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MJ Gleeson

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

New house
At this rate, the country's chronic housing shortage will be sorted in no time (i.e. 2050 or thereabouts)

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.

Quick facts: MJ Gleeson

Price: £8.37

Market: LSE
Market Cap: £456.9 m
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