Following the Q4’20 lockdown, Gleeson enters FY21 with a strong forward order book and ambitious site opening plans. This should underpin a significant recovery in profitability in the current year, allowing for a gradual return to previous build rates and some margin suppression from COVID-safe measures. We see the Group returning towards FY19 levels of profitability by FY22, as the 2,000 home target comes into sight. Broader market uncertainty clearly remains but growth plans are well supported, in our view, by Gleeson’s unique model and attractive market focus.
