REG - MJ Gleeson Plc - Results for the half year ended 31 December 2025
11/02/2026 07:00
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RNS Number : 4963S MJ Gleeson PLC 11 February 2026
11 February 2026
Results for the half year ended 31 December 2025
A robust performance in a subdued market
Cautious for full year outturn
Graham Prothero, Chief Executive Officer, commented:
"We are pleased to have delivered a robust performance in a subdued market
environment and ended the first half with a strong forward order book boosted
by three further partnership agreements and are cautiously encouraged by open
market buyer activity over the last five weeks which has seen a recovery from
the first half.
We have implemented further changes to complete the operational restructure of
Gleeson Homes and to improve the efficiency of the overhead base.
Gleeson Land completed three sale transactions and had its busiest ever period
of planning activity that will deliver high-value consented sites over the
coming years. The outlook for the business is exciting and the division is
well positioned to deliver on its growth potential.
For the full year, whilst current market expectations remain achievable, a
strong Spring selling season remains fundamental to our assumptions in
delivering on those expectations and we need to see the recovery gain further
momentum. The bulk market has softened further, as investors remain cautious
and focused on pricing. Margins continue to be pressured as net selling price
increases are outpaced by build costs, and we experience increasing regulatory
and tax headwinds. We will update our guidance in April 2026 with the benefit
of greater trading visibility through to the year end.
With the right structure and leadership in both businesses, the Group is in a
strong position to deliver on its medium-term strategic objectives."
H1 25/26 H1 24/25 Change
Revenue
Gleeson £168.6m £156.6m 7.7%
Homes
Gleeson Land £4.5m £1.3m 246%
Total £173.1m £157.9m 9.6%
Operating profit/(loss) by division
Gleeson Homes(1) £7.0m £9.1m (23.1%)
Gleeson Land (£0.6m) (£1.9m) (68.4%)
Group operating profit(1) £4.2m £5.1m (17.6%)
Group profit before tax and exceptionals £2.0m £3.6m (44.4%)
Group profit before tax £1.7m £3.6m (52.8%)
Borrowings and overdrafts net of cash balances (£22.5m) (£18.1m) (£4.4m)
ROCE(2) 7.6% 8.0% (40bp)
EPS (pre-exceptional items) (1) 2.7p 4.8p (43.8%)
Dividend per share 4.0p 4.0p -
1 Stated before exceptional restructuring costs of £0.3m. Basic EPS for
H1 25/26 is 2.2p.
2 Return on capital employed is calculated based on earnings before
interest and tax and exceptional items (EBIT), expressed as a percentage of
the average of opening and closing net assets for the prior 12 months after
deducting deferred tax and cash and cash equivalents net of borrowings.
Gleeson Homes:
· 848 homes sold (H1 24/25: 801)
· Net reservation rates increased to 0.75 per site per week (0.48
excluding multi-unit orders), compared to 0.55 prior first half year (0.44
excluding multi-unit orders)
· Forward order book up 64% at 978 plots (31 December 2024: 597
plots)
· Average selling prices up 2.5% to £198,800 (H1 24/25: £193,900)
with underlying prices up 1.7%
· Gross margin on home sales of 19.8% (H1 24/25: 20.6%) reflecting
increased build costs, additional bulk sales and continued use of sales
incentives exceeding selling price increases
· Gleeson Partnerships secured three further agreements and
delivered its first homes
· Further changes implemented in January to complete the operational
restructure, with costs of up to £4.5m (including non-cash costs of up to
£3.0m) expected to be recognised as exceptional during the second half
Gleeson Land:
· Three land sale transactions (H1 24/25: no sales transactions,
one land swap)
· Planning secured on five sites anticipated to sell in FY2026
o All five sites being marketed or in a sales process (H1 24/25: five
sites); of which
o One site representing c.50% of total plots is dependent on finalising an
agreed position on highways design
· Planning applications submitted on 15 sites (H1 24/25: two sites)
· Continued focus on building the portfolio(1)
o Portfolio of 77 sites (31 December 2024: 73 sites)
Current trading and outlook:
We are cautiously encouraged by early signs of a recovery in open market
demand. Net reservation rates on open-market sales of 0.55 in the five weeks
to 6 February 2026 are up 38% on the 3 months to December 2025 albeit not yet
at the levels experienced during the same five-week period last year.
Gleeson Land starts the second half with planning permission in place on all
sites expected to sell by the end of the financial year, all of which are in
an active sale process or being marketed. Gleeson Land is expected to complete
five promotion agreements during the second half with the outlook for future
years strengthened by a record period of planning activity with applications
submitted on 15 sites.
For the full year, whilst current market expectations remain achievable, a
strong Spring selling season remains fundamental to our assumptions in
delivering on those expectations and we need to see the recovery gain further
momentum. The bulk market has softened further, as investors remain cautious
and focused on pricing. Margins continue to be pressured as net selling price
increases are outpaced by build costs, and we experience increasing regulatory
and tax headwinds. We will update our guidance in April 2026 with the benefit
of greater trading visibility through to the year end.
Looking further ahead, a strengthened Gleeson Homes business, following
implementation of project Transform, along with the progress being made in
Gleeson Land, positions the Group to deliver strong growth over the medium
term.
( )
( )
(1) Portfolio refers to sites under contract or owned.
(2) Analyst consensus for FY2026 can be found
at: https://www.mjgleesonplc.com/investors/analyst-coverage/
(https://www.mjgleesonplc.com/investors/analyst-coverage/)
Analyst presentation
A presentation by Graham Prothero, CEO, and Stefan Allanson, CFO, will be held
at 10:30am this morning at the offices of Peel Hunt LLP, 100 Liverpool Street,
London EC2M 2AT.
The presentation will also be webcast at https://brrmedia.news/GLE_HY26
(https://url.uk.m.mimecastprotect.com/s/nWoIC31QvH7vWYoUgfzIQZEly?domain=brrmedia.news)
. A recording of this will be available after the event on the Company's
website.
About MJ Gleeson:
MJ Gleeson plc comprises two divisions: Gleeson Homes and Gleeson Land.
