British housebuilder MJ Gleeson plunges after flagging profit dip for unit

MJ GLEESON

03/06/2025 08:25

** Shares of British housebuilder MJ Gleeson GLEG.L down 26.4% at 380p, top loser in the FTSE small-cap index .FTSC

** Stock on track to record its biggest-ever daily pct fall, if losses hold

** Co expects annual operating profit for unit Gleeson Homes to be 15-20% lower than current expectations due to higher costs and a failed land disposal deal in East Yorkshire

**  "The pace of the housing market recovery has not been sufficient to offset the cumulative impact on Gleeson Homes' gross margin of a number of headwinds through the year," the company said

** MJ Gleeson sees headwinds, including planning delays which will result in the business selling from fewer sites than previously forecast, to impact the unit's margins into FY26

** GLEG stock fell ~21% YTD, including this session's fall

 (Reporting by Yamini Kalia in Bengaluru)

 ((Yamini.Kalia@thomsonreuters.com;))