11th Dec 2015 08:43
LONDON (Alliance News) - Urban regeneration and strategic land company MJ Gleeson PLC on Friday said both its housebuilding and strategic land businesses are performing ahead of expectations so far in its financial year.
The company said its Gleeson Homes unit completed 314 sales in the five months to the end of November, up from 259 for the equivalent period a year earlier, driven by the popularity of the UK government's Help to Buy mortgage guarantee scheme.
The outlook for the division is encouraging, the company said, with a land pipeline of 7,717 plots in place, and with strong customer demand in all regions.
Overall, the company expects Gleeson Homes to record a rise in completions for the full year to the end of June 2016 of no less than 15% year-on-year.
Gleeson Strategic Land, meanwhile, has performed significantly ahead of the previous year, the company said, with two sites with planning permission sold and its pipeline still at 68 sites.
MJ Gleeson Chairman Dermot Gleeson, in a statement issued to coincide with the group's annual general meeting, said the company expects its interim results to mark an improvement year-on-year and now reckons its full-year results will exceed expectations.
MJ Gleeson shares were up 2.0% to 545.50 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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