Gleeson Homes, under the banner of "Building Homes. Changing Lives" builds
high-quality affordable homes across the Midlands and North of England. To
meet customer demand, and without compromising affordability, the range of
homes available extends from one-bed apartments to five-bed houses. With a
two-bedroom home available from £100,000, a key objective is to ensure that
on all of our developments, a meaningful proportion of homes are affordable to
a couple earning the National Living Wage. Buying a Gleeson home typically
costs less than renting a similar property. All Gleeson homes are traditional
brick built semi or detached homes.
As a high-quality, affordable housebuilder, Gleeson has strong and inherent
sustainability credentials. Its social purpose underpins the Company's
strategy and Gleeson measures itself closely against UN SDGs 5, 8, 11, 12, 13
and 15. More details on the Company's approach to sustainability can be found
at: www.mjgleesonplc.com/sustainability
(http://www.mjgleesonplc.com/sustainability) .
Gleeson Land, which operates under the banner of "Promoting Land. Unlocking
Value" is the Group's land promotion division operating in the South, West and
Central England. Gleeson Land identifies development opportunities and works
with landowners and stakeholders to both enhance the value of the property and
to promote land through the residential planning system, ultimately managing
the sale of these sites to other developers on behalf of landowners.
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/)
Enquiries:
MJ Gleeson plc +44 1142 612 900
Graham Prothero, Chief Executive Officer
Stefan Allanson, Chief Financial Officer
Invicomm (Financial PR) m (mailto:mjgleeson@invicomm.com) jg (mailto:mjgleeson@invicomm.com) leeson@i
(mailto:mjgleeson@invicomm.com) nvicomm.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 LLP (Joint Broker) +44 20 7418 8900
Ed Allsopp
Tom Graham
This announcement is released by MJ Gleeson plc and contains inside
information for the purposes of Article 7 of the Market Abuse Regulation (EU)
596/2014 (MAR), and is disclosed in accordance with the Company's obligations
under Article 17 of MAR. Upon the publication of this announcement, this
information is considered to be in the public domain.
For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of the Company by
Stefan Allanson, Chief Financial Officer.
LEI: 21380064K7N2W7FD6434
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report a robust performance in the first half. Gleeson Homes
grew sales volumes despite the subdued market and delivered its first
partnership homes. Gleeson Land completed three transactions, added four sites
to its portfolio and submitted planning applications on 15 sites.
Gleeson Homes sold 848 homes during the period (H1 24/25: 801), with net
reservations increasing to 0.75 per site per week (0.48 excluding multi-unit
orders), compared to 0.55 per site per week (0.44 excluding multi-unit orders)
in the half year to 31 December 2024, reflecting a modest improvement in open
market demand.
Selling prices on open market reservations increased, but incentives remained
elevated in response to cautious demand.
Gleeson Homes enters the second half of the year with a strong forward order
book of 978 plots (31 December 2024: 597 plots), strengthened by three further
partnership agreements signed during the period.
We have seen an encouraging start to the important Spring selling season with
open market net reservations per site over the last five weeks up 38% on the
three months to December 2025 albeit below the strong rates experienced in the
same five week period last year.
Net reservations per site per week excluding multi-unit orders
3 months to September 3 months to December Five weeks to
6 February
FY26 0.57 0.40 0.55
FY25 0.50 0.38 0.79
Gleeson Homes introduced its own part-exchange offering to support customers
who want an effective second-step to a Gleeson home, and we are pleased with
the initial interest it is generating. We anticipate this will generate
additional sales and that any part-exchange stock held on the balance sheet
will not exceed £7.5m in total at any time.
Good mortgage availability, lower interest rates and lower inflation should
create the conditions for buyers' confidence to grow.
The ability of Housing Associations to enter into partnerships and multi-unit
purchases remains constrained by funding. We continue to secure small volume
sales and anticipate agreeing further multi-unit sales in the second half of
the financial year, although the investor market has weakened.
We ended the period with net debt of £22.5m (31 December 2024: £18.1m) which
reflects the opening of nine new build sites and investment in build activity
on established sites ahead of the important Spring selling season.
Project Transform
In January 2026, the business implemented further changes under project
Transform to complete the operational restructure of Gleeson Homes. At the
same time we took further action to improve the efficiency of the overhead
base and streamline our operating structure. This included the removal of
certain roles and the restructuring of the Greater Manchester & Merseyside
region.
We have strengthened the team by the replacement of a number of managing
directors and functional directors as well as additional resource in technical
and customer care roles.
I am pleased with the emerging benefits of the new structure, which along with
the experience of the team, gives us the ability to embrace our exciting
growth opportunity with confidence.
The anticipated cash cost of these changes will be recognised as exceptional
costs in the second half and are not anticipated to exceed c.£1.5 million.
Annualised overhead cost savings of £1.1m are expected from this phase of
restructuring. In addition, certain land assets in the Greater Manchester
& Merseyside region will be impaired and an exceptional non-cash charge
not exceeding £3m is expected to be recognised in the second half.
Gleeson Partnerships
Gleeson Partnerships delivered its first homes during the period and continues
to generate strong interest from both private rental investors and housing
associations, with the sector anticipating grants under the Government's £39
billion Social and Affordable Homes Programme. Three further partnership
agreements were secured in the first half, with eight agreements now in place
with five partners.
Partnerships enable Gleeson Homes to develop suitable sites on a
'capital-light' basis with partner funding contributing to the acquisition of
the site and its infrastructure. This enables the division to secure larger
sites which are typically more efficient to develop by leveraging operating,
marketing and sales synergies, economies of scale for materials and offering
long-term certainty to subcontractors. The secured sales reduce market risk
and the provision of forward funding on a partnership site leads to a higher
return on capital.
Quality and affordability
Our commitment to quality and affordability remains key to our operating
model. We are currently in a process of transition from our previous customer
service evaluation, provided independently by In-House, to the NHBC/HBF
Survey, which will be published for all housebuilders from March 2026. The
transition is a significant change for the business, moving from a telephone
survey (with naturally higher response rates) to email and post, and capturing
data not only at eight weeks but also at nine months following occupation.
