MJ Gleeson posts record results amid 'strong' underlying demand

Housebuilder MJ Gleeson reported record full-year revenues and pre-tax profits on Thursday as completions and selling prices rose amid "strong" underlying demand.

In the year to 30 June, pre-tax profit grew 33.1% to £55.5m, with revenues up 29.4% to £373.4m.

The company sold 2,000 homes, up 10.4% on the previous year, and the average selling price rose 14.7% to £167,300.

Gleeson proposed a final dividend of 12p a share, taking the total dividend for the year to 18p, up from 15p a year earlier.

Chairman Dermot Gleeson said: "This is another excellent performance which reflects not only the strong operational capability of our business but also the continuing structural under-supply of affordable homes for first time buyers on low incomes.

"As well as being affordable, our high-quality homes are also very energy efficient, costing significantly less to run than most houses in the UK, particularly in the rented sector. As a result, our homes are much sought after, and demand remains resilient."