Coronavirus Update

MJ Gleeson Plc - Half-year Report December 2020

This content has been sourced from: https://www.investegate.co.uk/mj-gleeson-plc/rns/h...

MJ GLEESON PLC

Results for the half-year ended 31 December 2020

Strong demand for high-quality, low-cost homes | Strategic Land deal momentum into H2

Full year results set to be significantly ahead of current market consensus

Group:

  • Revenue up 35.8% to £142.6m (H1 19/20: £105.0m)
  • Profit before tax up 52.6% to £20.3m (H1 19/20: £13.3m)
  • EPS up 43.9% to 28.2p (H1 19/20: 19.6p)
  • All Government furlough grants of £1.3m repaid in full on 28 January 202
  • Dividends resumed, 5p interim dividend

Gleeson Homes:

  • Homes sold increased 17.3% to 951 homes (H1 19/20: 811)
  • Average selling price increased 9.1% to £140,600 (H1 19/20: £128,900)
  • Operating profit increased 28.9% to £20.5m (H1 19/20: £15.9m)
  • Record 17 new sites opened (H1 19/20: 5 sites opened)
  • Land pipeline of 14,937 plots (June 2020: 13,801 plots)

Gleeson Strategic Land:

  • Four land sales completed in H1 (H1 19/20: no land sales)
  • A further four sites currently in a sale process
  • Increasing demand for consented sites
  • Five new sites added to the portfolio (715 plots)