This additional data will allow us to focus on key areas for improvement,
which will be supported by the organisational changes and with the focus on
build programmes and quality.
We achieved an initial published grading at four-star for the 2025 calendar
year, which aligns with our target for the year. Our scores are strengthening
as the year progresses and as the team becomes more familiar with encouraging
customers to respond, and we are focused on achieving five-star status for the
2026 calendar year.
Mortgage rates have started to fall, and whilst rental price increases have
slowed, the cost of owning a Gleeson home at current mortgage rates is
significantly lower than the cost of renting, with clear benefits of home
ownership presenting a compelling reason to buy. The mortgage payments for a
typical Gleeson 2-bed home is c.£700 per month, against c.£900 in rent for
the equivalent property. The majority of Gleeson homes continue to be
affordable for a couple working full time and earning the National Living
Wage, which will increase by 4.1% on 1 April 2026.
Gleeson homes are built to be energy efficient, requiring approximately half
the energy to heat and power when compared to existing housing stock. This
results in materially lower running costs for our customers (an average annual
saving of £890 on a Gleeson 3-bed home) whilst also providing the health and
wellbeing advantages associated with owning and living in a modern,
well-insulated home.
Planning, sites and growth
The current planning system continues to prove challenging, with
under-resourced planning departments and a backlog of applications. The
changes to the National Planning Policy Framework ("NPPF") announced in
December 2025, reinforce the Government's commitment to reforming the planning
system and should streamline the decision-making process. This will be
fundamental to achieving the Government's ambitious housing targets.
Gleeson Homes acquired nine sites, started build activity on nine new sites
and opened seven new sales outlets, fewer than expected due to the challenges
still being experienced in the planning system. We expect to open and close an
equal number of sales outlets during the second half but, thereafter, expect
to open between eight and ten net new sales outlets each year. The timing of
opening sales outlets next year, however, is likely to result in slightly
fewer average sales sites during 2027.
A number of sales or swaps of surplus sites or parts of sites are anticipated
to complete during the second half of the year contributing to full year
profit in Gleeson Homes (2025: £1.2m land sale revenue, £0.2m gross profit).
Gleeson Land successfully secured planning permission on two sites in the
period and submitted planning on 15 sites, which is a record for the business.
We have enjoyed significant success in strengthening the portfolio, entering
into promotion agreements on four new sites in the period with at least ten
others in a legal process. This performance, combined with our market leading
research and data analytics capabilities, will enable us to consistently grow
the quality and size of Gleeson Land's portfolio of sites.
Selling prices, build costs and margins
Gleeson Homes' reported average selling prices increased by 2.5% to £198,800
driven by 1.7% higher underlying selling prices on open-market sales. Whilst
gross price increases were achieved, incentives remained elevated at c.4.5%.
Site and bed mix also contributed to increased average selling prices which
was partly offset by the impact of a higher proportion of multi-unit sales.
Average selling prices include revenue recognised on 'golden brick' sales
under partnership agreements on nine equivalent units.
Build cost inflation of 2.6% was experienced during the period driven largely
by higher labour rates.
Gross margins in the first half were, as anticipated, lower than previous
years. We are highly focused on the level of selling prices at a granular
level, and controlling incentives.
In addition, the division has a number of longer-term initiatives in place to
improve quality and build rates, while improving commercial disciplines to
help mitigate sector wide cost increases. Notwithstanding this, upward
pressure on labour rates, the as yet uncertain impact of the Future Homes
Standard and the division's move towards supply and fit groundworkers across
its sites will mean that gross margin achieved for the year will also remain
lower than that achieved in the prior year.
Building safety
The Group is fully committed to swiftly remediating life-critical fire-safety
issues and has a dedicated full-time senior resource overseeing progress on
building safety issues. Monthly update meetings are held by the Executive
leadership team, and reports on progress are presented to the Board at every
meeting.
We were prompt in contacting all building owners and management companies and
we are actively pursuing resolution of all potentially affected buildings. We
have completed work on five buildings to date which are awaiting sign off and
are proactively engaging on the remaining buildings.
The overall provision has been assessed and remains appropriate with total
provisions of £11.7m as at 31 December 2025. The timing of expected cash
spend reflects our desire to complete remediation work as quickly as possible
against the challenges of obtaining access to some buildings and completion
and sign-off of the works.
Financial Performance
Group results
Revenue increased by 9.6% to £173.1m (H1 24/25: £157.9m) with gross profit
increasing by 9.1% to £34.7m (H1 24/25: £31.8m). The Group's operating
profit before exceptional costs decreased by 17.6% to £4.2m (H1 24/25:
£5.1m), principally reflecting the increase in overhead costs and a lower
first half phasing of sales. Following a net interest charge of £2.2m (H1
24/25: £1.5m), due to higher average borrowings, profit before tax and
exceptional costs reduced to £2.0m (H1 24/25: £3.6m). Profit before tax
reduced to £1.7m (H1 24/25: £3.6m).
The tax charge for the period was £0.4m (H1 24/25: £0.8m) reflecting an
expected effective rate of 24.2% (H1 24/25: 23.0%). Profit after tax for the
period was £1.3m (H1 24/25: £2.8m).
Total shareholders' equity was £305.1m as at 31 December 2025 compared to
£297.2m as at 31 December 2024. This equates to net assets per share of 522.2
pence (31 December 2024: 508.7 pence).
The Group had net debt as at 31 December 2025 of £22.5m (31 December 2024:
£18.1m net debt, 30 June 2025: £0.8m net debt). The Group's £135m borrowing
facility was drawn by £24.0m at the period end (30 June 2025: £7.3m), split
between an overdraft balance of £4.0m and borrowings of £20.0m, with £1.5m
of cash held by solicitors on our behalf.
Gleeson Homes
Revenue increased by 7.7% to £168.6m (H1 24/25: £156.6m) as a result of the
increase in volumes and selling prices. There were no land sales during the
period (H1 24/25: £1.2m land sale).
