MJ Gleeson (LSE:GLE), the low-cost housebuilder and strategic land promoter, expects adjusted group profit before tax for the year, ended 30 June, to land in line with current market consensus of £10.1m, a range of £8.9m to £11m, offset by a small operating loss in its land division following deal delays.
Gleeson Homes completed 1,968 homes, up 9.8% from 1,793 in FY2025, boosted by 320 partnership completions and 301 private multi-unit sales against nil and 205 respectively in the prior year.
Net reservation rates averaged 0.77 per site per week for the full year, up from 0.71, though excluding multi-unit agreements the rate of 0.51 trailed the prior-year 0.53, and the second-half comparison of 0.53 against 0.64 signals some softening in underlying demand.
Gleeson Land completed five site sales, down from seven, after three transactions slipped into FY2027; the division will report a small operating loss as a result.
The group ended the year with net debt of £2.6m, against £0.8m at 30 June 2025, while land creditors at Gleeson Homes rose modestly to £15.5m.
Planning bottlenecks and persistent cost inflation are expected to restrict near-term margin recovery and leave Gleeson Homes operating from slightly fewer sites in FY2027 than previously planned.
"We cannot predict when the housing market will recover, but we can be confident that, with a much stronger Homes business, we are in good shape to leverage the market recovery when it materialises," said chief executive Graham Prothero.
Full-year audited results are scheduled for 15 September.
