MJ Gleeson (GLE) has sold a 12.5 acre site in Sussex for the development of 75 homes, with completion expected some time in July. Accordingly, profits for the year to the end of June are expected to be ahead of earlier expectations. The improvement comes despite incurring costs associated with a restructuring that was completed last December.
The group's primary revenue stream comes from building low-cost homes in the north of England, a part of the market where demand from first-time buyers means sales remain brisk. Of a more lumpy nature, the proceeds from selling land steered through the planning process in the south of the country tend to be less predictable in their timing, but with no conditions attached to the latest sale, the exchange will be recognised in the financial year ending in June 2015.
