MJ Gleeson’s revenue for the full year ending 30 June 2024 rose by 5.2%, while its profit before tax and exceptional items fell by 21.3%.
The housebuilder reported £345.3m in revenue, up from £328.3m last year, and £24.8m in profit, a fall from 2023’s £31.5m.
Its housebuilding arm, Gleeson Homes, posted revenue of £329m, 2.6% higher than last year’s £320.8m, and a saw a 13.4% fall in profit from £35m to £30.3m.
The company’s land arm, Gleeson Land, generated revenue of £16.3m, 117.3% higher than last year’s £7.5m. It also posted a 120% rise in profit from £1m last year to £2.2m this year.
Graham Prothero, chief executive of MJ Gleeson, said: “I am pleased to report a resilient financial performance, delivering results in line with expectations, and good progress against our strategic growth objectives.
“Gleeson Homes exceeded expectations, completing the sale of 1,772 new homes and delivering an operating profit of over £30m. We have continued to invest in growth, building Gleeson Homes’ pipeline of sites and total plots, and are now set to return to opening more sites each year than are completed, underpinning strong volume growth in future years.
“Profits in Gleeson Land were held back by the vagaries of the planning system, but the business has continued to implement its growth strategy, deepening its regional presence and embedding data and analytics throughout its processes. The business is now well positioned for growth, benefiting from a strong land pipeline and, with the election behind us, what is expected to be a more stable planning environment.”
He added: “Looking ahead, we welcome the government’s proposed policy reforms with a focus on affordable housebuilding and planning reform, which should benefit both Gleeson Homes and Gleeson Land. Having spent the last year and a half on positioning the business for growth and introducing several related strategic initiatives, we now look forward to executing our strategy and delivering our growth target of 3,000 annual completions.”
Photo © MJ Gleeson
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