Regeneration housebuilder MJ Gleeson posted a pre-tax profit £28.2 million for the year ended 30 June 2016, compared with £17.3 million for the same period in 2015.
Group revenues increased by 20.8% to £142.1 million (2015: £117.6 million). The Group recorded an operating profit from continuing operations of £28.2 million, an increase compared to the previous year of 28.2% (2015: £22.0 million). The post-tax loss from discontinued operations was £0.3m (2015: £0.2 million).
“Hard working, low income families remain committed to home ownership and the cost of owning a Gleeson home is, in many cases, cheaper than an equivalent council house rent,” said Dermot Gleeson, Chairman of MJ Gleeson. “The Government’s support through the Help to Buy Scheme, which has been extended to 2021, and rigorous control of costs in Gleeson Homes means that our selling prices remain exceptionally affordable.”
The Chairman added that Gleeson Homes has not seen any change in customer enquiries or sales due to the Brexit vote. “Our mortgage advisors and other organisations with whom we work very closely, including on-line property websites, also report that there has been no drop in enquiries or demand for new homes,” Gleeson said. “Gleeson Strategic Land has seen two of the major housebuilders try to renegotiate the terms of purchase, but mid-range housebuilders, who need replacement sites and are more interested in completing deals promptly, continue to bid competitively on all our land sales.”