MJ Gleeson PLC’s (LON:GLE) half-year profits took a hit from a lack of sales by its Strategic Land arm,.
Profits fell 40% to £13mln in the six months to 31 December.
READ: MJ Gleeson sees greater certainty in housing market following election
Revenue, which came from Homes division, slipped 11% to £105mln. Net cash was 9% higher at £30mln.
Full-year results will meet expectations said the housebuilder with three sites now sold and a “substantial pipeline”.
Analysts at house broker Liberum expect a "much stronger" second half is expected now that uncertainty is declining, while the company faces "very limited" competition.
Shares dipped 1% to 958.6p on Thursday morning.
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