16 sep 25   mj gleeson plc - audited results for the year ended 30 june 2025 mj gleeson plc | gle | 340 0 0.0% | mkt cap: 198.4m    rns number : 4210z mj gleeson plc 16 september 2025     16 september 2025   mj gleeson plc ("gleeson", "the group" or "the company") audited results for the year ended 30 june 2025 ("fy2025")     full year outturn in line with revised expectations focus at gleeson homes on performance enhancement and growth trajectory gleeson land set for outperformance over medium term     graham prothero, ceo, commented:   "this year has been challenging for gleeson, and despite selling more homes relative to fy2024, there have been factors which stalled our momentum. we have taken the actions necessary to benefit the business through fy2026 and ensure the delivery of our strategic objectives. positively, gleeson homes significantly strengthened its forward order book in the year. market demand has been steady, and we have maintained a robust sales rate, reflected in our net open market reservations rate, up 28% in the second half against the same period last year. selling prices, however, remained constrained, with incentives continuing at an elevated level, restricting material margin improvement. the organisational and management changes implemented in gleeson homes to improve performance are already delivering benefits. the new leadership team is operating effectively with shorter reporting lines, strengthened divisional and regional management teams, and more rigorous process compliance, underpinned by increased local empowerment and responsibility. with a stronger and more disciplined business in a stable market, and a busy site opening programme, we are excited about gleeson homes' future growth. we are also very pleased with the progress at gleeson land, which achieved improved levels of planning success and new promotion agreements during the year and starts the new financial year with more sites in sale processes. having delivered a significantly improved result, and strengthened by the recent geographical reorganisation and data research capability, the business is making significant progress towards its objective of becoming the pre-eminent land promoter in the south of england. consequently, the board currently expects the group to deliver an overall result for fy2026 in line with its expectations5. looking further ahead, we believe the combination of a stronger performance from gleeson homes and continued progress at gleeson land position the group well for a period of sustained growth."   group financial highlights   2025 2024 change revenue       gleeson homes £348.2m £329.0m 5.8% gleeson land £17.6m £16.3m 8.0% total £365.8m £345.3m 5.9%     operating profit by division    gleeson homes1 £22.3m £30.3m (26.4%) gleeson land £7.0m £2.2m 218.2%     profit before tax and exceptional items £21.9m £24.8m (11.7%) profit before tax £20.5m £24.8m (17.3%) cash, net of borrowings and overdraft (£0.8m) £12.9m (£13.7m) eps (pre-exceptional items)1 28.9p 33.1p (12.7%) roce2 8.6% 10.1% (150 bp) dividend per share (total) 11.0p 11.0p nil             divisional highlights   gleeson homes: ·      1,793 homes sold (2024: 1,772) o  reservation rates for the year averaged 0.71 per site per week, up 37% (2024: 0.52). excluding multi-unit sales3, net reservation rates were up 20% at 0.53 per site per week (2024: 0.44) ·      forward order book 845 plots (2024: 559) ·      average selling prices increased by 4.3% at £193,600 (2024: £185,700) o  underlying4 selling prices increased by 0.6% ·      gross profit margin on homes sold of 20.7% (2024: 24.1%) ·      operating profit1 of £22.3m (2024: £30.3m) ·      four partnership agreements signed (2024: one signed) ·      68 build sites (30 june 2024: 79) of which 57 are active sales sites (30 june 2024: 62) ·      land pipeline increased by 500 plots to 19,638 plots (2024: 19,138)   gleeson land ·      seven land transactions completed (2024: four) ·      eight sites with planning or resolution to grant for 1,343 plots (2024: seven sites, 1,473 plots) ·      six sites, with consent for 1,252 plots, in a sale process (2024: three sites, 923 plots) ·      ten sites awaiting a planning decision (2024: 11 sites) ·      13 new site promotion agreements signed (2024: five) ·      portfolio: 77 sites (2024: 71) with the potential to deliver 18,401 plots (2024: 16,911)   current trading and outlook gleeson homes' open-market net reservation rates have seen an improvement, in a stable market, and in the 11 weeks to 12 september 2025 were 0.54 per site per week compared with 0.50 per site per week over the comparable period last year, an increase of 8%. cancellation rates were 0.12 per site per week compared with 0.11 per site per week over the comparable period last year. the business has a strong pipeline, and our growth plans are based on an ambitious programme of site openings from land already under control, with the pace constrained only by a planning system that continues to be under-resourced. since the year end we have signed two further partnership transactions, with several further opportunities in negotiation. we continue to target circa 20% of home sales from partnership sites, which will be supported in the medium term by the continuing demand for prs and the government's recently announced funding package for the affordable market. the board remains confident that, in delivering its objective of selling 3,000 new homes per annum, group profitability could broadly triple and the company would resume its position as the fastest growing listed housebuilder in the uk. with a number of sites close to achieving planning and others in sale processes, gleeson land is well placed to deliver another robust performance in fy2026 and is strongly positioned for significant growth from fy2027. the group starts the new year with a stronger forward order book and a stable sales rate in gleeson homes and a strengthened portfolio in gleeson land.   1 stated before exceptional restructuring costs of £1.3m in 2025 and £nil in 2024. basic eps for 2025 was 27.1p per share. 2 return on capital employed is calculated based on earnings before interest, tax and exceptional items ("ebit"), expressed as a percentage of the average of opening and closing net assets after deducting deferred tax and cash and cash equivalents net of borrowings. 3 a multi-unit sale is a sale of 5 or more properties to either a private investor or registered provider for affordable rent. 4 underlying selling price changes are based on average reported revenue changes on open market completions, on sites with completions in both the current and previous periods, adjusted for the effect of garage mix and bed mix. 5 analyst consensus for fy2025 and fy2026 can be found at: https://www.mjgleesonplc.com/investors/analyst-coverage/ analyst presentation a presentation by graham prothero, ceo, and stefan allanson, cfo, will be held at 09:30 this morning at the storey club, 100 liverpool street, london ec2m 2at. the presentation will be webcast live and will be available via our website at www.mjgleesonplc.com/investors or via the following link: https://brrmedia.news/gle_fy25     about mj gleeson plc mj gleeson plc comprises two divisions: gleeson homes and gleeson land. gleeson homes, under the banner of "building homes. changing lives" builds high-quality affordable homes across the midlands and north of england. to meet customer demand, and without compromising affordability, the range of homes available extends from one-bed apartments to five-bedroom houses. with a two-bedroom home available from £100,000, a key objective is to ensure that on all of our developments, a meaningful proportion of homes are affordable to a couple earning the national living wage. buying a gleeson home typically costs less than renting a similar property. all gleeson homes are traditional brick built semi or detached homes. as a high-quality, affordable housebuilder, gleeson has strong and inherent sustainability credentials. its social purpose underpins the company's strategy and gleeson measures itself closely against un sdgs 5, 8, 11, 12, 13 and 15. more details on the company's approach to sustainability can be found at: www.mjgleesonplc.com/sustainability. gleeson land, which operates under the banner of 'promoting land. unlocking value' is the group's land promotion division operating in the south, west and central england. gleeson land identifies development opportunities and works with landowners and stakeholders to both enhance the value of the property and to promote land through the residential planning system, ultimately managing the sale of these sites to other developers on behalf of landowners.     