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

MJ GLEESONAnnouncement

14/01/2025 07:00

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RNS Number : 1632T  MJ Gleeson PLC  14 January 2025

14 January 2025

("Gleeson", "the Company" or "the Group")

Trading Update & Notice of Interim Results

MJ Gleeson plc, the low-cost housebuilder and land promoter, issues a trading
update for the half-year ended 31 December 2024 (the "Period"). The Company
will report its results for the Period on 11 February 2025.

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

Gleeson Homes

Gleeson Homes delivered a robust performance, despite activity in the market
remaining subdued, completing the sale of 801 homes, slightly ahead of the
same period last year (31 December 2023: 769 homes).

Net reservation rates during the Period increased to 0.55 per site per week
(0.44 excluding bulk reservations) from 0.41 per site per week (0.39 excluding
bulk reservations) during the same period last year. Gleeson Homes enters the
second half of the financial year with a forward order book of 597 plots (31
December 2023: 586 plots).

The division's programme of new site openings continues, having opened 11 new
sales outlets during the Period (31 December 2023: 2 sales outlets opened).

Gleeson Partnerships continues to see strong interest from both private rental
investors and housing associations, though most of the latter remain unable to
commit to transactions pending the Government's new funding settlement.

Gleeson Land

Whilst, as anticipated, Gleeson Land did not complete any sales in the first
half, demand for prime consented sites continues to be strong. The division is
progressing a number of opportunities with several planning decisions expected
early in the second half of the financial year and which should significantly
improve performance compared to FY2024.

The Group ends the Period with net debt of £18.1 million (31 December 2023:
£18.7 million net debt).

Graham Prothero, CEO of MJ Gleeson, commented:

"We are pleased to have delivered an encouraging performance during the first
half, with Gleeson Homes increasing its completions compared to the first half
last year."

(1) Analyst consensus for FY2025 can be found at:
https://www.mjgleesonplc.com/investors/analyst-coverage/
(https://www.mjgleesonplc.com/investors/analyst-coverage/)

The information contained within this announcement was previously deemed by
the Company to constitute inside information as stipulated by Market Abuse
Regulation (EU) No 596/2014 ("EU MAR") and the retained UK law version of EU
MAR pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI
2019/310) ("UK MAR"). With the publication of this announcement via a
Regulatory Information Service, this information is now considered to be in
the public domain. 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

 

Enquiries:

   MJ Gleeson plc                              +44 1142 612 900
   Graham Prothero, Chief Executive Officer
   Stefan Allanson, Chief Financial Officer

 Hudson Sandler                               +44 207 796 4133 / gleeson@hudsonsandler.com
                                              (mailto:gleeson@hudsonsandler.com)
 Mark Garraway
 Harry Griffiths

 Singer Capital Markets                       +44 20 7496 3000
 Shaun Dobson
 Charles Leigh-Pemberton

 Investec                                     +44 207 597 4000
 Ben Griffiths
 Tom Brookhouse

 

About MJ Gleeson plc

MJ Gleeson plc comprises two divisions: Gleeson Homes and Gleeson Land.

Gleeson Homes is the leading low-cost, affordable housebuilder with the vision
of "Building Homes. Changing Lives." Focusing on areas where affordable
housing is most needed in the Midlands and North of England, Gleeson Homes'
average selling price was £185,700 for the year ended 30 June 2024, 34% lower
than other housebuilders average selling price of £281,000 in the same
geographic regions. This means that a couple earning the National Living Wage
can afford to buy a home on any Gleeson Homes development.

Gleeson Land, which operates across the South of England, is the Group's land
promotion division. To deliver on its vision of "Promoting Land. Unlocking
Value", the division carefully identifies sustainable development
opportunities which it then promotes through the residential planning system
and sells on behalf of the landowner. Gleeson Land is a pioneer of data
analytics in the land promotion space, which it leverages to secure new
promotion agreements and deliver successful planning outcomes.

In July 2023, the Company held a Capital Markets Day titled 'Putting in place
the foundations for growth', where it set a medium-term target within a stable
market environment to reach 3,000 annual completions.

More details on the Company can be found at: https://www.mjgleesonplc.com/
(https://www.mjgleesonplc.com/)

 

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