Sparks

MJ Gleeson (LSE: GLE) – Full-year profits to be below expectations

MJ Gleeson’s FY25 trading update highlighted that a number of headwinds have combined to lower revenue and profit expectations, with reported operating profit now anticipated to be c 15%–20% below current expectations. These challenges include a slower-than-anticipated recovery in the housing market, flat selling prices, higher incentives, increased build cost inflation and the dilutive effect of bulk sales.

Furthermore, it was hoped that Gleeson Homes would sell a land holding in East Yorkshire but this will now not proceed, contributing to the profit decline. Gross margins are, therefore, expected to be c 1% lower than expected in FY25 and, as the issues outlined continue to affect the company, including planning delays, the margin impact will persist into FY26.

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Industrials | Comment

04.06.25

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