MJ Gleeson PLC AGM Statement (6168Y)
07 December 2017 - 6:00PM
UK Regulatory
TIDMGLE
RNS Number : 6168Y
MJ Gleeson PLC
07 December 2017
MJ Gleeson plc
(GLE.L)
AGM Statement
At the Annual General Meeting of MJ Gleeson plc (GLE.L), the
urban regeneration and strategic land specialist, convened for
11:30 am today in Sheffield, the Chairman, Dermot Gleeson, will
state:
"Demand at Gleeson Homes remains strong with the forward order
book at the end of November up more than 30% on last year.
"Land remains available at sensible prices and the pipeline
remains strong. Gleeson Homes has a pipeline of 11,529 plots with a
gross development value of GBP1.4 billion, of which 5,582 plots are
owned and 5,947 are conditionally purchased.
"The division currently has 58 active sites, compared with 50 at
this time last year and we expect the number of active sites to be
approaching 70 by June 2018.
"The Government's Help to Buy scheme remains popular with 63% of
our customers taking advantage of it so far this year while other
buyers continue to be attracted by our own bespoke purchaser
assistance packages.
"The division's increasing number of sales outlets, combined
with very strong customer demand in all regions, good mortgage
availability and attractive levels of affordability means that the
outlook for the division remains very positive.
"The Board expects Gleeson Homes to record an increase in
completions for the first half year to 31 December 2017 of more
than 15% compared with the prior half year total of 451 units; and
for the year to 30 June 2018 of approximately 20% compared with the
prior year total of 1,013 units.
"Gleeson Strategic Land continues to experience strong demand
for consented land in the first five months of the current
financial year, completing the sale of two sites with planning
permission for 50 plots and a 60-bed care home and is progressing
sale negotiations on a further 10 sites.
"The division's land pipeline currently consists of 63 sites
which have the potential to deliver approximately 21,455 plots. The
portfolio includes 12 sites with planning permission.
"We expect Gleeson Strategic Land results for the full year June
2018 to be broadly in line with results for the prior financial
year. Due to the timing of a site sale the division's results for
the first half of the year may fall below those of the prior year.
In this event, the second half is likely to be significantly
stronger than the first.
"The Board, therefore, remains confident that the result for the
full year to 30 June 2018 will be in line with expectations."
7 December 2017
This announcement contains inside information.
Enquiries:
MJ Gleeson Tel: +44 1142 612
plc 900
Chief Executive
Jolyon Harrison Officer
Chief Financial
Stefan Allanson Officer
Tel: +44 20 7457
Instinctif Partners 2020
Mark Garraway
Helen Tarbet
James Gray
N+1 Singer
Tel: +44 20 7496
Shaun Dobson 3000
Alex Laughton-Scott
Liberum
Tel: +44 20 3100
Neil Patel 2222
Richard Bootle
This information is provided by RNS
The company news service from the London Stock Exchange
END
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