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MJ Gleeson PLC on Thursday reported a rising annual profit as it continues to see high demand for an under-supplied housing market.
Pretax profit in the year to June 30 rose 33% to £55.5 million from £41.7 million a year prior. Revenue grew 26% to £334.6 million from £265.8 million.
The Sheffield, England-based housebuilder and land investor hiked its dividend by 20% to 18.0 pence per share from 15.0p.
‘This is another excellent performance which reflects not only the strong operational capability of our business but also the continuing structural under-supply of affordable homes for first time buyers on low incomes,’ said Chair Dermot Gleeson.
Further, Gleeson cites strong demand in the South of England, expecting it to drive further sustainable growth. He added the company is ‘well-positioned to deliver further profitable growth in the current financial year’.
MJ Gleeson shares fell 0.2% to 463.11 pence each in London on Thursday morning.
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