StockMarketWire.com - Low-cost housebuilder and land promotion specialist MJ Gleeson posted a large rise in annual profit as construction recovered amid an easing of lockdowns.

Pre-tax profit for the year through June jumped to £41.7 million, up from £5.6 million year-on-year, as revenue climbed 96% to £288.6 million.

The company declared dividends for the full year of 15p per share including an interim payout of 5p, compared to no dividends year-on-year.

'These are an excellent set of results,' chief executive Dermot Gleeson said.

'Our profits, revenue and volumes all exceeded pre-Covid levels, which represents a record performance for the group.'

Gleeson said the company was managing industry-wide supply chain pressures well and remained confident of delivering Gleeson Homes' interim target of 2,000 homes sold in the current financial year.

The board, he added, was 'cautiously confident' that the company would deliver significant growth in both revenue and profits in the current year and beyond.


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