15th May 2015 07:27
LONDON (Alliance News) - MJ Gleeson PLC on Friday said it has seen a solid start to 2015, with a good performance in its Gleeson Homes business and in line trading in its Gleeson Strategic Land arm.
The company said total sales for the four months to the end of April in the Gleeson Homes urban regeneration business, which focuses on the north of England, are up 12% year-on-year, including reserved, contracted and completed homes. Gleeson Homes now expects to record at least 730 completions in the financial year to the end of June, up 30% year-on-year, and will enter its 2016 financial year with a robust order book in place.
Gleeson Homes has been boosted by the UK government's Help to Buy initiative, with 42% of buyers using the scheme. It currently has 41 active sites, up from 37 a year earlier, an is in active discussions to acquire a further 13.
Gleeson Strategic Land, its south of England-focused land promotion business, has performed in line with the company's expectations, with an improvement in the price housebuilders are willing to pay for green field residential land in the region.
MJ Gleeson said it expects to meet its expectations for the year to the end of June, and said it may exceed these dependent on the timing of any strategic land sales.
Shares in the company were up 3.0% to 399.97 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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