(Alliance News) - Housebuilder MJ Gleeson PLC on Tuesday said demand remains strong after reporting a surge in revenue and profit during its recent financial year.
Revenue reached GBP288.6 million in the year that ended June 30, up 96% from GBP147.2 million the year prior and 15% above the GBP249.9 million reported in financial 2019, before the pandemic.
Pretax profit surged year-on-year to GBP41.7 million from GBP5.6 million, remaining 1.2% higher than the GBP41.2 million profit reported two years earlier.
The company declared a 15p per share annual payout, having not paid the year before. In comparison, MJ Gleeson issued a 34.5p dividend in financial 2019.
Chair Dermot Gleeson said: "Profits, revenue and volumes all exceeded pre-Covid levels, which represents a record performance for the group...Our strategy of building low-cost, high-quality homes in the North of England and the Midlands and unlocking value by promoting land through the planning system in the South of England, ensured the business recovered strongly through what was a tough year."
The company maintained its interim target of 2,000 home sales in its current financial year, despite managing ongoing supply chain pressures.
"Demand remains robust, we have a growing pipeline of sites, an experienced management team and a strong platform for continued growth...Against this background, the board is cautiously confident that the Group will deliver significant growth in both revenue and profits in the current year and beyond," Gleeson added.
Shares in MJ Gleeson were trading up 1.0% at 838.00 pence each in London on Tuesday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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