Gleeson’s FY17 results confirm another year of excellent growth for both divisions. PBT and EPS increased by 17% and 14% respectively and were both slightly ahead of our recently upgraded forecasts. The statement strikes a confident tone and once more highlights the scale of the opportunity for Gleeson’s unique model, underscored by the new 2,000 home target. We nudge up our FY18 and FY19 EPS forecasts by 1%. The one surprise in the statement is the scale of the dividend hike (+66% to 24.0p vers ....
