MJ Gleeson plc (GLE.L) reported that its profit attributable to the equity holders of the parent for the year ended 30 June 2024 declined to 19.31 million pounds or 33.04 pence per share from 24.17 million pounds or 41.47 pence per share in the previous year.
Annual profit before tax was 24.85 million pounds down from 30.47 million pounds in the prior year.
Group operating profit before exceptional items was 28.6 million pounds, a 14.9% decrease on the prior year. This was due to the 13.4% decrease in operating profit in Gleeson Homes offset by an increase in Gleeson Land operating profit.
Group revenue increased 5.2% year-over-year to 345.3 million pounds, with increases in both Gleeson Homes and Gleeson Land.
Gleeson Homes' revenue increased by 2.6% to 329.0 million pounds from the prior year.
The number of homes sold increased by 2.8% to 1,772 units despite the average number of selling sites, at 64.8, being slightly lower than the previous year.
The company intends to pay a final dividend of 7.0 pence per share on 22 November 2024, to shareholders on the register at the close of business on 25 October 2024. The total dividend for the year to 30 June 2024 will be 11.0 pence.
Gleeson Homes' net reservation rates have been improving and in the 10 weeks to 6 September 2024 was 0.50 per site per week compared with 0.39 per site per week over the comparable period last year, an increase of 28%. Cancellation rates were 0.11 per site per week compared with 0.10 per site per week over the comparable period last year.
Gleeson Land is expected to deliver an improved performance in fiscal year 2025.
In an improving market environment, the company is confident that Gleeson Homes will meet market expectations for the current year and, more importantly, fulfil an ambitious programme of site openings which, supplemented by a growing pipeline of partnership transactions, will drive the exciting growth planned for fiscal year 2026 and beyond.
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