Revenue tops £196m at Sheffield’s Gleeson

Sheffield-based affordable housebuilder MJ Gleeson plc said on Monday group profit before tax increased 12.1% to £37 million on revenue up 23% to £196.7 million in the year ended June 30, 2018.

Final dividend is proposed of 23p, resulting in an increase in total dividend for the year of 33.3% to 32p per share.

MJ Gleeson chairman Dermot Gleeson said: “Our twin track strategy – the development of low-cost homes for open market sale in the North of England and the Midlands and strategic land sales in the South – delivered another excellent year of increased volumes, profit and cash.

“Gleeson Strategic Land had a record year and continues to benefit from high levels of demand for consented land in prime locations from both large and medium-sized housebuilders.

“The division has a strong portfolio of sites and anticipates that it will continue to maintain its very successful track record in promoting potentially high value developments through the planning system.

“Gleeson Homes is on track to deliver its next milestone target of doubling annual completions of low- cost homes between 2017 and 2022 to 2,000 units.

“Led by a strong and highly experienced management team, who have created a very attractive land pipeline, the division’s scope forexpansion continues to be underpinned by strong demand from our customers who aspire to home ownership but who are ill-served by the majority of housebuilders.

“Against this background, the board is confident that the group’s unique business model will continue to deliver significant growth in both revenue and profits in the current year and beyond.”