MJ Gleeson’s trading update for 1H26 was robust across its Homes and Land divisions, with management confirming that it expects FY26 to be in line with consensus. The second half should be supported by the Spring selling season, potential rate cuts, and a materially stronger forward order book. We will be tracking the impact of planning constraints on new site openings, which remain critical to delivering the FY30 target of 3,000 homes. On valuation, the reduction in 5-year swap rates should be ....
