Trading Update & Notice of Interim Results
MJ Gleeson plc, the low-cost housebuilder and land promoter, issues a trading update for the half-year ended 31 December 2024 (the “Period”). The Company will report its results for the Period on 11 February 2025.
The Board expects the Group’s results for the year will be ahead of last year and in line with current market expectations1.
Gleeson Homes
Gleeson Homes delivered a robust performance, despite activity in the market remaining subdued, completing the sale of 801 homes, slightly ahead of the same period last year (31 December 2023: 769 homes).
Net reservation rates during the Period increased to 0.55 per site per week (0.44 excluding bulk reservations) from 0.41 per site per week (0.39 excluding bulk reservations) during the same period last year. Gleeson Homes enters the second half of the financial year with a forward order book of 597 plots (31 December 2023: 586 plots).
The division’s programme of new site openings continues, having opened 11 new sales outlets during the Period (31 December 2023: 2 sales outlets opened).
Gleeson Partnerships continues to see strong interest from both private rental investors and housing associations, though most of the latter remain unable to commit to transactions pending the Government’s new funding settlement.
Gleeson Land
Whilst, as anticipated, Gleeson Land did not complete any sales in the first half, demand for prime consented sites continues to be strong. The division is progressing a number of opportunities with several planning decisions expected early in the second half of the financial year and which should significantly improve performance compared to FY2024.
The Group ends the Period with net debt of £18.1 million (31 December 2023: £18.7 million net debt).
Graham Prothero, CEO of MJ Gleeson, commented:
“We are pleased to have delivered an encouraging performance during the first half, with Gleeson Homes increasing its completions compared to the first half last year.”
1 Analyst consensus for FY2025 can be found at: https://www.mjgleesonplc.com/investors/analyst-coverage/