6th Dec 2018 09:13
LONDON (Alliance News) - Housebuilder MJ Gleeson PLC said on Thursday it expects its performance for the full year to the end of June 2019 to be in line with expectations.
At its annual general meeting on Thursday, the company will report strong demand at Gleeson Homes, with net reservations up by more than 40% over the past six months.
The division currently has 62 active sites, compared to 58 in the same period the year before.
Gleeson Homes's pipeline currently stands at 12,490 plots with a gross development value of GBP1.5 billion, of which 7,253 plots are owned and 5,237 conditionally purchased.
The company noted 71% of Gleeson Homes's customers are currently taking advantage of the Government's Help to Buy Scheme so far in the current year.
MJ Gleeson said it expects Gleeson Homes to see a rise in completions for the six months to the end of December by 10% from 593 units the year before. For the full year, completions is expected to increase by more than 15% from 1,225 units.
"Very strong customer demand in all regions, good mortgage availability and our ability to offer attractive levels of affordability to our customers, means that the outlook for the division remains very positive," said Chairman Dermot Gleeson.
The Gleeson Strategic Land division, meanwhile, has completed the sale of three sites with planing permission for up to 483 plots, and is advancing sale negotiations on another seven sites.
Strategic Land's pipeline is currently made up of 58 sites which could deliver up to 21,789 plots.
Shares in MJ Gleeson were up 1.2% at 669.94 pence on Thursday.
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