MJ Gleeson has recorded its biggest ever annual profit after topping 2019 sales levels.
The housebuilder’s annual report boasts of record profit, revenue and completions for the year to the end of June.
Pretax profit increased sevenfold to £41.7m, up from £5.6m the previous year.
Revenue, meanwhile, almost doubled as the company recovered from Covid, rising from £147.2m to £288.6m.
Chief executive James Thomson said:“I was always confident Gleeson would come back. We are operating in an underserved part of the market where there is strong demand for low-cost, quality homes for first-time buyers.”
The group sold 1,812 homes in the year, both an increase from 1,072 in 2020 and more than its previous high of 1,529 in 2019.
It plans to build 2,000 properties in the coming year.
A final dividend of 10p per share will be paid on 22 November, taking this year’s total payout to 15p.
Despite this, MJ Gleeson’s share price fell 6p, or 0.7%, on the announcement.
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