{"id":2150135,"date":"2026-02-11T07:43:16","date_gmt":"2026-02-11T07:43:16","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/yorkshire\/?p=2150135"},"modified":"2026-02-11T08:22:30","modified_gmt":"2026-02-11T08:22:30","slug":"profits-halve-at-housebuilder-as-it-hails-a-robust-performance","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/yorkshire\/news\/2150135-profits-halve-at-housebuilder-as-it-hails-a-robust-performance","title":{"rendered":"Shares in housebuilder slide as it reveals profits have more than halved"},"content":{"rendered":"

Profits at housebuilder MJ Gleeson have more than halved despite growing revenues in what it described as a \u201crobust performance in a subdued market\u201d, warning that a strong Spring selling season will be critical to hitting full-year expectations.<\/p>\n

In results for the six months to 31 December 2025, the Sheffield-based group saw profit before tax fall 52.8% to \u00a31.7m.<\/p>\n

The news sent shares in MJ Gleeson sliding, falling around 11% to 351.95p in early trading.<\/p>\n

Total revenue increased 9.6% to \u00a3173.1m from \u00a3157.9m a year earlier.<\/p>\n

Gleeson Homes lifted revenue 7.7% to \u00a3168.6m after selling 848 homes, up from 801. Average selling prices rose 2.5% to \u00a3198,800, while net reservation rates improved to 0.75 per site per week, or 0.48 excluding multi-unit orders.<\/p>\n

However, operating profit at the homes division fell 23.1% to \u00a37.0m, with gross margins easing to 19.8% from 20.6%, reflecting higher build costs, bulk sales and the continued use of incentives.<\/p>\n

Group operating profit declined 17.6% to \u00a34.2m. Basic earnings per share before exceptional items were 2.7p, down from 4.8p. Net borrowings widened to \u00a322.5m from \u00a318.1m. The interim dividend was maintained at 4.0p per share.<\/p>\n

Gleeson Land reported revenue of \u00a34.5m, up sharply from \u00a31.3m, completing three land sales in the period. Its operating loss narrowed to \u00a30.6m from \u00a31.9m.<\/p>\n

The division secured planning on five sites expected to sell in FY26 and submitted applications on a record 15 sites, with its portfolio expanding to 77 sites.<\/p>\n

Chief executive Graham Prothero said the group ended the half with a forward order book up 64% to 978<\/p>\n

\"\"

Graham Prothero, chief executive of MJ Gleeson<\/p><\/div>\n

plots and pointed to a 38% increase in open market reservation rates in the five weeks to 6 February compared with the previous quarter.<\/p>\n

But he cautioned that margins remain under pressure as build cost inflation continues to outpace selling price growth, alongside regulatory and tax headwinds.<\/p>\n

He said: \u201cFor the full year, whilst current market expectations remain achievable, a strong Spring selling season remains fundamental to our assumptions in delivering on those expectations and we need to see the recovery gain further momentum.<\/p>\n

\u201cThe bulk market has softened further, as investors remain cautious and focused on pricing. Margins continue to be pressured as net selling price increases are outpaced by build costs, and we experience increasing regulatory and tax headwinds. We will update our guidance in April 2026 with the benefit of greater trading visibility through to the year end.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

MG Gleeson warns that a strong Spring selling season will be critical to hitting full-year expectations.<\/p>\n","protected":false},"author":271992,"featured_media":2141043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262,120781,9],"coauthors":[137100],"class_list":["post-2150135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-markets","category-property","tag-featured-story","tag-top-story","tag-yorkshire"],"yoast_head":"\nShares in housebuilder slide as it reveals profits have more than halved | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"MG Gleeson warns that a strong Spring selling season will be critical to hitting full-year expectations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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