MJ Gleeson plc
(“Gleeson”, “the Group” or “the Company”)
Audited results for the year ended 30 June 2025 (“FY2025”)
Full year outturn in line with revised expectations
Focus at Gleeson Homes on performance enhancement and growth trajectory
Gleeson Land set for outperformance over medium term
Graham Prothero, CEO, commented:
“This year has been challenging for Gleeson, and despite selling more homes relative to FY2024, there have been factors which stalled our momentum. We have taken the actions necessary to benefit the business through FY2026 and ensure the delivery of our strategic objectives.
Positively, Gleeson Homes significantly strengthened its forward order book in the year. Market demand has been steady, and we have maintained a robust sales rate, reflected in our net open market reservations rate, up 28% in the second half against the same period last year. Selling prices, however, remained constrained, with incentives continuing at an elevated level, restricting material margin improvement.
The organisational and management changes implemented in Gleeson Homes to improve performance are already delivering benefits. The new leadership team is operating effectively with shorter reporting lines, strengthened divisional and regional management teams, and more rigorous process compliance, underpinned by increased local empowerment and responsibility.
With a stronger and more disciplined business in a stable market, and a busy site opening programme, we are excited about Gleeson Homes’ future growth.
We are also very pleased with the progress at Gleeson Land, which achieved improved levels of planning success and new promotion agreements during the year and starts the new financial year with more sites in sale processes. Having delivered a significantly improved result, and strengthened by the recent geographical reorganisation and data research capability, the business is making significant progress towards its objective of becoming the pre-eminent land promoter in the South of England.
Consequently, the Board currently expects the Group to deliver an overall result for FY2026 in line with its expectations5. Looking further ahead, we believe the combination of a stronger performance from Gleeson Homes and continued progress at Gleeson Land position the Group well for a period of sustained growth.”
Group financial highlights
| 2025 | 2024 | Change | |
| Revenue | |||
| Gleeson Homes | £348.2m | £329.0m | 5.8% |
| Gleeson Land | £17.6m | £16.3m | 8.0% |
| Total | £365.8m | £345.3m | 5.9% |
| Operating profit by division | |||
| Gleeson Homes1 | £22.3m | £30.3m | (26.4%) |
| Gleeson Land | £7.0m | £2.2m | 218.2% |
| Profit before tax and exceptional items | £21.9m | £24.8m | (11.7%) |
| Profit before tax | £20.5m | £24.8m | (17.3%) |
| Cash, net of borrowings and overdraft | (£0.8m) | £12.9m | (£13.7m) |
| EPS (pre-exceptional items)1 | 28.9p | 33.1p | (12.7%) |
| ROCE2 | 8.6% | 10.1% | (150 bp) |
| Dividend per share (total) | 11.0p | 11.0p | nil |
Divisional highlights
Gleeson Homes:
- 1,793 homes sold (2024: 1,772)
- Reservation rates for the year averaged 0.71 per site per week, up 37% (2024: 0.52). Excluding multi-unit sales3, net reservation rates were up 20% at 0.53 per site per week (2024: 0.44)
- Forward order book 845 plots (2024: 559)
- Average selling prices increased by 4.3% at £193,600 (2024: £185,700)
- Underlying4 selling prices increased by 0.6%
- Gross profit margin on homes sold of 20.7% (2024: 24.1%)
- Operating profit1 of £22.3m (2024: £30.3m)
- Four partnership agreements signed (2024: one signed)
- 68 build sites (30 June 2024: 79) of which 57 are active sales sites (30 June 2024: 62)
- Land pipeline increased by 500 plots to 19,638 plots (2024: 19,138)
Gleeson Land
- Seven land transactions completed (2024: four)
- Eight sites with planning or resolution to grant for 1,343 plots (2024: seven sites, 1,473 plots)
- Six sites, with consent for 1,252 plots, in a sale process (2024: three sites, 923 plots)
- Ten sites awaiting a planning decision (2024: 11 sites)
- 13 new site promotion agreements signed (2024: five)
- Portfolio: 77 sites (2024: 71) with the potential to deliver 18,401 plots (2024: 16,911)
Current trading and outlook
Gleeson Homes’ open-market net reservation rates have seen an improvement, in a stable market, and in the 11 weeks to 12 September 2025 were 0.54 per site per week compared with 0.50 per site per week over the comparable period last year, an increase of 8%. Cancellation rates were 0.12 per site per week compared with 0.11 per site per week over the comparable period last year.
The business has a strong pipeline, and our growth plans are based on an ambitious programme of site openings from land already under control, with the pace constrained only by a planning system that continues to be under-resourced.
Since the year end we have signed two further partnership transactions, with several further opportunities in negotiation. We continue to target circa 20% of home sales from partnership sites, which will be supported in the medium term by the continuing demand for PRS and the Government’s recently announced funding package for the affordable market.
The Board remains confident that, in delivering its objective of selling 3,000 new homes per annum, Group profitability could broadly triple and the Company would resume its position as the fastest growing listed housebuilder in the UK.
With a number of sites close to achieving planning and others in sale processes, Gleeson Land is well placed to deliver another robust performance in FY2026 and is strongly positioned for significant growth from FY2027.
The Group starts the new year with a stronger forward order book and a stable sales rate in Gleeson Homes and a strengthened portfolio in Gleeson Land.
1 Stated before exceptional restructuring costs of £1.3m in 2025 and £nil in 2024. Basic EPS for 2025 was 27.1p per share.
2 Return on capital employed is calculated based on earnings before interest, tax and exceptional items (“EBIT”), expressed as a percentage of the average of opening and closing net assets after deducting deferred tax and cash and cash equivalents net of borrowings.
3 A multi-unit sale is a sale of 5 or more properties to either a private investor or Registered Provider for affordable rent.
4 Underlying selling price changes are based on average reported revenue changes on open market completions, on sites with completions in both the current and previous periods, adjusted for the effect of garage mix and bed mix.
5 Analyst consensus for FY2025 and FY2026 can be found at: https://www.mjgleesonplc.com/investors/analyst-coverage/