Gleeson Sees Higher H1, FY Results To Be At Least In Line With View; Stock Up

Shares of MJ Gleeson plc (GLE.L) were gaining around 3 percent in the early morning trading in London after the low-cost housebuilder and strategic land specialist reported Monday higher completions in its first half, and issued positive outlook.

In its trading update, the company said its Board expects the Group’s results for the half-year to be significantly ahead of those of the previous first half-year and results for the full year to 30 June 2019 to be at least in line with expectations.

Gleeson Homes completed the sale of 691 units during its first half, an increase of 16.5% on the previous first half-year’s total of 593 unit completions.

The company said it continue to see strong demand for low-cost homes, supporting both increased build activity on existing sites and the opening of new sites across target geographic area.

Gleeson Strategic Land sold three sites, the same number as the previous first half-year. These were larger sites and will lead to the division’s half-year results being considerably higher than those of the prior year comparable period.

The company will report results for the half-year ended 31 December 2018 on February 14.

In London, Gleeson shares were trading at 678 pence, up 3.04 percent.

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