Housebuilder MJ Gleeson said the UK’s ‘housing market lacks confidence’ in a trading statement released on Friday that underscored the difficulties the builder faced over the last year.

MJ Gleeson delivered results in line with market expectations for the year ended 30 June 2025, despite facing significant operational challenges that have prompted a major reorganisation at its Gleeson Homes division.

The Group expects to report a profit before tax and exceptional items of between £21.0m and £22.5m for FY2025. This would represent a marginal decline from the £24.8m recorded last year.

Gleeson Homes completed the sale of 1,793 homes during the year, marginally up from 1,772 homes in the previous year, though multi-unit sales fell to 205 from 346.

Net reservation rates showed encouraging signs of recovery, averaging 0.88 per site per week over the past six months compared to 0.63 in the second half of FY2024. Excluding multi-unit agreements, reservation rates improved significantly to 0.64 per site per week, whilst cancellation rates decreased to 14% from 18%.

MJ Gleeson Management Shake-up

However, mounting pressures on gross margins and operational issues have triggered substantial changes. Mark Knight has stepped down as Chief Executive of Gleeson Homes and left the business entirely.

The company has restructured its operations under two divisions: Scott Stothard, joining from Vistry where he was Divisional Chair, will run the Central division, whilst Andy Davies continues to lead the Northern division. Both will report to Graham Prothero.

Simon Topliss, previously Gleeson Homes Finance Director, has been appointed to the newly created role of Chief Operating Officer with responsibility for central functions, performance and governance.

Challenges and Reorganisation

The reorganisation follows a comprehensive review launched in autumn 2024 under “Project Transform” after issues around process compliance and cost overruns were identified. The company cited cumulative headwinds including increased build costs, flat selling prices, planning delays, and legacy site issues as factors that prevented anticipated margin improvements.

The restructuring will cost approximately £1.2m in exceptional items but is designed to shorten reporting lines, empower divisional leadership teams, and strengthen regional management whilst improving oversight and compliance.

Outlook

The board remains cautious about market conditions. They made this abundantly clear in this trading update.

“The housing market lacks confidence and remains subdued and the Board does not see a short-term catalyst for any substantial improvement,” the company stated.

For FY2026, the board expects profit before tax and exceptional items of around £24.5m, at the lower end of current market expectations. It would mark an increase on the current years’ trading but would still be lower than FY2024.

MJ Gleeson, like all housebuilders, needs the UK property market to pick up.

The world’s leading AI stocks are still favoured by UK investors, according to new data released by trading platform Robinhood UK.

As the S&P 500 and NASDAQ powered towards record highs during June, Robinhood UK clients were buying into names such as NVIDIA, Palantir, and CoreWeave – all companies synonymous with the rapid expansion and adoption of artificial intelligence.

The top 10 stocks traded on the Robinhood UK platform in June:

1. Tesla (TSLA)
2. Applied Digital (APLD)
3. CoreWeave (CRWV)
4. Hims & Hers Health (HIMS)
5. Robinhood (HOOD)
6. Palantir (PLTR)
7. NVIDIA (NVDA)
8. Tempus AI (TEM)
9. Coinbase (COIN)
10. Apple (AAPL)

“In the AI space, NVIDIA hit new heights as it bypassed Microsoft and Apple to become the world’s most valuable company again,” said Dan Lane, Lead Analyst at Robinhood UK.

“Despite concerns over near-term chip export restrictions, the stock managed to attract investors looking to back the building blocks of AI infrastructure. Cloud computing firm, CoreWeave, continued its popularity in June. It’s not profitable yet but recently said it expects 2025 revenues to come in at $5bn, above estimates of $4.65bn, as it aims to help firms access the computing power they need for AI development.

“AI data centre and cloud firm, Applied Digital, announced a 15-year lease agreement with CoreWeave in June. Worth $7bn, the deal will provide data services to CRWV for AI and high-performance computing. Still in AI, Palantir announced a $100m deal with the adventurously named Nuclear Company to co-develop an AI-driven software system focused on nuclear reactor construction.”

The FTSE 100 was higher on Thursday as the index recovered from a wobble in UK assets following speculation about the Chancellor Rachel Reeves’ future. A trade deal between the US and Vietnam also helped boost sentiment and interest in equities.

London’s leading index was 0.4% higher at the time of writing as bond yields eased and the pound moved higher against the dollar.

“After yesterday’s political chaos around the future of Rachel Reeves as chancellor triggered a spike in UK government bond yields, prime minister Keir Starmer has now brought a sense of calm to markets,” says Dan Coatsworth, investment analyst at AJ Bell.

“Starmer declaring his support for the chancellor has led to gilt yields pulling back and sterling rebounding after yesterday’s slump against the dollar. The initial sell-off in gilts and the pound was the market’s way of saying it was losing faith in the economic outlook and political stability.

“It was an electric shock for investors but today’s rebound suggests that crisis has been averted, at least for now. UK economically sensitive assets were in relief mode, including a rally in housebuilders and banks.”

