MJ Gleeson (GLE) Trading update summary

Trading performance and outlook

• Full-year results are expected to align with current market expectations, with confidence in FY2026 forecasts following an interest rate cut and fading budget concerns.

• 848 homes were sold in the period, a 6% increase year-on-year, with net reservation rates rising to 0.75 per site per week.

• Forward order book stands at 978 plots, with about 650 sales anticipated before year-end.

• Operational restructuring under Project Transform has improved performance, with further changes implemented to streamline overheads.

Operational highlights and challenges

• Nine new build sites opened and seven commenced sales, though planning resource constraints continue to limit new site openings.

• Gleeson Partnerships delivered its first homes and sees strong interest from private rental investors and housing associations.

• Gleeson Land completed three site sales, with five more in active sale processes and strong demand for prime consented sites.

• Fifteen planning applications were submitted, with two consents achieved and permissions secured for all sites expected to be sold this year.

Financial position

• Net debt at period end was £22.5 million, up from £18.1 million at the previous year-end.