Housebuilder MJ Gleeson’s revenue rose 9.6% in the half year to the end of 2025, but pre-tax profits fell 52.8%, which chief executive Graham Prothero blamed on pre-Budget uncertainty and a “bloody difficult market”.
The group’s pre-tax profits of £1.7m were down 52.8% on £3.6m in the same period last year.
But the company’s half-year revenue rose from £157.9m in the same period last year to £173.1m, while profits for the Gleeson Homes division were up 7.7% from £156.7m to £168.6m.
Meanwhile, Gleeson Land’s revenue rose 246%, from £1.3m to £4.5m, as a result of three land sales, compared with none in the same period of the previous year.
It also reported net reservation rates on open-market sales of 0.55 in the five weeks to 6 February.
Over the six-month period, Gleeson Homes sold 848 homes, up from 801 the year before. Its forward order book as at the end of December stood at 978 plots, up 64% from 597 at the end of the 2024.
Prothero said the delayed November Budget “really affected sales”, while “sprinkling a whole load of dire headlines about property taxes” in the run-up to the Budget “really did hurt”.
He added: “We are very dependent on a strong spring. So, I’m happy with a robust performance, which, given the market we saw in November and December, is pretty solid – but it’s not a sales rate I’m happy with.”
Prothero attributed the increase in group revenue to higher average selling prices for properties, adding the market was “getting stronger” and “we’re doing better, but in a bloody difficult market”.
Gleeson Land has secured planning permission for five sites, which it is anticipating to sell this year, one of which represents 50% of its total plots.
The group ended the period with net debt of £22.5m, compared with £18.1m at the end of the previous year.
Prothero said his priority was the reorganisation of Gleeson Homes, announced in July, which he claimed was a “really fundamental and important transformation of the business”.
He added: “We made our first significant restructuring changes in July. We’re pleased with the way that’s working and its given us the encouragement to move to the second phase.”
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