Record profit and revenue at Gleeson

Affordable homes provider Gleeson has announced record revenue and profit in the 12 months to June 30 2022 having delivered 2,000 homes in the period, 10.4% up on the previous year and a medium term strategic objective of the business.

Group revenue was up 29.4% to £373.4 million and profit before tax – before an exceptional building safety cost provision of £12.9 million – up 33.1% to £55.5 million.

The firm opened 23 new sites in the year and the average selling price of its 2,000 homes rose 14.7% to £167,300 from £145,800 last year. Operating profit at Gleeson Homes was up 36.9% to £51.2 million while at Gleeson Land it stayed steady at £11.1 million with six land sales completed during the year.

Chairman Dermot Gleeson said: “This is another excellent performance which reflects not only the strong operational capability of our business but also the continuing structural under-supply of affordable homes for first time buyers on low incomes.

“As well as being affordable, our high-quality homes are also very energy efficient, costing significantly less to run than most houses in the UK, particularly in the rented sector. As a result, our homes are much sought …