MJ Gleeson Outlook Positive As Both Units Deliver Record Performances

(Alliance News) - MJ Gleeson PLC on Thursday said it saw continued demand for new homes in its ...

Alliance News 4 July, 2019 | 9:53AM
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(Alliance News) - MJ Gleeson PLC on Thursday said it saw continued demand for new homes in its most recently ended financial year, resulting in "record" performances of its Homes and Strategic Land divisions.

The low-cost UK housebuilder said it is confident that the results for the financial year will be "comfortably" in line with expectations.

The Gleeson Homes division delivered its largest annual volume growth in the year to the end of June, selling 1,529 homes, a 25% increase compared with the previous year's total of 1,225 homes.

The unit's land pipeline of owned and conditionally purchased plots as at Sunday last week increased by 5.6% compared to the prior year-end, totalling 13,575 plots. In addition, there are a further 473 plots which are in the pipeline to be acquired, MJ Gleeson said.

The Gleeson Homes division is on track towards achieving its stated target of 2,000 new homes per year by 2022, the company said.

Turning to Gleeson Strategic Land unit, the company said it sold nine land interests with the potential to deliver 1,755 plots for housing development.

As a result, Gleeson Strategic Land portfolio now comprises 60 sites which could deliver 21,730 plots.

"Both Gleeson Homes and Gleeson Strategic Land have delivered a record performance with the group's positive outlook underpinned by continued strong demand," said Interim Chief Executive James Thomson.

MJ Gleeson shares were trading 4.1% higher on Thursday in London at 768.20 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
MJ Gleeson PLC 724.00 GBX -0.28 -

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