enquiries:   mj gleeson plc +44 1142 612 900    graham prothero, chief executive officer  stefan allanson, chief financial officer    invicomm (financial pr) mjgleeson@invicomm.com mark garraway +44 7771 860938 kim looringh-van beeck +44 20 3422 0208   singer capital markets (joint broker) +44 20 7496 3000 charles leigh-pemberton  oliver platts    peel hunt llp (joint broker) +44 20 7418 8900 ed allsopp  pete mackie        the person responsible for arranging the release of this announcement on behalf of the company is stefan allanson, chief financial officer.   lei: 21380064k7n2w7fd6434      chair's statement i am delighted to be addressing shareholders for the first time in my capacity as chair. whilst our market remained broadly stable through the year we were pleased to achieve significantly improved sales rates. gleeson homes' profits continued to be impaired by margin pressures, and the executive team took the decision to implement organisational and management changes to strengthen leadership and compliance with operational procedures. we moved quickly to implement operational changes, the benefits of which are already becoming evident. we are optimistic that we are on track to deliver our medium term growth strategy. board on 23 april 2025, james thomson stepped down from his role as chair of the board. i assumed the interim role of chair, as well as chair of the nomination committee, and, on 4 july 2025, was appointed as chair of the board. i remain as chair of the audit committee on an interim basis whilst an external search is in progress to appoint a further independent non-executive director to fill this role. strategy we remain committed to our medium-term objective of 3,000 new homes per annum, which could result in profitability broadly tripling and gleeson resuming its position as the fastest growing listed housebuilder in the uk. our strategy remains unchanged, with a clear focus on addressing the country's need for affordable, high-quality new-build homes, and the resulting economic and social benefits that this brings. for gleeson homes, our vision of "building homes. changing lives" remains our key focus. at gleeson land, the team is focused on creating value for their landowner customers through the planning system: "promoting land. unlocking value". we have further developed relationships with key partners, and signed four further partnership deals in the year, with partnership interest in new and existing sites remaining strong and anticipated to increase over the coming months, following the government's recently announced funding and rent settlement for housing associations. the government's changes to the planning system are welcome, and there are early signs of improvement, but more needs to be done to increase the efficiency and consistency of the planning and regulatory systems in order to expedite the provision of much-needed new homes. for gleeson homes, this reinforces our view of the importance of building on brownfield land and the provision of affordable homes. for gleeson land, the reforms should help secure planning where there is a mandatory housing requirement and satisfy the growing demand from other developers for high-quality consented land. building safety the group remains wholly committed to remediating legacy life-critical fire-safety issues as quickly as possible and has a dedicated senior resource overseeing the management of building safety issues. during the year one further building was identified, having potentially been developed by the group through a joint venture, as well as a small low-rise development (below 11m) that the group was involved with developing, which requires minor works. the overall provision of £11.9m at 30 june 2025 (2024: £12.4m) remains appropriate for the remediation of these buildings. we continue to make progress with more buildings in assessment or remediation works in progress, and with two buildings now substantially complete. people i would like to thank all gleeson colleagues for their commitment and support in this difficult year. our latest employee survey showed high levels of engagement and continuing high levels of satisfaction. importantly we also retained our gold accreditation from investors in people. the hard work of our teams, and their commitment to our vision, mission and values underpin the delivery of our strategy. our independently assessed people engagement score of 84% compared favourably to the industry benchmark of 82%, and we remain in the top quartile of all surveyed companies this year. our response rate across the group was 87%, reflecting the importance of the survey to both the business and our people. i am pleased that during the year the group's edi strategy was formally launched and is being embedded across the business.         sustainability and our commitment to science based targets we were delighted to have our greenhouse gas reduction targets validated by the science based targets initiative in may 2025, representing an important step forward in our commitment to near-term and net-zero targets, which are underpinned by comprehensive forecasts and a proposed route to achieve these ambitious goals. gleeson homes' core mission remains fully aligned with un sustainable development goal 11, the first target of which is "access for all to adequate, safe and affordable housing". our analysis of completed sites in areas of high crime demonstrates how our developments help in reducing crime, vividly illustrating the social value that building new homes in 'tough' areas can bring. our sustainability committee and the wider business are focused on our three pillars of sustainability: people, communities and the environment, with targets set and actively managed throughout the year. dividend subject to shareholder approval at the 2025 annual general meeting, the company intends to pay a final dividend of 7.0 pence per share on 21 november 2025 to shareholders on the register at the close of business on 24 october 2025. this brings the total dividend for the year to 30 june 2025 to 11.0 pence per share, which is covered 2.6 times by normalised earnings. the group has an established policy of targeting a range of three to five times dividend cover relative to full year earnings. notwithstanding this policy, which remains unchanged, the board is comfortable recommending a lower level of dividend cover on this occasion, reflecting their confidence in the medium term outlook.   fiona goldsmith chair 15 september 2025        chief executive's statement overview this year has been challenging for gleeson, and despite selling more homes relative to fy2024, there have been factors which stalled our momentum. we have taken the actions necessary to benefit the business through fy2026 and ensure the delivery of our strategic objectives. the margin pressure experienced in gleeson homes is not unique to our business with continued build cost inflation, alongside static demand and selling prices, necessitating the use of incentives and extending site durations. these challenges were exacerbated in gleeson homes not only by legacy issues but also by some issues around process and compliance with procedures resulting in build cost increases in excess of provisions. it became clear to me early in the financial year that the structure and leadership of gleeson homes required fundamental review, and we moved quickly to implement change through project transform, deploying a team from across the business, to conduct that review and recommend remedial actions. during the second half of the year we moved at pace to restructure the business, culminating in the leadership and organisational changes externally announced on 4 july 2025. these margin challenges led to a full year performance which was below our initial expectations. with the benefit of the actions we have taken already becoming evident, i am confident that gleeson homes will deliver a stronger performance in the current financial year. the area of the housing market in which we operate is comparatively stable, and we are maintaining a robust sales rate. we have identified specific opportunities to broaden our customer demographic by expanding our range of homes, with the inclusion of five-bedroom houses, and the introduction of one-bed apartments to edge-of-town locations will improve our competitiveness in faster-selling suburban areas. with a stronger and more disciplined business operating in a broader market, we are excited for the future. we have a business capable and on-track to deliver our objective of 3,000 homes per year. we are also very excited for the prospects at gleeson land. following the reorganisation into three operating areas announced last year and the successful use of its leading data analytics capability, the business is further building on its excellent reputation among landowners and agents, resulting in a strong pipeline of opportunities.  