6th Nov 2026 12:51
(Alliance News) - MJ Gleeson PLC on Friday said it expected profit to be significantly weighted towards the second half of the financial year, as the company anticipated the introduction of the Your First Home scheme and its impact on sales.
On the government's introduction of the Your First Home scheme, Gleeson said it had "significant potential" to assist its target demographic of first-time buyers, but warned that the announcement of the scheme five months before its launch was likely to postpone demand and increase cancellations.
The Sheffield-based housebuilder said Gleeson Homes', the company's housebuilding division, sales rates had improved since a "weak summer", but remained subdued.
Gleeson Homes' open market net reservation rate for the eight weeks to November 1 was 0.53 per site per week, up 1.9% from 0.52 a year earlier. Including bulk reservations, the rate was 0.88, down from 0.93.
"We anticipate a weaker first-half, with the pace of recovery in the second half increasingly dependent on the efficient and timely introduction of the scheme," Gleeson said.
For Gleeson Land, the company said it was making good progress towards securing final technical approval for a delayed large land sale, with the vast majority of outstanding issues resolved.
Gleeson said the exercise of the sale option and subsequent completion were expected to take place over the next few months.
The company said it continued to progress a number of other sales and was seeing a good level of interest in sites brought to market, although caution remained in the land market.
"We remain positive on the medium-term outlook, strengthened by the prospect of Your First Home, notwithstanding a lack of the visibility on the timing of land sales we would hope for," the company said.
Speaking about the group, Gleeson said it remained "focused on managing the business as efficiently as possible and are taking a cautious stance on working capital and site acquisitions."
MJ Gleeson shares fell 1.3% to 273.00 pence on Friday afternoon in London.
By Niall Holden, Alliance News reporter
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