Gleeson increased profit by a third in the year to 30 June, driven by rising demand for affordable homes.
Profit rose by 33% to £55.5m, dampened by the £12.9m set aside by the housebuilder as an exceptional building safety cost provision. Revenue was up 30% to £373.4m as Gleeson sold 2,000 homes, 10% more than last year.
Chair Dermot Gleeson said the results reflected “not only the strong operational capability of our business but also the continuing structural undersupply of affordable homes for first-time buyers on low incomes”.
The housebuilder raised its average selling price by nearly 15% over the year to £167,300, but margins remained broadly unchanged as inflation pushed costs higher.
While Gleeson acknowledged broader macroeconomic issues, he said he “remains confident” that the group is “well-positioned to deliver further profitable growth”.
Gleeson Land’s performance barely changed from the previous year, making a profit of £11.1m from six land sales. It has 71 sites in the portfolio offering just over 20,000 plots.
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