Gleeson increases profit expectations

Gleeson, the Northern housebuilder will be reporting results ahead of expectations for the financial year, the second time this year that they have updated forecasts, due to “strong demand for new homes”, driving “higher selling prices. Alongside this, Gleeson’s share price has risen by 3%.

A large amount of data shows a positive rebound in the housing market since March, with the first double-digit price inflation since before the financial crisis in 2008.

The housebuilder said in February that it was on course to complete sales of 1,775 for the year, which put them on track to reach their target of 2,000 homes in the next financial year. This is well above its ‘pre-covid level’ in 2019, where they completed sales of 1,529.

They have achieved a pre-tax profit of £20.3m for the six months to December, with turnover at £142.6m, which is up 36% from last year.