gleeson land is expecting to submit at least 18 new planning applications in the first half of fy2026. having delivered a strongly improved result, the business is enjoying strong momentum. the team added 13 new promotion agreements to the portfolio during fy2025 and is making significant progress towards its objective of becoming the pre-eminent land promoter in the south of england. group results the group generated revenue of £365.8m (2024: £345.3m) and delivered profit before tax and exceptional items of £21.9m (2024: £24.8m), and profit before tax of £20.5m (2024: £24.8m). the group ended the year with net borrowings of £0.8m (2024: net cash £12.9m) and continues to have a strong balance sheet and significant liquidity to invest in new sites and future growth. gleeson homes gleeson homes sold 1,793 homes (2024: 1,772), of which 205 were sold via private multi-unit sale agreements (2024: 346). this outturn is an improvement on the prior year, although fell short of our ambitions. whilst some of this can be attributed to external factors, including the protracted planning system, the pace of delivery is a focus for the current financial year. it was pleasing to see average selling prices increase by 4.3% to £193,600 (2024: £185,700) including the impact of fewer multi-unit sales, increase in bed mix and an increase in underlying sales prices of 0.6%. net reservation rates including multi-unit sales for the full year increased to 0.71 per site per week (2024: 0.52) and excluding multi-unit sales increased to 0.53 (2024: 0.44). cancellation rates reduced from 18% to 17%.  net reservations on open-market sales in the first half were up 13% on the prior year period and in the second half were up 28% on the prior year period. a lack of recovery in the wider housing market, flat selling prices, lack of funding for housing associations and higher than anticipated build costs resulted in both lower volumes and lower margins than we had expected at the beginning of the financial year. this, combined with the cumulative impact of extended site durations, resulted in a reduction in gross margin to 20.7% (2024: 24.1%). the reduction in gross profit margin was partly offset by tightly controlled administrative expenses, resulting in an operating profit before exceptional items of £22.3m (2024: £30.3m) and an operating profit margin of 6.4% (2024: 9.2%). the division enters the new financial year with a stronger forward order book of 845 plots (31 december 2024: 597 plots, 30 june 2024: 559 plots). gleeson homes opened 13 new build sites in the year and was building on 68 sites at 30 june 2025 (2024: 79 build sites). we have retained a healthy pipeline of 164 sites at 30 june 2025 (2024: 179 sites), with our total number of pipeline plots increasing to 19,638 plots (2024: 19,138 plots). we signed four further partnership deals in the year, despite the difficulties presented by the government's delayed announcements on a funding and rent settlement for housing associations, and have a growing pipeline of sites under discussion with partners. project transform: gleeson homes reorganisation "project transform" was initiated in the autumn of 2024. the review identified the need to implement organisational and management changes in order to shorten reporting lines, empower the divisional leadership teams and strengthen regional management as well as reinforcing controls and driving local ownership and accountability. the changes have been successfully implemented at pace, and we are already beginning to see the benefits.  the reorganisation saw the removal of the role of gleeson homes' chief executive with the two divisional managing directors now reporting directly to me. we also created the new role of chief operating officer, with responsibility for central functions, driving performance and governance. again, that function reports directly to me. whilst retaining six regions, we have combined the management teams of greater manchester & merseyside and cumbria into a single leadership team which is affording significant operational synergies. the reorganisation is improving agility, autonomy, ownership and responsiveness in regional performance, and visibility and control at centre. this will ensure stricter adherence to operating procedures and tighter control of costs. i believe we will see a marked improvement in performance and delivery, improving pace and quality of build and management and control of costs. gleeson homes: a blueprint for growth alongside our focus on restoring margin performance we have a number of priorities to ensure a return to profitable growth at gleeson homes. ·      land pipeline and sites the pace of our site purchasing and site opening plans has been negatively impacted by planning delays which, compounded by the time taken to secure utility connections, delayed the opening of new sales sites, leading to lower than expected volumes and increased preliminary costs. overall, we opened fewer than expected build sites in the second half of the year and the number of sales sites will, therefore, be lower during fy2026.  however, with a more advanced pipeline of sites, we expect to open between 20 and 30 build and sales sites and anticipate ending fy2026 with more sales sites. gleeson homes can comfortably reach 3,000 units per annum by selling from 100 sites at an average net reservation rate of 0.60 units per site per week. our margins are expected to improve as we open new sites and deliver greater efficiencies under a more disciplined approach to building. however, significant margin improvement will also depend upon build cost inflation and a market recovery that enables increased selling prices and reduced incentives. ·      partnerships our partnerships strategy is a key element in our growth plans and accelerates our overall objective of delivering 3,000 new homes per annum.  our partnerships team worked hard in the year to build the gleeson partnerships brand, establishing wider relationships with potential partners and working with other areas of the business to improve our house type portfolio to better appeal to the partnership market. we welcome the additional funding for affordable housing and the rent settlement announced by the government, but the delays in the announcement of the quantum and allocation of this funding led to uncertainty from some of our potential partners, subduing the market in the year, a position we anticipate continuing until at least until spring 2026. despite this, we signed four new deals in the year, and continue to expect 20% of our home sales in the medium term to be from partnership sites. of the land bids submitted in the year, around one fifth of these involved partnership discussions at the land bid stage. ·      portfolio we have further broadened our house-type range to include one-bedroom and five-bedroom homes, in response to demand. the one-bedroom units will improve our flexibility, density and competitiveness in more suburban locations, whilst the five-bedroom units will broaden our target customer demographic, including home movers and downsizers. ·      quality and affordability our strategy continues to support our vision of "building homes. changing lives." and our mission of "changing lives by building affordable, quality homes, where they are needed, for the people who need them most". our commitment to quality and affordability remains key to our operating model. we are currently in a process of transition from our previous customer service evaluation, provided independently by in-house, to the nhbc/hbf survey, which will be published for all housebuilders from march 2026. the transition is a significant change for the team, moving from a telephone survey (with naturally higher response rates) to email and post, and capturing data not only at eight weeks but also at nine months following occupation. this additional data will allow us to focus on key areas of improvement, which will be supported by the organisational changes and will focus attention on build programmes and quality. we are making good progress with the transition, but this additional focus was at least in part responsible for a slight but disappointing dip in our