The average selling price for homes sold in the period increased by 2.5% to
£198,800 (H1 24/25: £193,900), reflecting underlying selling price increases
of 1.7% and the impact of a richer bed mix and site mix partly offset by the
impact of a higher proportion of multi-unit sales.
The number of homes sold in the period increased by 5.9%, despite the market
remaining subdued, to 848 homes (H1 24/25: 801 homes sold). Of the homes sold
37 were sold under partnership agreements on three sites, of which 9 home
equivalents were recognised under 'golden brick' partnership agreements (H1
24/25: nil). A further 190 were sold to private multi-unit investors (H1
24/25: 205).
Gross profit on homes sold increased by 4.7% to £33.4m (H1 24/25: £31.9m).
Gross margin on home sales in the period reduced by 80 basis points to 19.8%
(H1 24/25: 20.6%). The lower gross margin on home sales in the period reflects
increased build costs, with inflation increasing costs by c.2.6% during the
period, which was not offset by net selling price increases on open-market
sales, the impact of discounts on multi-unit transactions and partnership
agreements, and continued extensions to site durations.
Administrative expenses increased by 14.7% to £26.5m (H1 24/25: £23.1m)
reflecting increased staff costs including inflationary pay increases, higher
employer NI costs and increased recruitment, IT and cyber security costs
whilst prior period expenses reflected lower annual bonus, share-based payment
and other cost accruals.
Operating margin on homes sold decreased by 170 basis points to 4.1% (H1
24/25: 5.8%), resulting in operating profit of £7.0m (H1 24/25: £9.1m).
Gleeson Homes purchased nine sites during the period (H1 24/25: eight sites).
The pipeline of owned plots increased during the period by a net 662 plots to
8,173. Following a quieter period of land bidding activity the total pipeline
of owned and conditionally purchased plots decreased to 18,315 plots on 146
sites as at 31 December 2025 (30 June 2025: 19,638 plots on 164 sites). During
the period, 3 new sites were added to the pipeline, whilst 21 sites were
completed or did not proceed to purchase.
Gleeson Homes opened nine new build sites during the first half and was
building on 66 sites as at 31 December 2025 (31 December 2024: 79 sites) and
selling from 53 active sales outlets (31 December 2024: 65 sites).
The division entered the second half with a forward order book of 978 plots
(30 June 2025: 845 plots, 31 December 2024: 597), of which 650 are expected to
complete in the second half.
Gleeson Land
The division completed three land sales in the first half (H1 24/25: no land
sales, one land swap). Revenue increased by 246% to £4.5m (H1 24/25 £1.3m).
The division reported a gross profit for the period of £1.3m (H1 24/25: gross
loss of £0.3m). Overhead costs during the period increased to £1.9m
reflecting the strengthening of the regional teams (H1 24/25: £1.6m)
resulting in an operating loss for the first half of £0.6m (H1 24/25:
operating loss of £1.9m).
As at 31 December 2025, three sites were being actively progressed for sale,
which have the potential to deliver 1,016 plots (31 December 2024: four sites
being actively progressed, 973 plots). A further two sites were being marketed
with the potential to deliver 282 plots (31 December 2024: one site being
marketed, 140 plots).
As at 31 December 2025, there were six sites in the portfolio with either
planning permission or a resolution to grant permission for a total of 1,369
plots (30 June 2025: eight sites, 1,343 plots). Planning permission or
resolution to grant was achieved on two sites during the period.
There are a further 22 sites where the division is currently awaiting a
decision on planning applications or appeals (30 June 2025: 10 sites).
We continue to invest in Gleeson Land's portfolio, with four high-quality
sites secured under promotion agreements in the period which have the
potential to deliver 1,210 plots. Agreements on a significant number of other
well-located sites are currently being progressed and are expected to exchange
in the second half of the financial year.
The portfolio, in which the Group has a beneficial interest of 90%, comprised
77 sites with the potential to deliver 19,691 plots (30 June 2025: 77 sites,
18,401 plots).
As previously communicated, the timing of one sale in the second half of the
year, 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.
Dividends
The Board is declaring an interim dividend of 4.0 pence per share (H1 24/25:
4.0 pence per share). The interim dividend will be paid on 7 April 2026 to
shareholders on the register at close of business on 6 March 2026. The shares
will be marked ex-dividend on 5 March 2026.
Summary and Outlook
We are cautiously encouraged by early signs of a recovery in open market
demand. Net reservation rates on open-market sales of 0.55 in the five weeks
to 6 February 2026 are up 38% on the 3 months to December 2025 albeit not yet
at the levels experienced during the same five-week period last year.
Gleeson Land starts the second half with planning permission in place on all
sites expected to sell by the end of the financial year, all of which are in
an active sale process or being marketed. Gleeson Land is expected to complete
five promotion agreements during the second half with the outlook for future
years strengthened by a record period of planning activity with applications
submitted on 15 sites.
For the full year, whilst current market expectations remain achievable, a
strong Spring selling season remains fundamental to our assumptions in
delivering on those expectations and we need to see the recovery gain further
momentum. The bulk market has softened further, as investors remain cautious
and focused on pricing. Margins continue to be pressured as net selling price
increases are outpaced by build costs, and we experience increasing regulatory
and tax headwinds. We will update our guidance in April 2026 with the benefit
of greater trading visibility through to the year end.
Looking further ahead, a strengthened Gleeson Homes business, following
implementation of project Transform, along with the progress being made in
Gleeson Land, positions the Group to deliver strong growth over the medium
term.
