MJGleeson Share Price (GLE)

Some interesting changes over at Vistry !

Rubbish trading update and spending the cash pile looks bad to me. New CEO needs to answer some searching questions imv.

Well they certainly don't reflect the miserable share price and PE ratio.

Results are about the best I have read for any house builder and lets hope the market agrees.

As a long term shareholder I have despaired at the poor financial control at this business over the past few years. Companies House shows that one of their sub contractors (owned by a person with a long history of dissolving his companies and being disqualified as a Director) has gone bust with hundreds of thousands of pounds of Gleeson’s money lost that they had paid in advance! I didn’t realise that sub contractors got paid in advance until now.
The new CEO is restructuring so let’s hope that he 1/ employs some competent accountants 2/ his incentive bonus is based on the share price and not discounted completions to hit the targets. 3/ the non executive directors take a keener interest in the running of the business.
The long term business model remains sound as long as the Management are.