recommend score for fy2025 from five-star to four-star. our performance under the nhbc survey is improving fast. we anticipate our initial published grading at four-star for the 2025 calendar year. our scores are strengthening as the year progresses and as the team becomes more familiar with encouraging customers to respond, and we are firmly focused on achieving five-star for the 2026 calendar year. our homes remain highly affordable, with 78% of the homes we sold in the year affordable to a couple on the national living wage. the average selling price of a gleeson home at £193,600 is 34% lower than the average selling price of new build homes in our geographic regions at £295,000. increases in the national living wage also mean that affordability has improved at the lower end of the market, and mortgage payments as a percentage of take-home pay remain low in the north of england and east midlands at 26.3% relative to the uk average of 34.3%. gleeson land gleeson land generated an operating profit of £7.0m (2024: £2.2m) completing the sale of five sites under planning promotion agreements, with the potential to deliver 996 plots for housing development. two further sites were transacted in the year, one land swap (206 plots) with a joint venture provider, and the sale of an option agreement on a site purchased in the year. this result does not yet reflect the significant progress being made in the business, with more sites achieving planning consent during the year and a significant increase in new site promotion agreements secured, reflecting the strengthened team, its strong market reputation and its market leading use of analytics. the division ended the year with a strong portfolio, having eight sites consented or with resolution to grant, which have the potential to deliver 1,343 plots for housing development (2024: seven sites, 1,473 plots), and a further ten sites awaiting a planning decision or in appeal, with the potential to deliver 2,864 plots for housing development (2024: 11 sites, 3,045 plots). gleeson land's portfolio comprises 77 sites, with the potential to deliver 18,401 plots, and 25 acres of commercial land (2024: 71 sites, 16,911 plots, 25 acres of commercial land). the majority of these sites are held under promotion or option agreements. gleeson land: positioned for growth the strengthened team under guy gusterson has added further expertise in planning, technical and land, and invested in developing sector leading analytics capabilities. combined with our greater regional focus, this has allowed us to review a greater number of sites and in greater depth, giving us a better understanding of the residential development potential, and greater confidence of achieving planning permissions. in addition, we have doubled site win rates and increased our bid rates significantly. as it can typically take nine months to contractually secure a site, these improvements are just beginning to be reflected in our portfolio numbers. the regional structure has allowed for closer relationships with landowners and agents, raising brand awareness and improving customer satisfaction as shown in our recent satisfaction survey, where we received a net promoter score of 88.9% and a customer satisfaction rating of 100%. we expect fy2026 profitability to remain broadly flat compared to fy2025 with significant growth expected from fy2027. we have planning consent for the vast majority of the plots expected to contribute to gross profit during the current financial year although this includes one site, representing circa 50% of those plots, which is dependent on finalisation of a technical solution within the period. current trading and outlook gleeson homes' open-market net reservation rates have seen an improvement, in a stable market, and in the 11 weeks to 12 september 2025 were 0.54 per site per week compared with 0.50 per site per week over the comparable period last year, an increase of 8%. cancellation rates were 0.12 per site per week compared with 0.11 per site per week over the comparable period last year. the business has a strong pipeline, and our growth plans are based on an ambitious programme of site openings from land already under control, with the pace constrained only by a planning system that continues to be under-resourced. since the year end we have signed two further partnership transactions, with several further opportunities in negotiation.  we continue to target circa 20% of home sales from partnership sites, which will be supported in the medium term by the continuing demand for prs and the government's recently announced funding package for the affordable market. the board remains confident that, in delivering its objective of selling 3,000 new homes per annum, group profitability could broadly triple and the company would resume its position as the fastest growing listed housebuilder in the uk. with a number of sites close to achieving planning and others in sale processes, gleeson land is well placed to deliver another robust performance in fy2026 and is strongly positioned for significant growth from fy2027. the group starts the new year with a stronger forward order book and a stable sales rate in gleeson homes and a strengthened portfolio in gleeson land.   graham prothero chief executive officer 15 september 2025      business review - gleeson homes   2025 2024 homes sold 1,793 1,772 average selling price £193,600 £185,700 operating profit* £22.3m £30.3m operating margin* 6.4% 9.2% *stated before exceptional restructuring costs of £1.3m in 2025 and £nil in 2024.     2025 2024 2023 2022 2021 plots owned 7,511 7,420 7,674 8,478 7,930 plots conditionally purchased 12,127 11,718 9,701 8,336 7,933 total plots in pipeline 19,638 19,138 17,375 16,814 15,863   results gleeson homes completed the sale of 1,793 homes during the year (2024: 1,772), an increase of 1.2% on the previous year. of the homes sold, 205 were sold via private multi-unit agreements (2024: 346). revenue increased by 5.8% to £348.2m (2024: £329.0m) due to the increase in homes sold, land sales of £1.2m (2024: £nil) and an increase in the average selling price (asp) of homes sold during the year by 4.3% to £193,600 (2024: £185,700). this increase was driven by a lower proportion of sales under multi-unit agreements at lower asp, house type mix and higher underlying selling prices which were up 0.6%, offset by changes in mix of site locations. gross margin on homes sold decreased to 20.7% (2024: 24.1%) reflecting the impact of build cost inflation, the increased use of incentives to secure sales, additional costs in respect of legacy sites approaching closure and the cumulative impact of other build costs increases and extended site durations. despite the increase in the volume of homes sold and the increase in average selling price, the decrease in gross margin resulted in gross profit decreasing by 9.0% to £72.1m (2024: £79.2m). administrative expenses, which include sales and marketing costs, increased by £0.8m to £50.0m before exceptional items (2024: £49.2m) driven by inflationary cost increases and further investment in it infrastructure and retail space running costs. other operating income amounted to £0.1m (2024: £0.3m). consequently, operating profit before exceptional items decreased by 26.4% to £22.3m (2024: £30.3m) and operating margin decreased from 9.2% to 6.4%. market demand gleeson homes reservation rates improved over the year, but are still below historic levels as consumer confidence remains weak due to sustained macroeconomic uncertainty. net reservation rates over the second half of the financial year, excluding multi-unit sales, averaged 0.64 per site per week, up 28% on the previous year. interest rates peaked in the previous financial year, with the latest reduction announced in august 2025 to 4.0%. whilst affordability has improved, especially in the north and midlands, consumer confidence remains fragile. for the medium and longer term, the critical need for new housing in our regions, coupled with good affordability and a structural undersupply, means that there is a vast, underserved market of customers. we also anticipate increasing demand in partnerships, as the continuing demand from private rental investment is supplemented by renewed interest from the housing associations from spring 2026. partnership agreements our partnerships team spent the year actively building our brand, forging strong partner relationships and refining our house type offerings to better serve the partnership market. •    qualified as a homes england investment partner, allowing us to receive funding under the affordable homes   programme. •  developed our 'partnerships toolkit', a suite of resources to support our services to partners and ensure standardisation of our partnership product, which will drive efficiencies on these sites. •  established strong connections with a range of partners, including registered providers and single-family housing providers (sfh).   