MJ Gleeson has concluded FY19 strongly, with continuing momentum and comfortably in line with expectations. This is the type of statement we have become accustomed to over recent years, suggesting it is business as usual after the recent change of CEO. Gleeson Homes remains well on track to achieve its stated target of doubling volumes to 2,000 new homes by 2022. The division anticipates an acceleration in new site openings in the current year to 80+ from 69 currently. Gleeson Strategic Land has commenced the current year in a strong position, and there is as yet no further news on the strategic review of this business. The Group is in excellent shape with a strong balance sheet, ambitious growth plans and a positive demand environment. We remain firm supporters of the Gleeson model and expect the shares to recover lost ground ahead of the results (16th September).
