British housebuilding company MJ Gleeson Plc (GLE.L) on Tuesday reported lower profit in the first six months of fiscal 2024, impacted by lacklustre performance of Gleeson Land segment. Revenues, however, came in higher than last year.
The company posted group profit before tax of 3.6 million pounds in the first half, down from 7.2 million pounds recorded in the same period last year. The company's earnings were impacted by a net interest charge of 1.5 million pounds during the period.
Profit after tax for the period declined to 2.8 million pounds or 4.78 pence per share from 5.6 million pounds or 9.59 pence in the previous-year period.
The group's operating profit tanked 42% from last year to 5.1 million pounds, mainly as no land sales were completed in Gleeson Land.
During the six-month period, revenues, however, came in at 157.9 million pounds, up 4.2% from last year's 151.5 million pounds.
The company also declared an interim dividend of 4.0 pence per share, same as last year. The interim dividend will be paid on April 4 to shareholders on the register at close of business on March 7.
Looking ahead, MJ Gleeson said that the positive start to the second half, as well as the encouraging momentum generated in the first half, give the Board confidence in meeting current market expectations for the year 2025.
The Group said it is seeing encouraging signs of a recovery in demand.
The company projects Gleeson Land completing between four and eight site sales in the later half of the year.
MJ Gleeson's stock is trading at 501.00 pence on the LSE, up 1.93%
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