Final Results

GLEESON (M J) GROUP PLC
14 October 1999


M J GLEESON GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE TWELVE MONTHS ENDED 30TH JUNE 1999

                                     30th June                       30th June
                                     1999                            1998
                                     £000                            £000
                                
Turnover                                                    
-  Continuing operations             298,103                          246,672

Cost of Sales                       (271,305)                        (224,166)
Gross profit                          26,798                           22,506
Investment Property Income             7,278                            6,307
Net operating expenses               (18,946)                         (16,544)
Share of profit, less 
losses of associated 
undertakings                             529                               55
Exceptional item                           -                            1,617
Profit on ordinary 
activities before interest            15,659                           13,941
Interest receivable              522                          543

Less: Interest payable(Note)  (2,813)                      (1,769)
                                      (2,291)                          (1,226)
Profit on ordinary 
activites before taxation             13,368                           12,715
Taxation on profit on ordinary
activities                            (3,846)                          (3,421)
Profit after taxation                  9,522                            9,294
Dividends                             (2,234)                          (2,028)
Retained profit                        7,288                            7,266

Earnings per share                     94.08p                           91.97p
Earnings per share - 
excluding exceptional item             94.08p                           75.97p
Earnings per share - fully diluted     94.04p                           91.67p


M J GLEESON GROUP PLC
SUMMARISED CONSOLIDATED BALANCE SHEET
AS AT 30th JUNE 1999

                                     30th June                 30th June
                                     1999                      1998
                                     £000                      £000
Fixed Assets
Owner occupied properties           9,478               9,462
Investment properties              67,203              65,704
Plant & machinery                   9,014               7,220
                                  --------           --------
                                     
                                   85,695              82,386

Investments                         3,089               3,418
                                  --------             --------
                                   88,784              85,804

Current assets

Stock and work in progress         92,119              68,419    
Amounts recoverable on contracts   31,118              26,802
Debtors                             8,824              10,042
Cash and bank balances              1,338               7,447
                                  --------            ------- 
                                  133,399             112,710
Current liabilities

Bank overdraft                     26,803              13,271
Creditors                          52,506              56,618
Payments on account                12,089               8,051
Current taxation                    2,705               2,167
Proposed dividends                  1,761               1,579
Advanced corporation tax                                  549
                                 --------             -------  
                                   95,864              82,235
Net current assets                           37,535               30,475

Total assets less current liabilities       126,319              116,279

Provisions for liabilities and charges          255                  269

Net Assets                                  126,574              116,548
Capital and reserves

Share capital                       1,022               1,022
Share premium                       1,657               1,657
Capital redemption reserve            100                 100
Capital reserve                    25,677              23,013
                                 --------             -------
                                             28,456              25,792
         Profit and Loss reserve             98,118              90,756
                                           --------             ------- 
                                            126,574             116,548

A  20% increase in turnover - for the third consecutive year - to £298,103,000
was accompanied by a 20% increase in profits to a record £13,368,000.

The Engineering Division produced another strong performance whilst the
results of the Northern and Southern Construction Divisions were adversely
affected by problems on a number of Design and Build Housing projects, which
are now substiantially complete.  The recently restructured Scottish
Construction Division and the Specialist Subsidiaries achieved excellent
results and the upturn in the housing market contributed to a continuing
improvement in the level of Gleeson Homes' profitability.

The increase in Investment Property income is largely attributable to premiums
payable on the early surrender of leases at 43 London Wall which is to be
refurbished and re-let. The higher level of interest Payable reflects
additional investment by Gleeson Homes and the Commercial Property Division.

In recognition of the fact that investment property represents almost 50% of
the Group's net assets, the Board has decided that the entire commercial
portfolio - rather than a third - should be professionally revalued annually. 
The net surplus of £2,738,000 on the total £61,385,000 valuation included a
reduction of £975,000 in the value of the London Wall property referred to
above.

Shareholders' funds have grown during the year by £10,026,000 to £126,574,000
- an increase of 8.60% - and, as at 30th June 1999, were equivalent to £12.38
pence per share.

The prospects for the current year are promising.  The Construction Divisions'
order books, which continue to include a high proportion of work secured on a
partnering or negotiated basis, are at an all time high and extremely good
progress has been made on the £100m Seafield Almond Valley project - the
Group's largest PFI project to date. Financial close on £45M PFI Scheme at St.
Georges Hospital, Tooting, in South London is expected shortly.

As a result of the substantial increase in investment in Gleeson Homes over
recent years,this Division has been well placed to take advantage of the
stronger housing market.Reservations during the first quarter of the current
year were over 100% higher than in the same in period in 1997/98.

Similarly, the Commercial Property Division - which is current developing
188,000 sq.ft. of office, industrial and retail space - is expecting to
benefit from high current levels of tenant and investor demand.

The Board is recommending a Final Dividend of 17.40 pence per share. 
Dividends for the year will thus aggregate 22.07 pence per share, an increase
of 10% over the total distributed in respect of 1997/98.

The Annual General Meeting will beheld at Haredon House, London Road, North
Cheam,Sutton, Surrey on 12th January 2000, the final dividend being payable
immediately thereafter to Shareholders on the Register at 10th December 1999.

Tel contact:              Dermot Gleeson/David Eyre/Colin Mclellan
                          0181 644 4321



14th October 1999