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MJ Gleeson PLC on Tuesday said its annual profit declined, as it reported ‘factors which stalled our momentum’ but it expects to deliver ‘another robust performance’ in the new year. The Sheffield, England-based housebuilder said pretax profit in the year to June 30 declined 17% to £20.5 million from £24.8 million a year prior. This was driven largely by administrative expenses increasing 5.5% to £59.3 million from £56.2 million, and cost of sales rising 8.4% to £282.7 million from £260.8 million. ‘Margins faced increasing pressure during the year, driven by the impact of build cost inflation, the increased use of incentives to secure sales, additional costs in respect of legacy sites approaching closure and the cumulative impact of other build cost increases in excess of provisions, and extended site durations,’ explained the company. Revenue improved 5.9% to £365.8 million from £345.3 million, as homes sold during the year rose 1.2% to 1,793 from 1,772. MJ Gleeson’s total dividend per share is unchanged at 11.0p. ‘This year has been challenging for Gleeson, and despite selling more homes relative to FY2024, there have been factors which stalled our momentum. We have taken the actions necessary to benefit the business through FY2026 and ensure the delivery of our strategic objectives,’ said Chief Executive Officer Graham Prothero. For the new year, it currently expects an outcome in line with expectations. It puts pretax profit consensus at £24.3 million, and Gleeson Homes completions at 1,954. Prothero continued: ‘Looking further ahead, we believe the combination of a stronger performance from Gleeson Homes and continued progress at Gleeson Land position the group well for a period of sustained growth.’ Shares in MJ Gleeson were up 5.5% at 359.70 pence in London on Tuesday morning. The stock remains down 37% over the past year, however. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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