleeson

Price: £8.44

Market: LSE
Market Cap: £460.72 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


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...



Full interview: Zena Pay looks to help cannabis industry navigate the...

Fig House communication’s Dave Carter joined Steve Darling from Proactive Vancouver to discuss Zena Pay. They provide software solutions that specialize in payment, plant tracking, cannabis business management software, supply chain management, compliance management and government auditing...

1 day, 2 hours ago


Price Monitoring Extension

3 days, 1 hour ago

Director/PDMR Shareholding

1 week, 2 days ago

Holding(s) in Company

1 week, 3 days ago

Total Voting Rights

2 weeks, 3 days ago

Trading Update

on 4/7/19

Total Voting Rights

on 28/6/19

2 min read