Sheffield’s Gleeson hits record revenue of £373m

Sheffield-based affordable house builder MJ Gleeson plc has delivered revenue up 29.4% to a record £373.4 million in the year to June 30, 2022, and profit before tax up 33.1% to a record £55.5 million.

MJ Gleeson said 2,000 homes were sold, a 10.4% increase, and average selling price was up 14.7% to £167,300.

A proposed final dividend of 12p will make a total dividend for the year of 18p, up from 15p.

MJ Gleeson chairman Dermot Gleeson said: “This is another excellent performance which reflects not only the strong operational capability of our business but also the continuing structural under-supply of affordable homes for first time buyers on low incomes.

“As well as being affordable, our high-quality homes are also very energy efficient, costing significantly less to run than most houses in the UK, particularly in the rented sector. As a result, our homes are much sought after, and demand remains resilient.

“Gleeson Land’s market remained robust throughout the year and the business delivered a strong result.

“Demand in the South of England for quality sites with sustainable and implementable residential planning permission remains strong and the division is well-placed to drive further sustainable growth.

“The board has reviewed a range of macroeconomic forecasts and, notwithstanding the current outlook for the broader economy, remains confident that the group, with its defensive qualities and unique position within the wider house building sector, is well-positioned to deliver further profitable growth in the current financial year.”

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