Graham Prothero
Chief Executive Officer
11 February 2026
Condensed Consolidated Income Statement
for the six months to 31 December 2025
Note Unaudited Unaudited Audited
Six months to 31 December 2025 Six months to 31 December 2024 Year to
30 June
2025
£000 £000 £000
Revenue 173,097 157,850 365,817
Cost of sales (138,353) (126,060) (282,652)
Gross profit 34,744 31,790 83,165
Administrative expenses (30,902) (26,761) (59,263)
Other operating income 65 80 137
Operating profit 3,907 5,109 24,039
Analysed as: 4,243 5,109 25,382
Underlying operating profit
Exceptional items 8 (336) - (1,343)
Finance income 70 69 141
Finance expenses (2,270) (1,543) (3,636)
Profit before tax 1,707 3,635 20,544
Analysed as:
Underlying profit before tax 2,043 3,635 21,887
Exceptional items 8 (336) - (1,343)
Tax 3 (413) (836) (4,721)
Profit for the period 1,294 2,799 15,823
Earnings per share
Basic 5 2.22 p 4.80 p 27.11 p
Diluted 5 2.20 p 4.78 p 27.11 p
Basic - pre-exceptional items 5 2.65 p 4.80 p 28.88 p
Diluted - pre-exceptional items 5 2.64 p 4.78 p 28.88 p
Condensed Consolidated Statement of Comprehensive Income
for the six months to 31 December 2025
Unaudited Unaudited Audited
Six months to 31 December 2025 Six months to 31 December 2024 Year to
30 June
2025
£000 £000 £000
Profit for the period 1,294 2,799 15,823
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Change in value of shared equity receivables at fair value - 61 67
- 61 67
Other comprehensive income for the period (net of tax)
1,294 2,860 15,890
Total comprehensive income for the period
Condensed Consolidated Statement of Financial Position
at 31 December 2025
Unaudited Unaudited Audited
31 December 2025 31 December 2024 30 June
2025
Note
£000 £000 £000
Non-current assets
Property, plant and equipment 8,018 8,194 8,495
Trade and other receivables 1,610 101 3,304
Deferred tax assets - 637 -
9,628 8,932 11,799
Current assets
Inventories 6 416,708 370,524 380,847
Trade and other receivables 11,067 6,829 18,951
UK corporation tax 2,505 1,982 1,286
Cash and cash equivalents 7 1,440 878 6,490
431,720 380,213 407,574
Total assets 441,348 389,145 419,373
Non-current liabilities
Trade and other payables 9 (14,970) (7,153) (11,287)
Provisions 8 (9,866) (8,486) (7,736)
Deferred tax liabilities (30) - (73)
(24,866) (15,639) (19,096)
Current liabilities
Loans and borrowings 7 (20,000) (16,000) (5,000)
Bank overdraft 7 (3,962) (2,936) (2,269)
Trade and other payables 9 (84,727) (52,934) (79,822)
Provisions 8 (2,743) (4,466) (5,520)
(111,432) (76,336) (92,611)
Total liabilities (136,298) (91,975) (111,707)
Net assets 305,050 297,170 307,666
Equity
Share capital 10 1,169 1,169 1,169
Share premium 15,843 15,843 15,843
Own shares 10 (377) (229) (232)
Retained earnings 288,415 280,387 290,886
Total equity 305,050 297,170 307,666
Condensed Consolidated Statement of Changes in Equity
for the six months to 31 December 2025
Share capital Retained earnings Total
Share premium Own shares equity
£000 £000 £000 £000 £000
At 1 July 2024 (audited) 1,168 281,187 297,742
15,843 (456)
Profit for the period - - - 2,799 2,799
Other comprehensive income - - - 61 61
Total comprehensive income for the period - - - 2,860 2,860
Share issue 1 - - - 1
Purchase of own shares - - (27) - (27)
Utilisation of own shares - - 254 (193) 61
Share-based payments - - - 327 327
Movement in tax on share-based payments taken directly to equity - 294 294
- -
Dividends - - - (4,088) (4,088)
Transactions with owners, recorded directly in equity 1 (3,660) (3,432)
- 227
At 31 December 2024 (unaudited) 1,169 15,843 (229) 280,387 297,170
Profit for the period - - - 13,024 13,024
Other comprehensive income - - - 6 6
Total comprehensive income for the period - - - 13,030 13,030
Share issue - - - - -
Purchase of own shares - - (42) - (42)
Utilisation of own shares - - 39 (24) 15
Share-based payments - - - 333 333
Movement in tax on share-based payments taken directly to equity - (504) (504)
- -
Dividends - - - (2,336) (2,336)
Transactions with owners, recorded directly in equity - (2,531) (2,534)
- (3)
At 30 June 2025 (audited) 1,169 15,843 (232) 290,886 307,666
Profit for the period - - - 1,294 1,294
Other comprehensive income - - - - -
Total comprehensive income for the period - - - 1,294 1,294
Share issue - - - - -
Purchase of own shares - - (208) - (208)
Utilisation of own shares - - 63 (41) 22
Share-based payments - - - 334 334
Movement in tax on share-based payments taken directly to equity - 31 31
- -
Dividends - - - (4,089) (4,089)
Transactions with owners, recorded directly in equity - - (145) (3,765) (3,910)
At 31 December 2025 (unaudited) 1,169 15,843 (377) 288,415 305,050
Condensed Consolidated Statement of Cash Flow
for the six months to 31 December 2025
Unaudited Unaudited Audited
Six months to 31 December 2025 Six months to 31 December 2024 Year to
30 June
2025
£000 £000 £000
Operating activities
Profit before tax 1,707 3,635 20,544
Depreciation of property, plant and equipment 2,116 2,160 4,272
Share-based payments 334 327 660
Profit on redemption of shared equity receivables (4) (63) (57)
(Decrease)/increase in provisions including exceptional items (647) (145) 159
Loss on disposal of property, plant and equipment 129 110 414
Finance income (70) (69) (141)
Finance expenses 2,270 1,543 3,636
Operating cash flows before movements in working capital 5,835 7,498 29,487
Increase in inventories (35,861) (25,290) (35,613)
Decrease/(increase) in receivables 9,637 3,021 (12,708)
Increase/(decrease) in payables 8,668 (7,426) 23,313
Cash (used in)/generated from operating activities (11,721) (22,197) 4,479
Tax paid (1,644) (2,077) (5,061)
Finance costs paid (1,647) (1,211) (3,364)
Net cash used in operating activities (15,012) (25,485) (3,946)
Investing activities
Proceeds from disposal of shared equity receivables 2 189 185
Interest received 23 67 138
Purchase of property, plant and equipment (1,514) (895) (2,045)
Net cash used in investing activities (1,489) (639) (1,722)
Financing activities
Increase in loans and borrowings 15,000 16,000 5,000
Net proceeds from issue of shares - - 1
Purchase of own shares (208) (27) (69)
Dividends paid (4,089) (4,088) (6,424)
Principal element of lease payments (945) (753) (1,553)
Net cash flow generated from/(used in) financing activities (3,045)
9,758 11,132
Net decrease in cash and cash equivalents (6,743) (14,992) (8,713)
Cash and cash equivalents at beginning of period 4,221 12,934 12,934
Cash and cash equivalents at end of period, net of overdraft (2,522) (2,058) 4,221
Notes to the Condensed Consolidated Financial Statements
for the six months to 31 December 2025
1. Basis of preparation and accounting policies
This condensed consolidated interim financial report ("the Interim Report")
for the six months ended 31 December 2025 has been prepared in accordance with
UK-adopted International Accounting Standards in conformity with the
requirements of the Companies Act 2006. The Interim Report has been
prepared on the basis of the policies set out in the Annual Report and
Accounts for the year ended 30 June 2025 and in accordance with Accounting
Standard IAS 34 "Interim financial reporting" and the Disclosure Guidance and
Transparency Rules sourcebook of the UK's Financial Conduct Authority. The
Interim Report does not constitute financial statements as defined in Section
434 of the Companies Act 2006 and is neither audited nor reviewed.
