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LONDON - British affordable housebuilder MJ Gleeson PLC reported on Friday that its profit before tax and exceptional items for the year ended June 30, 2025, is expected to be within current market expectations of £21.0m to £22.5m.
The company completed 1,793 homes during the fiscal year, slightly up from 1,772 in the previous year. Net reservation rates improved to 0.88 per site per week in the second half, compared to 0.63 in the same period last year.
Gleeson Homes, the company’s main division, is expected to report an operating profit within market expectations of £21.7m to £23.0m. The division secured three partnership deals covering 175 homes during the second half and holds a forward order book of 845 plots, up from 559 plots a year earlier.
The company’s land division completed seven disposals during the year and is expected to report an operating profit at the lower end of market expectations of £7.0m to £8.4m. Three anticipated disposals have been delayed to the first half of fiscal 2026.
MJ Gleeson ended the year with a net debt position of £0.8m, compared to a net cash position of £12.9m at the end of the previous fiscal year.
The company announced organizational changes at Gleeson Homes, including the departure of division Chief Executive Mark Knight. The restructuring is expected to incur a one-time cost of approximately £1.2m.
"This was a challenging year for Gleeson," said Graham Prothero, CEO of MJ Gleeson. "As well as external factors, it had become clear that our commercial delivery was not where we needed to be."
Looking ahead, the company expects profit before tax and exceptional items for fiscal 2026 to be at or around £24.5m, which is at the lower end of current market expectations.
The company will report its audited full year results on September 18, according to the press release statement.
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