Although Rachel Reeves is becoming increasingly unpopular among the voting public due to her tax increases and welfare reforms, the sharp increase in gilt yields yesterday, on speculation that she may leave, suggests that she is seen as a good bet by the bond market.

Nonetheless, the easing of uncertainty was felt across UK-centric FTSE 100 stocks on Monday with NatWest, Lloyds, Sainsbury’s and Marks & Spencer among the top risers.

Retailers were boosted by strong results from Currys, which has begun paying dividends again after a prolonged period of strategic realignment.

FTSE 100 gains were broad, with 87 of the 100 constituents trading positively at the time of writing. A deal between Vietnam and the US helped lift sentiment, sparking a rally in US stocks overnight that filtered through into the European session.

“The details remain to be seen, but it is good to have some more certainty, and also to see Trump praise the Vietnamese again, pointing out his admiration for General Secretary To Lam,” said Craig Martin, Chairman of Dynam Capital, the manager of the Vietnam Holding Investment Trust.

“The headline figure of 20 percent is in the expected range. That said, it is still high – a classic case of Anchor Bias: Start with a ridiculously high opening bid, 46 percent, and then anything lower looks like a win. 

“Vietnam has gone to great efforts to accommodate Trump. It has also recognised the need to further diversify its trade partners and to prioritise the expansion of its domestic economy.”

Mkango Resources shares were 50% higher on Thursday after announcing a deal the company believes will position them as a ‘key player in the global rare earth supply chain’.

Mkango Resources has announced a transformative business combination that will create a publicly traded rare earth platform set to benefit from the growing demand for critical materials used in renewable energy and technology.

The deal will merge Mkango’s Songwe Hill project in Malawi with the Pulawy separation facility in Poland, creating a vertically integrated operation that can mine, refine and separate rare earth materials for supply chains across North America, Europe and Asia.

The combined entity, to be called Mkango Rare Earths Limited, is expected to list on the Nasdaq stock exchange. Mkango’s pro forma valuation of their stake in the new entity is $400m.

Both projects have been designated as strategic under the EU Critical Raw Materials Act, providing regulatory support and potential funding opportunities. Songwe Hill has also received backing from the Minerals Security Partnership, demonstrating international confidence in the project.

Songwe Hill has already completed advanced feasibility studies and environmental assessments, significantly reducing development risk.

The vertical integration model—controlling everything from mining to final processing—should deliver higher margins and greater supply chain security.

“We are excited to announce the signing of a transformative Business Combination Agreement with CPTK, which I believe marks a pivotal step towards unlocking substantial shareholder value,” said Alexander Lemon, President of Mkango.

“This transaction is expected to significantly accelerate the growth trajectory of the Mkango group and position us as a key player in the global rare earth supply chain, with a strong emphasis on sustainability and critical industry demand. Partnering with CPTK, an organization that shares our strategic vision and values, enhances our platform for scalable growth and innovation. As we move towards a Nasdaq listing, we believe this combination will catalyse new opportunities, broaden our investor base, and drive long-term value creation.”

Currys shares surged on Thursday after the group released financial results that represent a dramatic turnaround for the company, which is now able to resume dividends after years of uncertainty.

Shares in the group were 8% higher at the time of writing.

Currys’ revenue rose 3% to £8.7bn and adjusted profit before tax increased 37% to £162m in the year to 3 May 2025.

The UK&I division performed particularly well with 6% revenue growth driven by market share gains, whilst services revenue grew 12% and credit sales expanded 14% to £1.1bn. These are all very respectable metrics.

The Nordics are still a problem. The division faced challenging market conditions but improved profitability with adjusted EBIT rising 24% on a currency-neutral basis, supported by gross margin expansion of 60 basis points.

Investors will be delighted to see that cash generation was exceptionally strong, with group free cash flow surging 82% to £149m, contributing to year-end net cash of £184m – the strongest balance sheet position in over a decade.

Underscoring the progress the company has made in recent years, the company proposed the resumption of dividends with a final dividend of 1.5p.

Currys said that early trading in the new financial year is meeting expectations, and management is comfortable with market consensus forecasts.

The company is targeting continued expansion in higher-margin recurring revenue services, including reaching at least 2.5m iD Mobile subscribers by year-end.

“In a sharp reversal of fortunes, Currys has delivered a turnaround few expected, and shareholders have reaped the rewards. The company has once again beaten profit expectations, having quietly but decisively reshaped itself over the past 18 months,” said Mark Crouch, market analyst for eToro.

“By pivoting toward services, repairs, and mobile, and reducing its reliance on pure hardware sales, Currys is building a more resilient, higher-margin business model. This renewed sense of strategic clarity has restored confidence in a business that once looked close to the brink.”  

“But while the recovery so far has been impressive, the next chapter may be tougher. There are growing signs of consumer fatigue in the economy, and big-ticket electronics may struggle for share of wallet in a more cautious spending environment. Currys has proven it can adapt, but the turnaround story isn’t over, and while the next phase may prove more demanding, Currys is showing it’s better equipped to handle whatever comes next.”