The interim financial statements need to be read in conjunction with the
consolidated financial statements for the year ended 30 June 2025, which were
prepared in accordance with UK-adopted International Financial Reporting
Standards. A copy of the Annual Report and Accounts for the year ended 30
June 2025 is available either on request from the Group's registered office, 6
Europa Court, Sheffield Business Park, Sheffield, S9 1XE, or can be downloaded
from the corporate website, www.mjgleesonplc.com.
The comparative figures for the financial year ended 30 June 2025 are not the
Group's statutory accounts for that financial year. Those accounts have been
reported on by the auditors of the Company and the Group and delivered to the
Registrar of Companies. The report of the auditors was (i) unqualified, (ii)
did not include a reference to any matters which the auditor drew attention to
by way of emphasis without qualifying their report and (iii) did not contain
statements under Section 498 (2) or (3) of the Companies Act 2006.
During the period, the Group has adopted the following new and revised
standards and interpretations that have had no material impact on these
condensed consolidated financial statements:
· Amendments to IAS 1, IFRS 16, IAS 7 and IFRS 7.
The preparation of condensed consolidated interim financial statements
requires management to make judgements, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may subsequently differ from
these estimates. In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
the same as those that applied to the consolidated financial statements for
the year ended 30 June 2025.
The accounting policies, method of computation, and presentation adopted are
consistent with those of the Annual Report and Accounts for the year ended 30
June 2025.
Going concern
The Group has a committed revolving credit facility with Lloyds Bank plc and
Santander UK plc. The facility has a limit of £135m, which expires in October
2027 with one further uncommitted one-year extension option provided by both
banks. At 31 December 2025, the Group's net debt balance was £22.5m (30 June
2025: net debt of £0.8m). This is made up of borrowings of £20.0m (30 June
2025: £5.0m), cash and cash equivalents of £1.5m (30 June 2025: £6.5m) and
an overdraft of £4.0m (30 June 2025: £2.3m). The total unused facility was
therefore £111.0m (30 June 2025: £127.7m).
The Group's financial forecasts reflect a cautious view on the outlook based
on current market conditions and the degree of macro-economic risk.
1. Basis of preparation and accounting policies (cont.)
Going concern (cont.)
These forecasts have been subject to a range of sensitivities including a
severe but plausible scenario together with the likely effectiveness of
mitigating actions. The assessment considered the combined impact of a number
of realistically possible, but severe and prolonged changes to principal
assumptions from a downturn in the housing and land markets including:
· a reduction in Gleeson Homes volumes of approximately 20%;
· a permanent reduction in Gleeson Homes selling prices of 5%; and
· a delay on the timing of Gleeson Land transactions and a 10% fall in land
selling values.
Under these sensitivities, after taking certain mitigating actions, the Group
continues to have a sufficient level of liquidity, operate within its
financial covenants and meet its liabilities as they fall due.
Based on the results of the analysis undertaken, the Directors have a
reasonable expectation that the Group has adequate resources available to
continue in operation for the foreseeable future and operate in compliance
with the Group's bank facilities and financial covenants. As such, the Interim
Report for the Group has been prepared on a going concern basis.
2. Segmental analysis
The Group is organised into the following two operating divisions under the
control of the Executive Board, which is identified as the Chief Operating
Decision Maker as defined under IFRS 8 "Operating segments":
· Gleeson Homes
· Gleeson Land
The revenue in the Gleeson Homes segment relates to the sale of residential
properties and ad hoc land sales. All revenue for the Gleeson Land segment
relates to the sale of land interests. All of the Group's operations are
carried out entirely within the United Kingdom. Segmental information about
the Group's operations is presented below:
Unaudited Unaudited Audited
Six months to 31 December 2025 Six months to 31 December 2024 Year to
30 June
2025
Note £000 £000 £000
Revenue
Gleeson Homes 168,622 156,591 348,249
Gleeson Land 4,475 1,259 17,568
Total revenue 173,097 157,850 365,817
Divisional operating profit/(loss)
Gleeson Homes 6,974 9,126 22,253
Gleeson Land (597) (1,897) 6,996
Exceptional items (336) - (1,343)
6,041 7,229 27,906
Group administrative expenses (2,134) (2,120) (3,867)
Group operating profit 3,907 5,109 24,039
Finance income 70 69 141
Finance expenses (2,270) (1,543) (3,636)
Profit before tax 1,707 3,635 20,544
Tax 3 (413) (836) (4,721)
