RNS Number : 8507G
Gleeson(M J)Group PLC
04 July 2012
4 July 2012
MJ GLEESON GROUP PLC
MJ Gleeson Group plc (GLE.L) is today issuing the following trading update following the end of its financial year on 30 June.
Gleeson Homes sold 258 private development homes during the year, an increase of 52% compared with the previous year's total of 170. With the inclusion of units sold to Housing Associations, the total for the year is 279 homes, compared to 286 in the previous year. The reduction in sales to Housing Associations is due to the focus on more profitable private development sales.
During the year Gleeson Homes has been very active in purchasing and starting on sites and by 30 June had 28 open sites, compared to 11 sites at the commencement of the year. The landbank of plots at the year-end comprises 2,412 plots owned with a further 1,312 plots conditionally purchased, which, if purchased will increase the landbank to in excess of 3,700 plots.
Gleeson Homes currently has an order book of £10.8m (2011: £9.1m), an improvement of 18%, representing 89 homes, which are all expected to be completed in the next twelve months.
Gleeson Strategic Land
Demand for green field residential land in the South of England from the major housebuilders remained strong. During the year Gleeson Strategic Land disposed of five sites, with a combined acreage of 115 acres.
The strategic land portfolio continues to be replenished. During the year, agreements were entered into regarding five new sites comprising 228 acres.
The Group continues to be in a strong cash position with cash balances at 30 June 2012 of £13.8m.
The Group plans to announce its preliminary results on Friday 21 September 2012.
M J Gleeson Group plc
Jolyon Harrison Chief Executive Officer 0114 261 2900
Alan Martin Chief Financial Officer 01252 360 300
Notes to Editors
MJ Gleeson Group plc operates in the house building sector through the following business units; Gleeson Homes, which focuses on estate regeneration and housing development on brownfield land in the North of England; and Gleeson Strategic Land, which purchases options over land in the South of England with the objective of enhancing the value of the site concerned by securing residential planning permission.
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