Earnings call transcript: MJ Gleeson posts higher revenue in H2 2026 as margins slip
MJ Gleeson reported a 12.1% increase in revenue to £410 million for the second half of 2026, but adjusted profit before tax fell to £10.8 million. The British housebuilder attributed the profit decline to site delays in its land division and margin pressure in its homes business. The shares were little changed at $246, down 0.2% from the previous close.
Revenue grew 9.8% due to a rise in home sales, while net reservations were weak and operating margin in Gleeson Homes dropped 140 basis points. The company completed five site sales and generated £3.4 million in net gross profit, but three sales were delayed. Management emphasized a major restructuring of Gleeson Homes, stronger leadership, and a rationalized land portfolio.
Despite stronger sales growth, weaker profit led to a cautious market reaction and a focus on financial stability and cost pressures.
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