Within the yr to 30th June 2022 Gleeson Houses offered exactly 2,000 new properties. This was a rise of 10.4% on the earlier yr (2021: 1,812 properties), though the 2021 quantity had been boosted by delayed completions carried over from the primary Covid-19 lockdown in 2020.
Group income for the yr was up 29% to £373.4m (2021: £288.6m). Pre-tax revenue was up simply 2% to £42.6m (2021: £41.7m) however this consists of an distinctive provision of £12.9m associated to fireplace security remediation work, having signed the federal government’s constructing security pledge in April. Underlying revenue earlier than tax was up 33% to £55.5m.
Income for the Gleeson Houses division elevated by 26% to £334.6m (2021: £265.8m), completely from dwelling gross sales (2021: included £1.5m from land gross sales). The typical promoting value of properties offered through the yr elevated by 15% to £167,300 (2021: £145,800), pushed by greater underlying promoting costs up 11.8% and modifications within the mixture of web site areas and home sorts.
Gleeson’s technique is to construct properties aimed toward first time patrons and folks on low to common incomes. The typical promoting value of a brand new construct dwelling in its geographic areas (midlands and the north) is £266,000; the common promoting value of a Gleeson house is simply £167,300.
Income for Gleeson Land, getting ready websites for different builders within the south of England, was up 70% to £38.8m (2021: £22.8m) with revenue unchanged at £11.1m.
Chairman Dermot Gleeson commented: “That is one other wonderful efficiency which displays not solely the robust operational functionality of our enterprise but in addition the persevering with structural under-supply of inexpensive properties for first time patrons on low incomes.
“In addition to being inexpensive, our high-quality properties are additionally very power environment friendly, costing considerably much less to run than most homes within the UK, notably within the rented sector. Because of this, our properties are a lot wanted, and demand stays resilient.
“Gleeson Land’s market remained sturdy all year long and the enterprise delivered a robust outcome. Demand within the south of England for high quality websites with sustainable and implementable residential planning permission stays robust and the division is well-placed to drive additional sustainable development.”
He concluded: “The board has reviewed a spread of macroeconomic forecasts and, however the present outlook for the broader financial system, stays assured that the group, with its defensive qualities and distinctive place inside the wider home constructing sector, is well-positioned to ship additional worthwhile development within the present monetary yr.”
As beforehand reported, James Thomson will step down as chief govt of MJ Gleeson on the finish of this yr and might be succeeded on 1st January 2023 by Graham Prothero, at present chief working officer at Vistry Group.