MJ Gleeson PLC AGM Statement (3509H)
December 03 2020 - 1:00AM
UK Regulatory
TIDMGLE
RNS Number : 3509H
MJ Gleeson PLC
03 December 2020
MJ Gleeson plc
(GLE.L)
AGM Statement
MJ Gleeson plc (GLE.L), the low-cost housebuilder and strategic
land specialist, is holding its Annual General Meeting (AGM) at
11am today. Due to Covid-19 restrictions, the AGM will be a closed
meeting and held with the minimum required quorum present.
Dermot Gleeson, Chairman, will make the following comments:
"Build and sales activity at Gleeson Homes has returned to
pre-Covid levels. We are grateful to the Government for
implementing measures that ensured we could return to sites safely
and securely following the first national lockdown and continue to
deliver much-needed affordable homes. During the second lockdown
all our sites continued to build and sell efficiently within
Covid-secure protocols. We expect this to continue in the newly
established three-tier system of restrictions.
Demand for Gleeson's low-cost homes remains strong and selling
prices continue to increase. The average selling price on new
reservations since the start of the financial year has been 9%
higher than in the same period last year.
Land continues to be available at sensible prices and the
pipeline remains strong. Gleeson Homes has a land pipeline of
13,938 plots with a gross development value of GBP2.0 billion, of
which 7,298 plots are owned and 6,640 are conditionally
purchased.
The division currently has 80 active build sites, compared with
64 active build sites this time last year. We have opened 11 new
build sites since the start of the financial year. We expect to
open at least another 14 new build sites before the end of the
financial year. The division currently has 65 active sales sites,
similar to the 64 sales sites this time last year, but we expect to
be actively selling on all our current build sites before the end
of the financial year.
The Board expects Gleeson Homes to record an increase in sales
revenue for the half year to 31 December 2020 of more than 15%
compared with the same period last year.
Record new site openings, strong demand driven by the structural
need for low-cost quality homes for first-time buyers and our
ability to offer attractive levels of affordability to our
customers, mean that the outlook for the division remains very
positive. As a result, the Board now expects Gleeson Homes' results
for the year to exceed current expectations. The Board re-affirms
its target of delivering 2,000 units per annum in the year to June
2022.
Gleeson Strategic Land has seen activity continue to pick up
since the start of the current financial year.
The division's land pipeline currently consists of 72 sites
which have the potential to deliver approximately 23,560 plots. The
portfolio includes 12 sites which now have planning permission.
Importantly, the division is actively working on the sale of
seven sites. Most of these transactions are at an advanced stage.
This level of activity underpins our confidence that the full year
outturn in Gleeson Strategic Land will be in line with
expectations.
Overall, driven by the strong performance in Gleeson Homes and
the encouraging level of activity in Gleeson Strategic Land, the
Board now expects the Group to deliver a result for the full year
ahead of current expectations.
The Board recognises the importance of dividend payments to
shareholders. In the light of our strong performance to date and
the positive outlook, the Board is minded to resume dividend
payments during the course of 2021. However, any final decision
will depend on the circumstances at the time."
3 December 2020
This announcement contains inside information. The person
responsible for arranging the release of this announcement on
behalf of the company is Stefan Allanson, Chief Financial
Officer.
LEI: 21380064K7N2W7FD6434
Enquiries:
MJ Gleeson plc Tel: +44 1142 612900
James Thomson Chief Executive Officer
Stefan Allanson Chief Financial Officer
Instinctif Partners Tel: +44 20 7457 2020
Mark Garraway
Rosie Driscoll
N+1 Singer
Shaun Dobson Tel: +44 20 7496 3000
Rachel Hayes
Liberum
Neil Patel Tel: +44 20 3100 2222
Richard Bootle
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END
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