MJ Gleeson (LSE:GLE) said in a trading update that the deferred sale of a major Gleeson Land site, which represented around half of the plots it expected to sell in FY2026, will knock about £7.5m off adjusted Group profit before tax for the year to 30 June compared with market consensus.
The delayed site has cleared the majority of technical approval conditions and is now expected to complete in the first half of the new financial year, two smaller transactions originally expected to close in FY2026 are now likely to conclude in the first half of FY2027, and the Group, the housebuilder and residential land developer, still expects one further site to sell in June 2026.
"The Gleeson Land team have cleared almost all of the technical hurdles to facilitate the disposal of the major site and it is frustrating that completion will now fall into the next financial year," said Graham Prothero, CEO.
Gleeson added that trading in Gleeson Homes is in line with management's expectations for the full year, company‑compiled consensus for adjusted Group PBT for the year to 30 June is £17.8m (range £16.4m–£18.5m), and the Group will issue its full year trading update on 10 July.