Profit for the period 1,294 2,799 15,823
2. Segmental analysis (cont.)
Balance sheet analysis of business segments:
Unaudited 31 December 2025
Assets Liabilities Net assets/ (liabilities)
£000 £000 £000
Gleeson Homes 380,575 (100,139) 280,436
Gleeson Land 56,210 (9,888) 46,322
Group activities 3,123 (2,309) 814
Cash and cash equivalents / (borrowings and bank overdrafts) 1,440 (23,962) (22,522)
441,348 (136,298) 305,050
Unaudited 31 December 2024
Assets Liabilities Net assets/ (liabilities)
£000 £000 £000
Gleeson Homes 347,961 (69,497) 278,464
Gleeson Land 36,625 (855) 35,770
Group activities 3,681 (2,687) 994
Cash and cash equivalents / (borrowings and bank overdrafts) 878 (18,936) (18,058)
389,145 (91,975) 297,170
Audited 30 June 2025
Assets Liabilities Net assets/ (liabilities)
£000 £000 £000
Gleeson Homes 352,143 (92,195) 259,948
Gleeson Land 58,805 (9,931) 48,874
Group activities 1,935 (2,312) (377)
Cash and cash equivalents / (borrowings and bank overdrafts) 6,490 (7,269) (779)
419,373 (111,707) 307,666
3. Tax
The results for the six months to 31 December 2025 include a tax charge of
24.2% of profit before tax (31 December 2024: 23.0%, 30 June 2025: 23.0%),
representing the best estimate of the average annual effective tax rate
expected for the full year, including residential property developer tax and
land remediation relief, applied to the pre-tax income for the six month
period.
4. Dividends
Unaudited Unaudited Audited
Six months to Six months to 31 December 2024 Year to
30 June
31 December 2025
2025
£000 £000 £000
Amounts recognised as distributions to equity holders:
Final dividend for the year ended 30 June 2024 of 7.0p - 4,088 4,088
Interim dividend for the year ended 30 June 2025 of 4.0p - - 2,336
Final dividend for the year ended 30 June 2025 of 7.0p 4,089 - -
4,089 4,088 6,424
On 5 February 2026 the Board approved an interim dividend of 4.0 pence per
share at an estimated total cost of £2,336,000. The dividend has not been
included as a liability as at 31 December 2025.
5. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Earnings Unaudited Unaudited Audited
Six months to 31 December 2025 Six months to 31 December 2024 Year to
30 June
2025
£000 £000 £000
Profit for the period 1,294 2,799 15,823
Exceptional items 336 - 1,343
Tax on exceptional items (81) - (309)
Profit for the period - pre-exceptional items 1,549 2,799 16,857
Number of shares Unaudited Unaudited Audited
31 December 31 December 30 June 2025
2025 2024
No. 000 No. 000 No. 000
Weighted average number of ordinary shares for the purposes of
basic earnings per share 58,392 58,339 58,370
Effect of dilutive potential ordinary shares:
Share-based payments 356 229 -
Weighted average number of ordinary shares for the purposes of
diluted earnings per share 58,748 58,568 58,370
Unaudited Unaudited Audited
Six months to 31 December Six months to 31 December Year to
2025 2024
30 June
2025
pence pence pence
Basic earnings per share 2.22 4.80 27.11
Diluted earnings per share 2.20 4.78 27.11
Basic earnings per share - pre-exceptional items 2.65 4.80 28.88
Diluted earnings per share - pre-exceptional items 2.64 4.78 28.88
6. Inventories
Unaudited Unaudited Audited
31 December 2025 31 December 2024 30 June
2025
£000 £000 £000
Land held for development 169,739 133,019 145,849
Work in progress 246,969 237,505 234,998
416,708 370,524 380,847
Net realisable value provisions held against inventories at 31 December 2025
were £7,265,000
(31 December 2024: £6,871,000, 30 June 2025: £6,411,000). The amount of
inventory write-down recognised as an expense in the period was £1,198,000
(H1 24/25: £667,000, FY2025: £2,130,000) and the amount of reversal of
previously recognised inventory write-down was £271,000 (H1 24/25: £47,000,
FY2025: £403,000). The cost of inventories recognised as an expense in cost
of sales was £137,536,000 (H1 24/25: £125,106,000, FY2025: £281,241,000).
7. Net debt
Unaudited Unaudited Audited
31 December 2025 31 December 2024 30 June
2025
£000 £000 £000
Cash and cash equivalents 1,440 878 6,490
Bank overdraft (3,962) (2,936) (2,269)
Cash and cash equivalents, net of bank overdrafts (2,522) (2,058) 4,221
Bank borrowings (20,000) (16,000) (5,000)
Net debt (22,522) (18,058) (779)
Lease liabilities (4,699) (4,623) (5,390)
Net debt including lease liabilities (27,221) (22,681) (6,169)
At 31 December 2025, monies held by solicitors on behalf of the Group and
included within cash and cash equivalents were £1,440,000 (31 December 2024:
£878,000, 30 June 2025: £6,490,000). The split of cash and overdraft
balances as at 31 December 2024 has been restated for consistency with the
audited accounts.
Unaudited 31 December 2025
Cash and cash equivalents Cash/(debt) net of borrowings Lease liabilities Total
Borrowings
£000 £000 £000 £000 £000
Net cash/(debt) at 1 July 2025 4,221 (5,000) (779) (5,390) (6,169)
Cash flows (6,743) (15,000) (21,743) 1,084 (20,659)
New leases - - - (450) (450)
Lease disposals - - - 196 196
Finance expense - - - (139) (139)
Net debt at 31 December 2025 (2,522) (20,000) (22,522) (4,699) (27,221)
8. Provisions & exceptional items
Dilapidations Building Restructuring Total
£000 safety £000 £000
£000
As at 1 July 2025 703 11,928 625 13,256
Provisions made during the period - - 336 336
Provisions used during the period (259) (724) (983)
As at 31 December 2025 703 11,669 237 12,609
Unaudited Unaudited Audited
31 December 2025 31 December 2024 30 June
2025
£000 £000 £000
Current provisions 2,743 4,466 5,520
Non-current provisions 9,866 8,486 7,736
12,609 12,952 13,256
8. Provisions (cont.)
Dilapidations
The dilapidations provision covers the Group's leased property estate. The
expected provision needed at the end of each lease is recognised on a
straight-line basis over the term of the lease. There is no significant
uncertainty in either the timing or amount.
