Land sales build up profit expectations at MJ Gleeson
UNDERLYING profit at housebuilder MJ Gleeson “will be significantly ahead of expectations”, the company has announced, after securing two significant sales in a week just days before its year-end.
It has exchanged contracts on the sale of a 21 acre site in Stamford Bridge, Yorkshire, which has planning permission for the development of up to 200 plots, which followed last Wednesday’s announcement that it had sold a 12.5 acre site in Sussex, which has planning permission for the development of 75 homes.
The group has two divisions – housebuilding in the north of England, headquartered in Sheffield, and strategic land banking in the south, based in Fleet, Hampshire.
Gleeson Homes expects to achieve “at least, the previously advised 730 completions in the year” and said it will enter the next financial year, which begins on July 1, with a strong forward order book.
MJ Gleeson’s full-year results will be affected by a write down in investments and the cost of the restructuring successfully completed in December 2014.
