Gleeson has delivered an excellent set of interims. Notably, Gleeson Homes has reported record profits for any half year to date. The strength of the H1 performance was well flagged in recent updates (H1 revenue growth of 36% is in line with our expectations) but there are three positive surprises: full year volume expectations have been upgraded; dividends have resumed (with furlough cash repaid) ahead of our cautious assumption (5p interim declared); and margins are benefiting from higher acti ....
11 Feb 2021
Upgrading expectations again
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Upgrading expectations again
MJ Gleeson PLC (GLE:LON) | 488 0 0.0% | Mkt Cap: 284.9m
- Published:
11 Feb 2021 -
Author:
James Tetley -
Pages:
3
Gleeson has delivered an excellent set of interims. Notably, Gleeson Homes has reported record profits for any half year to date. The strength of the H1 performance was well flagged in recent updates (H1 revenue growth of 36% is in line with our expectations) but there are three positive surprises: full year volume expectations have been upgraded; dividends have resumed (with furlough cash repaid) ahead of our cautious assumption (5p interim declared); and margins are benefiting from higher acti ....