UK affordable homebuilder MJ Gleeson has announced a solid set of results for the year to 30th June with profit before tax surging 33% as the company enjoyed record revenue for the period.
Revene rose 29.4% to £373.4m while completions hit 2000, up from 1,812 in the year prior.
MJ Gleeson were the beneficiary of higher average selling prices which rose 14.7% to £167,300, a trend observed across all housebuilders, including Redrow in their half year results yesterday.
The strong performance during the period has given the broad confidence to increase their dividend by 20% to 18p for the year.
“This is another excellent performance which reflects not only the strong operational capability of our business but also the continuing structural under-supply of affordable homes for first time buyers on low incomes,” said Dermot Gleeson, MJ Gleeson Chairman.
“As well as being affordable, our high-quality homes are also very energy efficient, costing significantly less to run than most houses in the UK, particularly in the rented sector. As a result, our homes are much sought after, and demand remains resilient.”
“Gleeson Land’s market remained robust throughout the year and the business delivered a strong result. Demand in the South of England for quality sites with sustainable and implementable residential planning permission remains strong and the division is well-placed to drive further sustainable growth.”