London · Delayed Price · Currency is GBP · Price in GBX MJ Gleeson Earnings Call Transcripts
Fiscal Year 2026
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Sales rates have remained resilient with stable pricing and modest cost inflation, while restructuring and a shift toward suburban sites are expected to improve efficiency and savings. Land sales progress continues, with a major transaction contributing significantly to profit, and full-year profit is expected to meet consensus.
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Revenue rose 9.6% year-over-year, but operating profit fell 17.6% due to higher costs and incentives. Project Transform completed its second phase, restructuring operations to support margin recovery, while Gleeson Land achieved record planning activity. Guidance remains cautious amid ongoing market and planning risks.
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Revenue rose 9.6% year-over-year, but operating profit fell 17.6% due to higher costs and subdued market demand. Project Transform completed, driving operational restructuring, while planning delays and fragile buyer confidence continue to weigh on outlook.
Fiscal Year 2025
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Revenue grew 5.9% to £365.8m, but operating profit fell due to margin compression in Homes, offset by strong Land results. Forward order book and reservation rates improved, with restructuring and process changes showing early benefits. Market remains stable but challenging.
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FY 2025 profit and home delivery met expectations, with robust sales rates and improved reservation rates. Management restructuring and operational changes are set to drive margin and performance improvements, while planning delays continue to impact site openings.
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Revenue grew 4.2% to £158m with 801 home completions, but profit before tax fell 50% due to lower margins and no land sales. Margins are expected to recover in H2, supported by a strong order book and land pipeline. Net debt was slightly lower year-over-year.
Fiscal Year 2024
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Resilient results delivered in a challenging year, with revenue up 5.2% and strong cash flow. Gleeson Homes outperformed expectations, while Gleeson Land faced planning delays but improved profits. Recovery is underway, supported by a robust land pipeline and new partnerships.
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Sales and profits exceeded expectations, with strong cash generation and a robust land pipeline. The first partnership deal was signed, and demand for affordable homes is set to grow, supported by stable pricing and improving first-time buyer activity.