- MJ Gleeson said profit fell 40% in the first half of the year amid a lack of land sales.

For the six months ended 31 December 2019, pre-tax profit fell 40% to £13.3m, with revenue in its home business up 19% on-year.

The fall in profit followed a period of no strategic land sales and an 'exceptionally' strong comparator period for the division, the company said.

The uptick in sales came as the average selling price increased 1.2% to £128,900.

Six new sites were added to the portfolio, taking the total to 900 plots, but no new land sales were completed in half.

'The strong performance of Gleeson Homes and anticipated deal flow in Strategic Land for the second half underpin the board's confidence that the group's results for the full year will be in line with expectations,'

At 9:23am: [LON:GLE] Gleeson M J Group PLC share price was -23p at 949p

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