sites gleeson homes opened 13 new build sites during the year and started the new financial year with 68 active build sites (2024: 79), of which 57 were actively selling (2024: 62). due to the continued difficulties experienced with the planning system, there have been delays in opening build sites meaning that sales sites are now opening later than expected. our average active build sites and sales sites were 76 and 63 respectively (2024: 79 and 65 sites). gleeson homes' developments are located across the north of england and midlands, with plans to continue expanding in existing regions. the business expects to open between 20 and 30 build sites during the current financial year and be building and selling on more sites by 30 june 2026. pipeline the pipeline of owned and conditionally purchased sites increased by 2.6% to 19,638 plots on 164 sites at 30 june 2025, representing over ten years of sales (2024: 19,138 plots on 179 sites). of the total plots, 7,511 plots are owned (2024: 7,420 plots) and 12,127 plots have been conditionally purchased subject to receiving planning permission (2024: 11,718 plots). during the year, 25 new sites were added to the pipeline, whilst 24 sites were completed and 16 sites did not proceed to purchase.            business review - gleeson land   2025 2024 site transactions 7 4 plots sold 996 520 gross profit £11.1m £5.3m operating profit £7.0m £2.2m     2025 2024 plots held under option 3,665 4,817 plots held under promotion agreement 13,536 11,610 plots held freehold 1,200 484 total plots in portfolio 18,401 16,911     2025 2024 consented (including resolution to grant) 8 7 awaiting planning 10 11 allocated 5 5 unallocated 54 48 total sites in portfolio 77 71   results during the year, gleeson land completed seven land transactions. five sites with residential planning permission for 996 plots (2024: four sites, 520 plots) were sold under planning promotion agreements. in addition, gleeson land completed a land swap (206 plots) with a collaborative partner in which the division took 100% control of one agreement in exchange for relinquishing its interests in another agreement, and completed the sale of an option agreement for £1.0m on a site purchased in the year. the five promotion agreement sites sold in the year totalled 149 gross acres (2024: 85 acres). as a result, revenue from land sales increased to £17.6m (2024: £16.3m). total gross profit for the year was £11.1m (2024: £5.3m). gross profit is stated after increases to inventory provisions of £0.5m during the year (2024: £3.3m increase) which reflects the outcome of planning decisions and our assessment of the planning prospects for individual sites. overheads for the business increased to £4.1m (2024: £3.1m) reflecting the continued investment in executing the division's growth strategy. the increase in gross profit partly offset by the increase in overheads resulted in an operating profit for the division of £7.0m (2024: £2.2m). following the changes to the national planning policy framework in december 2024, gleeson land have identified a number of sites that will come forward earlier than previously expected. we enter the current year having sold one site with a further ten sites awaiting planning approval. we expect this trend to continue as the government commits to fixing the issues in the planning system and the wider housing market. gleeson land has prioritised investing in a high quality, highly experienced and motivated team to ensure we provide the best possible service in the land promotion market. regionalising the business has allowed us to take a more focused approach and utilise local expertise in our selected regions. in addition, the continued investment in our research and analytics team has enabled the use of market leading data analytics capabilities, enhancing the process of analysing sites, winning bids and securing planning permissions. planning this year, gleeson land submitted planning applications on six sites with the potential to deliver 925 plots (2024: four sites, 483 plots) and achieved planning consent or resolution to grant on seven sites (2024: five sites). after the disappointment of the previous year where we had planning permission refused on six sites, including five that went to appeal, only two sites were refused planning permission during the year, with both of these sites subsequently successfully appealed. this is reflective of signs of improvement within the planning system, however the continuing issue with resources is still acting as a blocker to the supply of consented land and new housing developments. we ended the year with ten sites awaiting a decision on planning applications or in appeal (2024: 11 sites). the business has a strong immediate pipeline, with eight sites either with planning permission or resolution to grant, with the potential to deliver 1,343 plots for housing development (2024: seven sites, 1,473 plots). portfolio during the year, 13 high-quality new sites (2,732 plots) were added to the portfolio, secured under planning promotion agreements. at 30 june 2025, the business had a portfolio totalling 77 sites (2024: 71 sites) with the potential to deliver 18,401 plots (2024: 16,911 plots) plus 25 acres of commercial land (2024: 25 acres). a significant proportion of the portfolio is held under option and promotion agreements with landowners, which means we benefit from initial lower investment and mitigate the risks associated with fluctuating land values. the portfolio includes a variety of sites with differing planning statuses, allowing for both immediate and long-term growth opportunities. we play a critical role in the housing supply chain, essential for unlocking development in areas where new homes are most needed. our planning approach centres on delivering well-designed developments that not only enrich communities and address local needs, including affordable housing, but also provide the significant benefit of green open spaces. having regionalised the business into three distinct operating regions; southern, western and central, gleeson land has a more focused approach and leverages local expertise to grow share in its selected regions. the enhanced bench-strength is enabling margin to be maintained whilst growing volume, ultimately improving returns year on year. award winning customer focus we commissioned an independent expert, in-house research, to conduct a satisfaction survey with our customers, including landowners and land agents. we received a weighted net promoter score of 88.9% and a customer satisfaction rating of 100%. tom weston, chief executive of in-house research, commented: "achieving a 100% satisfaction rating is a testament to the professionalism, transparency, and client-focused approach of gleeson land. in an industry where strong relationships and trust are key, these results demonstrate the high regard in which gleeson is held by its landowner and agent partners." our aim is to embed a customer centric culture into everything we do. in our recent employee engagement survey, 100% of our staff agreed that "the company takes time to listen to our customers' needs" and "our customers are the heart of our company". as a team, we are laser-focused on making sure that our customers feel valued in all of our dealings with them and we demonstrate the value that we bring as the most reliable and professional land promoter in the industry.                        