UK’s MJ Gleeson slumps as it flags weak housing market; homes CEO exits

MJ GLEESON

04/07/2025 09:05

** Shares of British housebuilder MJ Gleeson GLEG.L down as much as  6.7% at 362p, their lowest since Sept 2023

** Shares in larger UK homebuilders Persimmon PSN.L, Taylor Wimpey  TW.L and Vistry  VTYV.L were down between 1% and 2.5%

** Co says UK housing market remains subdued with low confidence; no short-term catalyst seen

** Gleeson Homes CEO Mark Knight steps down amid ongoing management overhaul

** Co expects FY 2025 pretax profit within current market forecast of 21-22.5 million pounds ($28.68 $30.73 million)vs £24.8 mln reported last year

** Brokerage Peel Hunt cuts co's target price to '580p' from '590p'

** GLEG stock fell ~26.7% YTD

($1 = 0.7321 pounds)

 (Reporting by Judes Joseph in Bengaluru)

 ((judes.joseph@thomsonreuters.com;))