- Housing market ‘lacks confidence’
- Sales delayed by planning issues
- June 2026 profit seen at low end
There wasn’t much respite for investors in Sheffield-based housebuilder MJ Gleeson (GLE), despite the firm insisting in its latest trading update it would deliver on its medium-term growth plans.
The shares dropped as much as 26p or 7% to a new 12-month low of 362p, taking losses since the start of 2025 to more than 25% against a 6% gain for the FTSE All-Share index.
‘SUBDUED’ HOUSING MARKET
In another gloomy update, its second in a month, the affordable housing provider said pre-tax profit for the year to the end of June 2025 would be in line with market expectations at best.
The outlook for the year to June 2026 wasn’t that upbeat, either, with the firm saying the housing market ‘lacks confidence and remains subdued’, and the board ‘does not see a short-term catalyst for any substantial improvement’.
The housing business will operate from fewer sites than previously planned, due to ‘continuing capacity issues in the planning system’ which have delayed site openings.
Meanwhile, the land business is expected to put in a repeat of 2025’s performance ‘with delivery weighted to the latter part of the year’.
As a result, pre-tax profit for the year to June 2026 will be at the bottom end of expectations.
The firm also announced several management changes as a result of its review into compliance and procedures within the housing business.
Chief executive Graham Prothero admitted it had been ‘a challenging year’ for the firm, adding: ‘As well as external factors, it had become clear that our commercial delivery was not where we needed it to be.’
