MJ Gleeson PLC
LSE:GLE

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MJ Gleeson PLC Logo
MJ Gleeson PLC
LSE:GLE
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Price: 392 GBX -0.51% Market Closed
Market Cap: 229m GBX

MJ Gleeson PLC
Investor Relations

MJ Gleeson Plc engages in the provision housing services. The company is headquartered in Sheffield, South Yorkshire and currently employs 645 full-time employees. The firm operates through two segments: Gleeson Homes and Gleeson Land. The Gleeson Homes segment primarily relates to the sale of residential properties. The Gleeson Land segment is in relation to the sale of land interests. The company operates in South of England and East, North of England and the Midlands. The Company’s subsidiaries include Gleeson Developments Limited, Gleeson Regeneration Limited, Gleeson Developments (North East) Limited and Gleeson Strategic Land Limited.

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Last Earnings Call
Fiscal Period
Q2 2023
Call Date
Feb 16, 2023
AI Summary
Q2 2023

Results In Line: First half profit and revenue were down year-on-year, but both met management expectations.

Sales Outlook Narrowed: Full-year home completions guidance tightened to 1,650–1,850 units, reflecting improved confidence in current reservations.

Restructuring Announced: The company is restructuring operations to reduce overhead, targeting a 15% headcount reduction since the November freeze, with only 40–50 actual redundancies still to come.

Margins Under Pressure: Higher build costs and overheads cut operating margin to 10.9%, down 4.1 percentage points.

Resilient Pricing: Average selling prices rose 15.6%, staying firm despite market pressure, with targeted use of small incentives.

Order Book Sensitivity: Forward order book is lower, making second-half results more sensitive to current reservation rates.

Build Cost Inflation Easing: Build cost inflation was 10.3% over the past year but is expected to ease to 4–5% going forward.

Affordability Strong: Gleeson homes remain much cheaper than renting, and affordability is improving with higher average buyer incomes and lower loan-to-value ratios.

Key Financials
Turnover
£171 million
Profit Before Tax
£16.1 million
Operating Profit
£18.2 million
Operating Margin
10.9%
Gross Margin
27.7%
Gross Profit
£46 million
Average Selling Price
£186,000
Return on Capital Employed
24%
Reservation Rate (recent 4 weeks)
0.5 per site per week
Home Completions Guidance
1,650–1,850 units
Build Cost Inflation
10.3%
Average Build WIP Per Site
£2.2 million (end of December), expected to rise to £2.5–2.6 million by June
Homes Substantially Started
just under 3,000 (current), expected to increase by 500 by year end
Cash Balance
£13.5 million
Interim Dividend
5p per share
Other Earnings Calls
2023

Management

Mr. Graham Prothero
CEO & Director
No Bio Available
Mr. Stefan Peter Allanson A.C.M.A., CGMA, FCT
CFO & Executive Director
No Bio Available
Ms. Leanne Johnson
Head of Legal & Company Secretary
No Bio Available
Beth Broughton
Director of Human Resources
No Bio Available
Mr. Guy Gusterson BSc MBA
Managing Director of Gleeson Land
No Bio Available
Mr. Mark Knight
Chief Executive of Gleeson Homes
No Bio Available

Contacts

Address
SOUTH YORKSHIRE
SHEFFIELD
Sheffield Business Park, 6 Europa Court
Contacts