Gleeson Homes profit and sales exceed expectations

Gleeson Homes sold 1,772 homes in the full year June 30 2024 (2023: 1,723) generating £329 million in revenue (2023: £320.8 million) and operating profit of £30.3 million (2023: £35.0 million pre-exceptional items, £34.0 million post exceptional items). The firm has a strategy to deliver 3,000 homes per annum, which it says will see profitability broadly tripling allowing Gleeson to “resume its position as the fastest growing listed housebuilder in the UK.”

Gleeson said that underlying selling prices in the year increased by 1.5%, with changes in mix resulting in a 0.3% reduction in average selling prices to £185,700. Gross profit margin on homes sold was 24.1% (2023: 27.0%)

The firm had 79 build sites (June 30 2023: 82) of which 62 are actively selling (June 30 2023: 71). Net reservation rates for the year, excluding multi-unit sales, were up 15.8% at 0.44 per site per week (2023: 0.38). The firm’s land pipeline rose by 1,763 plots to 19,138 plots.

Gleeson Land generated revenue of £16.3 million, up from £7.5 million last year and generating operating profit of £2.2 million (2023: £1.0 million).

Group profit before tax and exceptionals reached £24.8 million (2023: £31.5 million)

Gleeson ceo …