Business
Audited results for the year ended 30 June 2023
Audited results for the year ended 30 June 2023.
About this update from Mj Gleeson Plc
[{"type":"text","content":"\n\n14 September 2023\nMJ Gleeson plc (GLE.L)\n(\"Gleeson\" or \"the Group\" or \"the Company\")\nAudited results for the year ended 30 June 2023 (\"FY2023\")\n \nResults in-line with expectations, reflecting shifting buyer demographics\nPre-emptive actions and higher selling prices ensured resilient operating margins\n \n \n \nGraham Prothero, CEO, commented:\n \n\"I am pleased to report a robust performance despite the impact on buyer confidence as a result of current economic volatility. We maintained an acceptable sales rate, supported by our first multi-unit and investor sales. We were pleased to see growing levels of interest from purchasers who might previously have considered more expensive homes from other developers, but who are attracted by the combination of Gleeson's affordable price points and high quality.\n \nWe took advantage of the quieter market to restructure Gleeson Homes, right-sizing the business for current market conditions and, more importantly, creating a standardised operating platform for the exciting growth which lies ahead. We continued to secure excellent opportunities in our landbank, and we have entered the new financial year in good shape.\n \nGleeson Land achieved impressive planning successes, and continues to see good demand for consented land, with the rate of conversion partially constrained by increased caution among developers. The business is successfully adding to an already strong portfolio and is strengthening both its regional coverage and research and analysis capabilities.\n \nAs set out at our recent Capital Markets Day, we are excited about the longer-term growth opportunities for the business and look forward, as economic conditions stabilise, to achieving our ambition for the business and realise its medium-term potential of delivering 3,000 homes a year.\n \nI believe we have a resilient business operating in an undersupplied market segment, a robust balance sheet, great prospects and an excellent team to ensure that we continue to successfully navigate the current environment and take full advantage of the significant opportunities ahead.\"\n \nGroup financial highlights\n \n\n\n\n\n\n\n\n2023\n\n\n2022\n\n\nChange\n\n\n\n\nRevenue\n\n\n \n\n\n \n\n\n \n\n\n\n\nGleeson Homes\n\n\n£320.8m\n\n\n£334.6m...