10th Jul 2026 11:58
(Alliance News) - MJ Gleeson PLC on Friday said it expects adjusted pretax profit to meet market guidance, noting an almost 10% rise in home sales.
MJ Gleeson shares were up 4.1% at 242.50 pence on Friday around noon in London.
The Sheffield, England-based housebuilder, which will report its results for the year ended June 30 in September, expects adjusted pretax profit to be in line with market consensus.
The company-compiled consensus for the year is GBP10.1 million, within a range of GBP8.9 million to GBP11.0 million.
MJ Gleeson said its Gleeson Homes division completed 1,968 home sales during the year, up 9.8% from 1,793 homes for the previous 12 months. This included its first partnership completions, covering 320 units, and 301 private multi-unit sales, up from 205.
The company also said it secured five more "attractive" partnership deals covering 254 homes during the second half, "a creditable achievement in a challenging market with activity depressed by continued uncertainty over housing association funding." Its forward order book increased to 848 plots from 845.
"The impact on build cost inflation arising from the conflict in the Middle East has been less severe than anticipated," MJ Gleeson said. However, we expect that inflationary pressure will continue, compounding the effect of the myriad of regulatory and tax burdens recently imposed on residential development.
"Together these continue to challenge viability, and are likely to restrict near-term margin recovery."
It added that "much more needs to be done to free up planning bottlenecks which have constrained Gleeson Homes' outlets, and will result in the business operating from slightly fewer sites in FY2027 than previously planned."
Its Gleeson Land arm, meanwhile, completed five site sales during the year, down from seven. It "will report a small operating loss" due to three transactions being delayed into the current financial year.
"Against the backdrop of a continuing subdued housing market and widely signalled caution in the land market, we delivered a robust operating result," commented MJ Gleeson's Chief Executive Graham Prothero. "More importantly, this performance was achieved whilst also implementing an extensive operational restructuring in Gleeson Homes.
"Following the delivery of Project Transform, we enter the new financial year with Gleeson Homes in far better shape."
Looking ahead, MJ Gleeson warned that the current year's outlook is "uncertain," noting "potential policy changes with a new UK government," as well as geopolitical events.
"We cannot predict when the housing market will recover, but we can be confident that...we are in good shape to leverage the market recovery when it materialises," Prothero added.
By Emma Curzon, Alliance News reporter
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