logo-loader
viewMJ 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: 806 GBX

LSE:GLE
Market: LSE
Market Cap: £440.68 m
Follow

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

PCF Bank's Scott Maybury reports on strong lending growth and increased...

PCF Group Plc's (LON:PCF) Scott Maybury speaks to Proactive London's Andrew Scott after the specialist lender posted record numbers in its latest year. Loans outstanding rose 55% to £339mln with profits for the twelve months to September climbing by 54% to £8mln. Maybury says targets for a...

4 hours, 35 minutes ago

RNS

Result of AGM

5 hours, 3 minutes ago

AGM Statement

13 hours, 21 minutes ago

Total Voting Rights

2 days, 4 hours ago

Incentive Plan Share Issue

3 days, 13 hours ago

Total Voting Rights

6 days, 13 hours ago

Director/PDMR Shareholding

3 weeks, 3 days ago

2 min read