MJ Gleeson FY revenue and profits exceed pre-Covid levels for record showing

Low-cost housebuilder MJ Gleeson said on Tuesday that full-year profits, revenue and volumes had all exceeded pre-Covid levels for a record showing.

MJ Gleeson said operating profits for the twelve months ended 30 June were 631% higher year-on-year at £43.1m, while revenues were up 96% on 2020 at £288.6m. When compared to 2019's pre-pandemic levels, revenues were 15.5% higher and operating profits were 5.1% better.

Earnings per share were 619% firmer at 58.2p and the group also declared a full-year dividend payment of 15.0p after having skipped over one the prior year.

The London-listed firm stated its Gleeson Homes unit had completed a record 1,812 new homes and remained on track to meet its target of delivering 2,000 new homes in 2022, while it Gleeson Land division sold eight sites, with the potential to deliver 1,978 plots.

Chairman Dermot Gleeson said: "These are an excellent set of results. Our profits, revenue and volumes all exceeded pre-Covid levels, which represents a record performance for the Group. This was achieved thanks to the resilience of our business model and the talent within the business.

"Our strategy of building low-cost, high-quality homes in the North of England and the Midlands and unlocking value by promoting land through the planning system in the South of England, ensured the business recovered strongly through what was a tough year."

Gleeson also added that has was "cautiously confident" that the group would deliver "significant growth" in both revenue and profits in the current year and beyond.

As of 0855 BST, MJ Gleeson shares were untraded at 830.0p.