MJ Gleeson confident after strong year
URBAN regeneration specialist MJ Gleeson Group has announced another year of “excellent” progress after seeing a 34% increase in revenues and operating profit more than double.
The group, which was founded in Sheffield more than 100 years ago, reported operating profit from continuing activities of £12.1m in the year to June (2013: £6.0m) while group revenues increased to £81.4m (2013: £60.7m).
Profit before tax increased by 110% to £12.2m (2013: £5.8m) as the group reported a record forward order book up 71% to £44.2m.
Dermot Gleeson, chairman of MJ Gleeson Group, said: “The outlook for the group remains highly encouraging.
“The appetite of the volume housebuilders for consented land in the South of England remains strong and Gleeson Strategic Land expects to achieve a substantial increase in the number of sites sold in the current financial year.
“Similarly, demand for low cost family homes continues to be strong amongst Gleeson Homes’ core customer base and our forward order book is at a record high. Our commitment to ensuring that our homes remain affordable to buyers on low incomes means that we do not anticipate a significant increase in sales prices. However, the substantial increase in the size of the land bank achieved over the last year means that there is considerable scope to generate significant further, year on year, profit growth by means of an increase in sales volume.”
