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Real Estate

MJ Gleeson to meet forecasts despite dearth of land sales

It expects to meet forecasts after a "strong" start to the second half

MJ Gleeson PLC’s (LON:GLE) half-year profits took a hit from a lack of sales by its Strategic Land arm,.

Profits fell 40% to £13mln in the six months to 31 December.

READ: MJ Gleeson sees greater certainty in housing market following election

Revenue, which came from Homes division, slipped 11% to £105mln. Net cash was 9% higher at £30mln.

Full-year results will meet expectations said the housebuilder with three sites now sold and a “substantial pipeline”.

Analysts at house broker Liberum expect a "much stronger" second half is expected now that uncertainty is declining, while the company faces "very limited" competition.

Shares dipped 1% to 958.6p on Thursday morning.

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