financial review introduction the business has faced several challenging headwinds this year, and while we have seen some signs of improvement, the market remains nervous. despite these headwinds we increased net reservation rates to 0.71 per site per week over the year (2024: 0.52). excluding multi-unit sales net reservation rates improved by 20% to 0.53 per site per week (2024: 0.44) and gleeson homes delivered 1.2% volume growth during the year. margins faced increasing pressure during the year, driven by the impact of build cost inflation, the increased use of incentives to secure sales, additional costs in respect of legacy sites approaching closure and the cumulative impact of other build cost increases in excess of provisions, and extended site durations. gleeson homes has a clear pathway to reach its medium-term objective of delivering 3,000 homes per annum, in a more stable market environment, by opening significantly more sites each year than it expects to complete. this trajectory will be accelerated through the addition of further partnership agreements. our medium-term objective of 3,000 new homes per annum could see profit before tax broadly triple and gleeson resume its position as the fastest growing listed housebuilder in the uk. revenue group revenue increased 5.9% to £365.8m (2024: £345.3m) with increases in both gleeson homes and gleeson land. gleeson homes' revenue increased by 5.8% to £348.2m (2024: £329.0m). the number of homes sold increased by 1.2% to 1,793 (2024: 1,772) despite the average number of sales sites, at 62.8, being slightly lower than the previous year (2024: 64.8 average sales sites). the average selling price ("asp") at £193,600 was 4.3% higher than the previous year (2024: £185,700) driven by a lower proportion of multi-unit sales and a larger house-type mix, an increase in underlying selling prices which were up 0.6% which was marginally offset by regional mix. revenue includes £1.2m for the sale of surplus land in the year. gleeson land completed seven land transactions in the year (2024: four), which included a collaborative land swap with a joint venture partner and the sale of a site under an option agreement with revenue recognised for the non-refundable premium received. as a result, revenue increased by 8.0% to £17.6m (2024: £16.3m). we commence the new financial year in a strong position with eight sites with consent or resolution to grant (2024: seven sites) and ten sites awaiting a planning decision (2024: 11 sites). gross profit gross profit for the group decreased by 1.5% to £83.2m (2024: £84.5m), driven by a £5.8m increase in gleeson land gross profit to £11.1m (2024: £5.3m) being more than offset by a £7.1m decrease in the gross profit in gleeson homes to £72.1m (2024: £79.2m). the gross profit margin for gleeson homes decreased to 20.7% (2024: 24.1%) reflecting additional costs on a number of older sites, increased fixed site costs as site durations extended, the impact of multi-unit and affordable sales and the greater use of sales incentives. gross profit includes one land sale in the year generating £0.2m gross profit. gross profit margin on home sales excluding this land sale was 20.7%. the gleeson land gross profit includes an increase in inventory provisions of £0.5m (2024: £3.3m). administrative expenses administrative, sales and marketing expenses excluding exceptional costs increased by £1.7m (3.0%) in the year to £57.9m (2024: £56.2m) reflecting investment in the gleeson land management team, inflationary cost increases in gleeson homes which were partly offset by reduced headcount, and increased site maintenance costs in gleeson homes. profit for the year group operating profit before exceptional items reduced to £25.4m (2024: £28.6m), an 11.2% decrease on the prior year. this was due to lower operating profit in gleeson homes of £22.3m (2024: £30.3m) offset by an increase in gleeson land operating profit to £7.0m (2024: £2.2m). group overheads were in line with the prior year at £3.9m (2024: £3.9m). net finance expenses decreased to £3.5m (2024: £3.7m) due to the impact of lower interest rates during the year and lower borrowings. as a result, the group delivered profit before tax and exceptional items of £21.9m (2024: £24.8m). profit before tax after exceptional items was £20.5m (2024: £24.8m).     exceptional items the £1.3m exceptional cost incurred in the year (2024: nil) relates to the reorganisation of the gleeson homes business. following the identification of further cost to complete increases in the year, structural and management changes were implemented in order to position the business for controlled growth, whilst addressing margin issues. tax the tax charge of £4.7m (2024: £5.5m) represents an effective tax rate of 23.0% against the headline rate of 25.0%. the most significant factor benefitting the group's tax charge is land remediation relief, whereby relief is granted on an additional 50% of qualifying remediation expenditure. many of our sites are on brownfield land and require significant remediation prior to use. profits for the year are below the thresholds for residential property developers' tax ("rpdt"), which was effective from 1 april 2022 and applies to profit from residential property development activity on profits over £25.0m. profit after tax profit after tax for the year decreased 18.1% to £15.8m (2024: £19.3m). pre-exceptional profit after tax decreased by 12.4% to £16.9m (2024: £19.3m). earnings per share basic earnings per share decreased by 18.1% to 27.1 pence (2024: 33.1 pence). pre-exceptional basic earnings per share decreased by 12.7% to 28.9 pence (2024: 33.1 pence). return on capital employed return on capital employed decreased 150 basis points to 8.6% (2024: 10.1%) caused by the reduction in profit. balance sheet during the year to 30 june 2025, shareholders' funds increased by 3.4% to £307.7m (2024: £297.7m). net assets per share increased to 527 pence, an increase of 3.3% year on year (2024: 510 pence). non-current assets increased during the year by 20.4% to £11.8m (2024: £9.8m). this was mostly due to an increase in land receivables due over one year in gleeson land of £3.2m, offset by a reduction in property, plant and equipment of £0.8m with a lower level of capital expenditure compared to the previous year and a reduction in deferred tax assets. current assets increased by 10.7% to £407.6m (2024: £368.2m). inventories increased by 10.3% to £380.8m (2024: £345.2m) as a result of the increased investment in both gleeson homes and gleeson land, including the purchase of a site in gleeson land for £6.9m over which we have sold an option that we expect to be exercised within 12 months of the year end. trade and other receivables increased by £9.8m to £19.0m as a result of receivables on gleeson land's sales during the year amounting to £6.8m, and vat receivable of £3.6m. we ended the year with net borrowings of £0.8m as a result of the investment in land assets and higher receivables (2024: cash and cash equivalents £12.9m). cash and bank facilities the group has a committed facility with lloyds bank plc and santander uk plc with a facility limit of £135m. the facility has been extended by one year and will expire in october 2027 but has a further one year uncommitted extension option which we expect to utilise. the facility provides the group with the liquidity to invest in new sites and support gleeson homes growth plans. dividends subject to shareholder approval at the 2025 annual general meeting, the company intends to pay a final dividend of 7.0 pence per share on 21 november 2025 to shareholders on the register at the close of business on 24 october 2025. this brings the total dividend for the year to 30 june 2025 to 11.0 pence per share, which is covered 2.6 times by normalised earnings. the group has an established policy of targeting a range of three to five times dividend cover relative to full year earnings. notwithstanding this policy, which remains unchanged, the board is comfortable recommending a lower level of dividend cover on this occasion, reflecting their confidence in the medium term outlook. stefan allanson chief financial officer 15 september 2025   audited consolidated income statement for the year ended 30 june 2025       2025 pre-exceptional items   2025 exceptional items (note 3)   2025 total 2024 total  £000 £000  £000  £000        revenue 365,817 - 365,817 345,345 cost of sales (282,652) - (282,652) (260,811) gross profit 83,165 - 83,165 84,534         administrative expenses (57,920) (1,343) (59,263) (56,233) other operating income 137 - 137 252 operating profit 25,382 (1,343) 24,039 28,553         finance income 141 - 141 109 finance expenses (3,636) - (3,636) (3,813) profit before tax 21,887 (1,343) 20,544 24,849        tax (5,030) 309 (4,721) (5,543) profit for the year attributable to the equity holders of the parent     16,857     (1,034) 15,823 19,306         earnings per share            basic 28.88 p   27.11 p 33.13 p      diluted 28.88 p   27.11 p 33.04 p          audited consolidated statement of comprehensive income for the year ended 30 june 2025       2025 pre-exceptional items   2025 exceptional items (note 3)   2025 total   2024 total   £000 £000  £000  £000        profit for the year 16,857 (1,034) 15,823 19,306         other comprehensive income items that may be subsequently reclassified to profit or loss       change in fair value of