Urban regeneration and strategic land specialist MJ Gleeson has announced a 32% increase in revenue, a 112% increase in operating profit and 120% increase in interim dividend for the six months to 31 December 2013

The company's interim results for the half year ended 31 December 2013 show:

• Significant increase in revenue and profits driven by strong trading performance in Gleeson Homes



Gleeson Homes:

• Sales increased 56% to 258 units (2012: 165)

• Gross margin improved to 25.9% (2012: 24.2%)

• Land pipeline, including owned sites and sites in the process of being acquired. is in excess of 6,000 plots



Gleeson Strategic Land:


• Two sites (four acres combined) sold

• Planning permission was secured on three sites with a combined total of 380 plots

• Twelve planning applications were submitted in the period with the potential to deliver 1,737 plots

•Interim dividend increased 120% to 1.1 pence per share (2012: 0.5 pence)



Dermot Gleeson, Chairman of MJ Gleeson Group, commented: "As anticipated, revenues and profits for the first half of the year showed

a strong increase over last year, driven by increasing demand for affordable homes amongst our core customer base in the North of England.

Gleeson Homes has commenced 2014 with a very encouraging level of visitors, and the number of reservations secured in January and early February has been well ahead of the level secured in the same period in 2013. Strategic Land continues to enjoy a considerable level of success in securing residential planning permissions and is currently progressing the sale of a number of sites. Against this background, the Board anticipates further substantial improvements in the Group’s trading performance and is therefore confident of delivering a result for the full year in line with expectations."

The full report can be found on the MJ Gleeson website.

(MH/IT)