Shares in MJ Gleeson (GLE) rose strongly on the day that the land regeneration and housebuilder forecast that profit for the year to June 2016 will be at the top end of market expectations.
Commenting on the EU referendum, chief executive Jolyon Harrison said: "Gleeson continues to see strong demand for low-cost homes (average selling price £125,000) from our core customer base for whom the decision to become home owners is not influenced significantly by market sentiment." Sales grew by 20 per cent to 904 homes, while the land pipeline grew by 24 per cent to 9,284 plots.
On the strategic land promotion side, where it brings land through the planning process to sell to housebuilders, seven sites totalling 91 acres were sold, equivalent to 822 plots and 100 acres of commercial land. A further 10 sites have secured planning consent, with four more sites subject to legal agreements. The strategic land bank currently stands at 3,843 acres that could deliver over 21,000 homes, a 60-bed care home and 24 acres of commercial land.