shared equity receivables at fair value 67 - 67 171         other comprehensive income for the year (net of tax)   67   -   67   171 total comprehensive income/(expense) for the year     16,924     (1,034) 15,890 19,477             audited consolidated statement of financial position as at 30 june 2025     2025 2024   £000  £000    non-current assets   property, plant and equipment 8,495 9,269 trade and other receivables 3,304 243 deferred tax assets - 317  11,799 9,829 current assets   inventories 380,847 345,234 trade and other receivables 18,951 9,283 uk corporation tax 1,286 767 cash and cash equivalents 6,490 12,934  407,574 368,218    total assets 419,373 378,047     non-current liabilities   trade and other payables (11,287) (6,614) provisions (7,736) (10,073) deferred tax liabilities (73) -  (19,096) (16,687) current liabilities   loans and borrowings (5,000) - bank overdraft (2,269) - trade and other payables (79,822) (60,594) provisions (5,520) (3,024)  (92,611) (63,618)     total liabilities (111,707) (80,305)     net assets 307,666 297,742     equity   share capital 1,169 1,168 share premium 15,843 15,843 own shares (232) (456) retained earnings 290,886 281,187 total equity 307,666 297,742        audited consolidated statement of changes in equity for the year ended 30 june 2025   share  capital share premium own    shares retained earnings total equity  £000 £000 £000 £000 £000        at 1 july 2023 1,167 15,843 (743) 269,749 286,016       profit for the year         -   - -   19,306 19,306 other comprehensive income - - - 171 171 total comprehensive income for the year         -   - - 19,477 19,477       share issue 1 - - - 1 purchase of own shares - - (106) -   (106) utilisation of own shares - - 393 (393) - share-based payments               -   - - 218 218 movement in tax on share-based payments taken directly to equity - - - (284) (284) dividends               -   - - (7,580) (7,580) transactions with owners, recorded directly in equity 1 - 287 (8,039) (7,751)        at 30 june 2024 1,168 15,843 (456) 281,187 297,742             profit for the year         -   - - 15,823 15,823 other comprehensive income - - - 67 67 total comprehensive income for the year         -   - - 15,890 15,890            share issue 1 - - - 1 purchase of own shares - - (69) - (69) utilisation of own shares - - 293 (217) 76 share-based payments               -   - - 660 660 movement in tax on share-based payments taken directly to equity - - - (210) (210) dividends               -   - - (6,424) (6,424) transactions with owners, recorded directly in equity   1   - 224 (6,191)   (5,966)         at 30 june 2025 1,169 15,843 (232) 290,886 307,666          audited consolidated statement of cash flows for the year ended 30 june 2025     2025 2024   £000  £000 operating activities   profit before tax 20,544 24,849    depreciation of property, plant and equipment 4,272 4,621 share-based payments 660 218 profit on redemption of shared equity receivables (57) (182) increase/(decrease) in provisions including exceptional items 159 (382) loss on disposal of property, plant and equipment 414 466 finance income (141) (109) finance expenses 3,636 3,813    operating cash flows before movements in working capital 29,487 33,294    increase in inventories (35,613) (608) (increase)/decrease in receivables (12,708) 4,224 increase/(decrease) in payables 23,313 (9,323)    cash generated from operating activities 4,479 27,587    tax paid (5,061) (5,572) finance costs paid (3,364) (4,029)    net cash (used in)/generated from operating activities (3,946) 17,986    investing activities   proceeds from disposal of shared equity receivables 185 678 interest received 138 31 purchase of property, plant and equipment (2,045) (2,039)    net cash used in from investing activities (1,722) (1,330)     financing activities   increase in loans and borrowings 5,000 - net proceeds from issue of shares 1 1 purchase of own shares (69) (106) dividends paid (6,424) (7,580) principal element of lease payments (1,553) (1,196)    net cash used in financing activities (3,045) (8,881)         net (decrease)/increase in cash and cash equivalents (8,713) 7,775 cash and cash equivalents at beginning of period 12,934 5,159 cash and cash equivalents at end of period, net of bank overdrafts 4,221 12,934      notes to the financial information for the year ended 30 june 2025   1. accounting policies   statement of compliance the group financial statements have been prepared and approved by the directors in accordance with uk-adopted international accounting standards and with the requirements of the companies act 2006 as applicable to companies reporting under those standards. notes on the preliminary statement the financial information set out above does not constitute the group's statutory accounts for the years ended 30 june 2025 ("2025") or 30 june 2024 ("2024"), but is derived from those accounts. statutory accounts for 2024 have been delivered to the registrar of companies, and those for 2025 will be delivered in due course. the auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the companies act 2006.   cautionary statement this report contains certain forward-looking statements with respect to the financial condition, results, operations and business of mj gleeson plc. these statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. there are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. nothing in this report should be construed as a profit forecast.   directors' liability neither the company nor the directors accept any liability to any person in relation to this report except to the extent that such liability could arise under english law. accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90a of the financial services and markets act 2000.   basis of preparation the accounting policies adopted in the preparation of these accounts are consistent with those described in the annual report and accounts for the year ended 30 june 2024.   going concern the group has a committed revolving credit facility with lloyds bank plc and santander uk plc with a facility limit of £135m. during the year, the uncommitted one-year extension option was exercised and the facility now expires in october 2027 (previously october 2026). the facility has a further one-year uncommitted extension option provided by both banks.   at the balance sheet date, the group had borrowings of £5.0m (2024: £nil), cash and cash equivalents of £6.5m (2024: £12.9m) and an overdraft of £2.3m (2024: £nil). borrowings net of cash, therefore, was £0.8m and the total unused facility was £127.7m (2024: £135m).   current forecasts are based on the latest budget and plan approved by the board in july 2025. this reflected a cautious view on the trading outlook based on the current market conditions and the degree of macro-economic risk.   these forecasts were then subject to a range of sensitivities including a severe but plausible scenario together with the likely effectiveness of mitigating actions. the assessment considered the combined impact of a number of realistically possible, but severe and prolonged changes to principal assumptions from a downturn in the housing and land markets including:   •           a reduction in gleeson homes sales volumes of approximately 20% with no recovery; •           a reduction in gleeson homes selling prices by 5% permanently; and •           a delay on gleeson land transactions and a 10% fall in land selling values.   under these sensitivities, after taking certain mitigating actions, the group continues to have a sufficient level of liquidity, operate within its financial covenants and meet its liabilities as they fall due.         1. accounting policies (continued) based on the results of the analysis undertaken, the directors have a reasonable expectation that the company and the group have adequate resources available to continue in operation for the foreseeable future and operate in compliance with the group's bank facilities and financial covenants. as such, the financial statements for the company and the group have been prepared on a going concern basis. 