MJ Gleeson PLC AGM Statement (2463R)
December 08 2016 - 1:00AM
UK Regulatory
TIDMGLE
RNS Number : 2463R
MJ Gleeson PLC
08 December 2016
MJ Gleeson PLC
(GLE.L)
AGM Statement
At the Annual General Meeting of MJ Gleeson plc (GLE.L), the
urban regeneration and strategic land specialist, convened for
11:30 am today in London, the Chairman, Dermot Gleeson, will
state:
"Demand has been strong at Gleeson Homes with net reservations
up 20%.
"Site activity is high with 14 new sites opened during the last
six months. The division currently has 50 active sites, compared
with 44 at this time last year and we expect the number to exceed
50 by June 2017.
"Demand remains strong with several of our new sites attracting
lengthy queues before opening.
"The Government's Help to Buy scheme remained popular during the
period, with 65% of customers taking advantage of it, while others
continue to be attracted by our own bespoke purchaser assistance
packages.
"A new regional office will open in Nottingham soon, increasing
the division's operational reach in the North Midlands and taking
the total number of regional offices to seven.
"Gleeson Homes currently has a land pipeline of 9,310 plots, of
which 4,667 are owned and 4,643 are conditionally purchased, along
with a further 1,667 plots under active consideration.
"The division's increasing number of sales outlets, combined
with very strong customer demand in all regions, good mortgage
availability and attractive levels of affordability means that the
outlook for the division is very positive.
"The Board expects Gleeson Homes to record an increase in
completions for the first half year to 31 December 2016 of more
than 10% compared with the prior half year total of 400 units; and
for the year to 30 June 2017 of approximately 15% compared with the
prior year total of 904 units.
"In the first five months of the current financial year, Gleeson
Strategic Land continued to experience strong demand for consented
land, completing the sale of two sites with planning permission for
a combined total of 180 consented plots and progressing sale
negotiations on a further 11 sites.
"The division's land pipeline currently consists of 67 sites
which have the potential to deliver approximately 21,341 plots. The
portfolio includes 14 sites with planning permission.
"We expect Gleeson Strategic Land results for the full year June
2017 to be broadly in line with results for the prior financial
year, with the second half being significantly stronger than the
first half.
"Whilst the timing of sales in the Strategic Land division means
that the Group results for the first six months of the financial
year will be slightly below the first half of the prior year, the
Board remains confident that the result for the full year to 30
June 2017 will be in line with expectations."
8 December 2016
Enquiries:
MJ Gleeson plc Tel: +44 1142 612 900
Jolyon Harrison Chief Executive Officer
Stefan Allanson Chief Financial Officer
Instinctif Partners Tel: +44 20 7457 2020
Mark Garraway
Helen Tarbet
James Gray
N+1 Singer
Shaun Dobson Tel: +44 20 7496 3000
Alex Laughton-Scott
Liberum
Neil Patel Tel: +44 20 3100 2111
Richard Bootle
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMFMMGZVNNGVZM
(END) Dow Jones Newswires
December 08, 2016 02:00 ET (07:00 GMT)
Mj Gleeson (LSE:GLE)
Historical Stock Chart
From Apr 2024 to May 2024
Mj Gleeson (LSE:GLE)
Historical Stock Chart
From May 2023 to May 2024