Building safety
The building safety provision includes estimated costs to remediate
life-critical fire-safety issues on buildings which the Group had some
involvement in developing in the last 30 years since 1992. By signing the
Department for Levelling Up, Housing and Communities' ("DLUHC") pledge in
April 2022, and long-form agreement in February 2023, the Group committed to
put right life-critical fire-safety issues in relation to the buildings over
11 metres tall.
The provision includes the estimated costs for 18 buildings over 11 metres.
The Group retains no freehold ownership of these or any other buildings. All
of the buildings, including any external wall systems or cladding, were signed
off by approved inspectors as compliant with the relevant building regulations
at the time of their completion. The provision also includes the costs for
remediating any buildings under 11 metres where these have been identified to
have life-critical fire-safety issues and where the Group had some involvement
in developing over the last 30 years.
The Group has continued to make progress in the assessment and remediation
work required, but this has been slowed in some cases by the response from
building owners and management companies. In other cases, more significant
progress has been made in the design and procurement of works required and the
carrying out of works on site. On one building the work has been completed
through the Building Safety Fund and we await an invoice, four others are
complete awaiting sign off and we expect to complete remedial works on a
number of others within the next 12 months.
An exceptional provision of £11.9m was in place at 30 June 2025 in respect of
the 18 buildings which had been identified as requiring remediation works, of
which £0.2m has been utilised during the period, reducing the balance to
£11.7m at 31 December 2025. We conduct regular reviews of the provision,
taking into account the most recent inspections and any other relevant
information.
Restructuring exceptional costs
During the year to 30 June 2025 a reorganisation of the Gleeson Homes division
was commenced, the purpose of which was to shorten reporting lines, empower
the divisional leadership teams and strengthen regional management. Further
expenditure has been incurred in the period to 31 December 2025 resulting in
additional exceptional costs of £336,000 (FY2025: £1,343,000) and a
provision as at 31 December 2025 of £237,000 (30 June 2025: £625,000). The
treatment of these costs as exceptional is consistent with the prior year as
they result from the continued execution of project Transform, a significant
restructuring project that commenced in FY25, as explained further in note 3
of the Annual Report and Accounts 2025.
9. Trade and other payables
Trade and other payables includes £28,554,000 of deferred payables on the
purchase of land by the Gleeson Homes and Gleeson Land divisions (31 December
2024: £12,762,000, 30 June 2025: £20,488,000), of which £9,990,000 is due
in more than one year (31 December 2024: £4,102,000, 30 June 2025:
£7,825,000).
10. Share capital and reserves
Unaudited Unaudited Audited
31 December 2025 31 December 2024 30 June
2025
Issued and fully paid 2p ordinary shares:
Number 58,428,126 58,428,126 58,428,126
£000 1,169 1,169 1,169
Own shares reserve
The own shares reserve represents the cost of shares in MJ Gleeson plc
purchased in the market or issued by the Company and held by the Employee
Benefit Trusts ("EBT") on behalf of the Company in order to satisfy
share-based payments and other share awards that have been granted by the
Company.
Unaudited Unaudited Audited
31 December 2025 31 December 2024 30 June
2025
Own shares held by the EBT
Number 92,044 51,957 53,986
£000 377 229 232
11. Contingent liabilities
As set out in note 8, the Group is progressing its review of all of its
historic building contracts for buildings over 11 metres in which, over the
last 30 years, the Group had some involvement in developing. All of these
buildings, including any external wall systems or cladding, were signed off by
approved inspectors as compliant with the relevant building regulations at the
time of their completion.
There are certain legacy activities of the Group where claims arise under
historic contracts in Gleeson Construction Services Limited which were carried
out in the ordinary course of activities.
The interim financial statements have been prepared based on currently
available information and the current best estimate of the extent and future
costs of work required, or in resolving known historic claims.
12. Events after the balance sheet date
In January 2026, the business announced (internally) a further phase of
restructuring under project Transform which included the removal of certain
roles and the restructuring of the Greater Manchester and Merseyside region,
including the closure of an office. The cash costs and non-cash impairment
charges associated with this decision and the changes being implemented will
be recognised in the second half as exceptional items at an estimated maximum
value of £4.5m.
13. Related party transactions
There have been no material changes to the related party arrangements as
reported in note 27 of the Annual Report and Accounts for the year ended 30
June 2025.
14. Seasonality
In common with the rest of the UK housebuilding industry, activity occurs all
year round, although the trend of reservations usually means that Gleeson
Homes' completions are higher in the second half of the year. There is no
seasonality in the Gleeson Land division, although it typically completes more
transaction in the second half of the financial year.
15. Group risks and uncertainties
The Directors consider that the principal risks and uncertainties which could
have a material impact on the Group's performance remain consistent with those
set out in the Strategic Report on pages 38 to 43 of the Annual Report and
Accounts for the year ended 30 June 2025.
Statement of Directors' Responsibilities
for the six months to 31 December 2025
The Directors confirm that, to the best of our knowledge, these condensed
interim financial statements have been prepared in accordance with UK adopted
IAS 34 "Interim financial reporting" and that the interim management report
includes a fair review of information required by DTR 4.2.7 and DTR 4.28,
namely:
a) an indication of important events that have occurred during the first six
months and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
b) material related party transactions in the first six months and any material
changes in the related party transactions described in the last annual report.
The Board
The Board of Directors of MJ Gleeson plc at 30 June 2025 and their respective
responsibilities can be found on pages 110 to 117 of the MJ Gleeson plc Annual
Report and Accounts for the year ended 30 June 2025.
On 1 January 2026, Keith Adey was appointed to the Board as an Independent
Non-Executive Director. Keith has assumed the role of Chair of the Audit
Committee and joined the Remuneration Committee. Fiona Goldsmith stepped down
from both committees at the same time.
By order of the Board
Stefan Allanson
Chief Financial Officer
11 February 2026
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