Shares of Sheffield-based affordable housebuilder MJ Gleeson plc rose 6% on Thursday after it said its revenue increased 19.4% to £88 million and profit before tax increased 62.8% to £22.3 million for the half year to December 31.
Gleeson will increase its interim dividend 27.8% to 11.5p per share.
Average selling price increased 2.4% to £127,400, and about 69% of sales benefited from the UK Government’s Help to Buy scheme.
MJ Gleeson chairman Dermot Gleeson said: “The group has once again delivered an excellent performance, increasing operating profit in both divisions.
“Gleeson Homes’ growth plans remain on track.
“We see no signs of customer caution and demand remains robust.
“Land remains available at sensible prices in both existing and new geographic areas.
“The two pilot offices in Penrith, Cumbria and Ashington, Northumberland have become full area offices, increasing the number of area offices to ten.
“Gleeson Strategic Land completed the same number of site sales as in the first half of the prior year, but the sites sold were significantly larger this half.
“Demand for consented sites remains strong from both large and medium-sized developers.
“Against this background, the board is confident that the group will deliver a result for the full year at least in line with expectations.”