9th Jun 2026 09:05
(Alliance News) - MJ Gleeson PLC on Tuesday said that three land sales, representing more than half of its expected plot sales in the current financial year are being delayed and won't complete until the following year.
MJ Gleeson's financial year ends at the end of this month. It said the land sales now are expected to complete in the first half of financial 2027, meaning July to December.
The Sheffield, England-based company's shares fell in response, down 1.9% to 239.00 pence early Tuesday in London. The stock hit a low of 228.00p.
MJ Gleeson said the sale of a site that would account for about 50% of total forecast plot sales by Gleeson Land in financial 2026 is unlikely to complete before June 30 and instead is expected in the first half of next year.
Two smaller transactions expected to close this year also will close in financial 2027. However, the company does expect to close one further land sale in June, it said.
Gleeson Land promotes land in the UK, seeking to increase its value by securing planning permission before selling. It noted recent commentary about UK housebuilders reviewing their land buying given a difficult market environment.
The company's own housebuilding division, Gleeson Homes, is trading in line with management expectations for the current year, Gleeson confirmed on Tuesday.
As result of the delay land sales, however, group adjusted pretax profit is expected to be GBP7.5 million lower than current market expectations, which Gleeson placed at GBP17.8 million. This already was going to be down from financial 2025, when profit before tax and exceptional items was GBP21.9 million.
"There is no doubt that housebuilders, in the south of England, are reviewing and reappraising their land buying strategies, and we anticipate these conditions will continue through the next financial year," said Chief Executive Officer Graham Prothero.
Gleeson will provide a full-year trading update on July 10.
By Tom Waite, Alliance News editor
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
MJGleeson