MJ Gleeson on track to build 2,000 homes a year

Shares in MJ Gleeson (GLE) were on the rise after the housebuilder and strategic land developer pushed operating profits up by nearly half at the half-year mark to £12.3m. The stronger performance reflected a near one-third jump in housing completions to 593, with average selling prices ahead by 2.5 per cent at £124,400. This helped to boost the return on capital employed from 22.1 per cent to 26 per cent. Shareholders were also rewarded with a significant hike in the dividend and a reduction in the level of cover from 2-3 times after tax earnings to 1.75-2.75 times.