StockMarketWire.com - Low-cost housebuilder and strategic land specialist MJ Gleeson said it was "confident" its full-year results would be "comfortably in line with expectations" amid a strong first half, adding that it remained "comfortably on track" to meet its target of doubling new home volumes to 2,000 per year by 2022.

Its homebuilding division was currently active on 69 sites and anticipated an increase to 80 or more sites during the coming year. It sold 1,529 homes during the year, a 25% increase compared with the previous year's total of 1,225.

Its land pipeline of owned and conditionally purchased plots at 30 June 2019 increased by 5.6% compared to the prior year-end, totaling 13,575 plots, of which 7,050 plots had been purchased subject to planning permission. In addition, there were a further 473 plots which are in the pipeline to be acquired.

Over the period, its strategic land division sold nine land interests with the potential to deliver 1,755 plots for housing development.

It said a further nine sites with planning permission, or resolution to grant, had the potential to deliver 2,929 plots for housing development. Three of these sites were in a process for sale, with planning decisions expected on a further six sites.

Its portfolio comprised 60 sites which could deliver 21,730 plots and 44 acres of commercial land.

The Group ended the year with lower cash balances, as expected, of £30.3m, down from 2018's £41.3m. "Both Gleeson Homes and Gleeson Strategic Land have delivered a record performance with the Group's positive outlook underpinned by continued strong demand," said James Thomson, Interim Chief Executive Officer, commented:

The company would report its annual results on 16 September 2019.


At 8:18am: [LON:GLE] Gleeson M J Group PLC share price was +24p at 762p



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