Gleeson’s FY20 outturn was in line with expectations (forecasts reintroduced in July), reflecting the impact of the COVID lockdown on the fourth quarter. FY21 began with a record order book and demand remains strong, reflecting the quality and affordability of Gleeson’s homes. The 2,000 home target has been reiterated for FY22 and, for Strategic Land, there are signs that housebuilders are returning to the market. Gleeson has a unique offering and, in our view, is well positioned ....