MJ Gleeson annual profit powers ahead

30th Sep 2013 07:44

Urban regeneration specialist MJ Gleeson reported a surge in full-year profit and revenue amid strong demand for its land in the south of England.The house builder and land investor said operating profit more than doubled to £6m for the year ended June 30th 2013 from £2.7m before. Revenues jumped 49% to £60.7m during the year. Pre-tax profit increased by 91% to £5.8m while the forward order book soared 141% to £25.9m. Gleeson Homes saw operating profit increase to £4.0m from £0.3m a year earlier while Gleeson Strategic Land recorded operating profit of £3.5m, up from £3.7m in 2012. Chairman Dermot Gleeson said: "Forward orders are significantly ahead of last year and we are confident that, barring an unexpected deterioration in economic conditions, we will achieve further significant growth in revenue and profit in the current year and beyond."A final dividend of 2.0p per share proposed has been proposed compared to no payment in 2012. CJ