REG - MJ Gleeson Plc - Trading Update and Notice of Results

MJ GLEESONAnnouncement

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RNS Number : 1388P  MJ Gleeson PLC  16 January 2026

 

MJ Gleeson plc

("MJ Gleeson" or the "Group")

 

Trading Update & Notice of Interim Results

MJ Gleeson plc issues a trading update for the half-year ended 31 December
2025 (the "Period"). The Company will report its results for the Period on 11
February 2026.

The Board expects the Group's results for the full year will be in line with
current market expectations(1).

Gleeson Homes

Demand for new homes remained subdued but steady through the Period with
buyers' lack of confidence in the current economic environment compounded
further by commentary during the run-up to the late Autumn Budget. With Budget
concerns fading and following the interest rate cut in December, we expect to
see an improvement in open market sales through the Spring selling season. On
that basis, we remain confident in our forecast for FY2026.

We are focused on rebuilding our margin performance and are targeting higher
selling prices alongside an increase in volumes to mitigate the use of
incentives, build cost inflation and an increasing regulatory burden.

Gleeson Homes delivered a robust performance in the Period and will report the
sale of 848 homes, circa 6% more than the same period last year (H1 FY2025:
801 homes).

Net reservation rates during the Period increased to 0.75 per site per week
(0.48 excluding bulk reservations) from 0.55 per site per week (0.44 excluding
bulk reservations) during the same period last year. Gleeson Homes enters the
second half of the current financial year with a forward order book of 978
plots (31 December 2024: 597 plots) of which circa 650 sales are expected
before the financial year end.

We are pleased with the performance improvements delivered to date under
Project Transform and have implemented further changes to complete the
operational restructure and ensure our overhead is as lean as possible. The
related costs will be recognised as exceptional during the year.

Resource-constrained local planning continues to impede progress on opening
new sites.  Since the start of FY2026 Gleeson Homes has opened 9 new build
sites (H1 FY2025: 8 sites) and 7 new sites have commenced sales (H1 FY2025: 11
sites). Gleeson Homes is currently selling on 53 sites (31 December 2024: 65
sites).

Gleeson Partnerships delivered its first homes during the Period and continues
to see strong interest from both private rental investors and housing
associations, though most of the latter still await receipt of monies under
the Government's new funding settlement.

Gleeson Land

Gleeson Land completed the sale of 3 sites in the Period and a further 5 sites
are in an active sale process. Demand for prime consented sites continues to
be strong. As communicated at the time of the FY2025 results, the timing of
one sale, which represents approximately 50% of total plots forecast to be
sold during the year, is dependent on the final technical agreement of the
highways design.

Our recent success in securing new sites for promotion has been followed by
intense activity in planning, and the division submitted 15 applications
during the first half of this financial year (H1 FY2025: 2 submissions).  We
achieved two planning consents in the Period, and have planning permission for
all sites anticipated to be sold in the current year.

The Group ended the Period with net debt of £22.5 million (31 December 2024:
£18.1 million net debt).

Graham Prothero, CEO of MJ Gleeson, commented:

"We are pleased to have delivered a solid performance in a subdued market. We
now expect to see an improvement in new home sales through the Spring selling
season on the back of last month's rate cut, and as uncertainty in the run-up
to the Budget continues to subside.

"Meanwhile, we are working hard on operational efficiency and effectiveness to
ensure Gleeson Homes is in the best shape possible to capitalise on the
significant growth opportunities we see ahead.

"Along with increasing momentum at Gleeson Land, we are confident that the
Group is in a strong position to deliver on its strategic objectives."

 

(1) Analyst consensus for FY2026 can be found
at: https://www.mjgleesonplc.com/investors/analyst-coverage/
(https://www.mjgleesonplc.com/investors/analyst-coverage/)

 

Enquiries:

                                                   +44 1142 612 900

   MJ Gleeson plc
   Graham Prothero, Chief Executive Officer
   Stefan Allanson, Chief Financial Officer

 Invicomm (Financial PR)                          mjgleeson@invicomm.com (mailto:mjgleeson@invicomm.com)
 Mark Garraway                                    +44 7771 860938
 Kim Looringh-van Beeck                           +44 20 3422 0208

 Singer Capital Markets (Joint broker)            44 20 7496 3000
 Shaun Dobson

 Charles Leigh-Pemberton

 Peel Hunt (Joint broker)                         +44 20 7418 8900
 Ed Allsopp
 Tom Graham

 

 

For the purposes of UK MAR, the person responsible for arranging for the
release of this information on behalf of MJ Gleeson plc is Stefan Allanson,
Chief Financial Officer

LEI: 21380064K7N2W7FD6434

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