H1 results were well flagged, confirming an H1 PBT outturn of £3.6m (H1’24: £7.2m). Guidance is reiterated, and our profit forecasts are unchanged (FY25E PBT of £28.0m). The H2 weighting was well flagged and is supported by encouraging signs of recovery. 453 homes were already secured in the Gleeson Homes order book for completion during H2 (597 total order book) but it has also experienced a significant, 45% increase in the reservation rate to 0.77 in Jan. ’24 (2024: 0.53) vs. 0.55 in H1 (H1’24 ....