2. segmental analysis the group is organised into the following two operating divisions under the control of the executive board, which is identified as the chief operating decision maker as defined under ifrs 8 "operating segments":   ·              gleeson homes ·              gleeson land   all of the group's operations are carried out entirely within the united kingdom. segmental information about the group's operations is presented below:    2025 pre-exceptional items 2025 exceptional items (note 3) 2025 total 2024 total   £000 £000 £000 £000  revenue        gleeson homes 348,249 - 348,249 329,006  gleeson land 17,568 - 17,568 16,339   total revenue 365,817 - 365,817 345,345          divisional operating profit        gleeson homes 22,253 (1,343) 20,910 30,301  gleeson land 6,996 - 6,996 2,151   29,249 (1,343) 27,906 32,452  group administrative expenses (3,867) - (3,867) (3,899)  group operating profit 25,382 (1,343) 24,039 28,553  finance income 141 - 141 109  finance expenses (3,636) - (3,636) (3,813)  profit before tax 21,887 (1,343) 20,544 24,849  tax (5,030) 309 (4,721) (5,543)   profit for the year 16,857 (1,034) 15,823 19,306     revenue in the gleeson homes segment primarily relates to the sale of residential properties. in addition, within revenue for gleeson homes is £1,215,000 relating to land sales (2024: £nil). there was no revenue recognised in respect of partnership arrangements during the year to 30 june 2025 (2024: £nil). all revenue for the gleeson land segment is in relation to the sale of land interests and overages on the sale of land. there is no revenue relating to group activities.   no single customer accounted for more than 10% of revenue (2024: one single customer accounted for 13.4% in gleeson homes).   balance sheet analysis of business segments:                     2025 2024     assets   liabilities net assets/ (liabilities)   assets   liabilities net assets/ (liabilities)  £000 £000 £000 £000 £000 £000          gleeson homes 352,143 (92,195) 259,948 329,927 (76,029) 253,898 gleeson land 58,805 (9,931) 48,874 34,158 (2,582) 31,576 group activities 1,935 (2,312) (377) 1,028 (1,694) (666) cash and cash equivalents/                 (borrowings and bank overdrafts) 6,490 (7,269) (779) 12,934 - 12,934  419,373 (111,707) 307,666 378,047 (80,305) 297,742       3. exceptional items reorganisation during the year there was a reorganisation of the gleeson homes division, the purpose of which was to shorten reporting lines, empower the divisional leadership teams and strengthen regional management. this process involved the consultation of a number of employees prior to the year end and principally two regions, greater manchester & merseyside and cumbria, whilst remaining separate operating regions, will now come under a single leadership team. in addition, as part of the leadership changes, the role of gleeson homes chief executive was removed.   the restructuring expense of £1,343,000 included redundancy costs of £852,000 and legal and consultancy costs of £491,000. the amount, combined with the number of colleagues directly and indirectly impacted by the reorganisation, and the fact that this was a one-off cost, made this an exceptional item in the year. as at 30 june 2025, £625,000 remained as a provision.   4. tax  2025 2024  £000 £000 current tax   current year expense 4,609 5,699 adjustment in respect of prior years (68) (352) current tax expense for the year 4,541 5,347    deferred tax   current year expense 115 107 adjustment in respect of prior years 65 89 deferred tax expense for the year 180 196    total tax charge for the year 4,721 5,543    corporation tax has been calculated at 23.0% of assessable profit for the year (2024: 22.3%). the applicable uk corporation tax rate is 25.0%.   the charge for the year can be reconciled to the profit per the consolidated income statement as follows:   2025 2024  £000 £000    profit before tax 20,544 24,849    profit before tax multiplied by the standard rate of uk corporation tax 25.0% (2024: 25.0%) 5,136 6,212 tax effect of:   expenses not deductible for tax purposes 50 114 non-qualifying depreciation 120 123 adjustment for share-based payments 180 45 land remediation relief (741) (739) impact of change in tax rate on deferred tax 14 - adjustments in respect of prior years - current tax (68) (352) adjustments in respect of prior years - deferred tax 65 89 residential property developers tax - 51 movement in deferred tax not recognised (35) - total tax charge for the year 4,721 5,543   tax recognised on equity-settled share-based payments 2025 2024  £000 £000    deferred tax related to equity-settled share-based payments 210 284 total tax recognised on equity-settled share-based payments 210 284     5. dividends  2025 2024  £000 £000 amounts recognised as distributions to equity holders in the year:      interim dividend for the year ended 30 june 2025 of 4.0p (2024: 4.0p) per share 2,336 2,332 final dividend for the year ended 30 june 2024 of 7.0p (2023: 9.0p) per share 4,088 5,248  6,424 7,580   a final dividend of 7.0 pence per share has been proposed for the year ended 30 june 2025, equating to £4,088,000 (2024: £4,088,000). this is subject to approval by shareholders at the agm on 14 november 2025 and has not been recognised in these financial statements.   6. earnings per share the calculation of basic and diluted earnings per share is based on the following data:   2025 2024 earnings £000 £000    profit for the year 15,823 19,306    exceptional items (note 3) 1,343 - tax on exceptional items (309) - profit for the year - pre-exceptional items 16,857 19,306        2025 2024   no. 000 no. 000 number of shares   weighted average number of ordinary shares for the purposes of basic earnings per share 58,370 58,281 effect of dilutive potential ordinary shares:   - share-based payments - 154 weighted average number of ordinary shares for the purposes of diluted earnings per share 58,370 58,435     2025 2024   pence pence basic earnings per share 27.11 33.13 diluted earnings per share 27.11 33.04    basic earnings per share - pre-exceptional items 28.88 33.13 diluted earnings per share - pre-exceptional items 28.88 33.04      7. related party transactions during the year ended 30 june 2021, the group exchanged contracts on a conditional agreement to purchase an area of land from hampton investment properties ltd ("hipl") for £1,050,000. hipl is a company in which north atlantic smaller companies investment trust plc ("nascit"), a substantial shareholder in the company, holds a majority investment. in addition, christopher mills, a non-executive director of the company, is considered a related party by virtue of his interest in and directorship of nascit and his position as a director of hipl. the land, if purchased, will form part of a new gleeson homes site being developed in the ordinary course of business. approval of this purchase was granted by the majority of shareholders at the agm in december 2019.     other than disclosed above, there were no other transactions with key management personnel in either the current or prior year.             statements of directors' responsibilities the full statement of directors' responsibilities is made in respect of the annual report and accounts and the financial statements, not the extracts from the financial statements as set out in this announcement.   the 2025 annual report and accounts comply with the united kingdom's financial conduct authority disclosure guidance and transparency rules in respect of the requirement to produce an annual financial report.   we confirm that to the best of our knowledge:   ·      the group and company financial statements, contained in the 2025 annual report and accounts, which have been prepared in accordance with uk-adopted international accounting standards and in conformity with the requirements of the companies act 2006, give a true and fair view of the assets, liabilities, financial position and profit of the group and loss of the company; and ·      the strategic report, contained in the 2025 annual report and accounts, includes a fair review of the development and performance of the business and the position of the group and company, together with a description of the principal risks and uncertainties that it faces.   the directors consider that the 2025 annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the group and company's position and performance, business model and strategy.   by order of the board     graham prothero                                             stefan allanson chief executive officer                                      chief financial officer 15 september 2025     the 2025 annual report and accounts is to be published on the company's website, mjgleesonplc.com, in due course and sent out to those shareholders who have elected to continue to receive paper communications. copies will be available from the company secretary, 6 europa court, sheffield business park, sheffield, s9 1xe. this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   fr uvvkrvsukaar return to news summary

Label: Gestiegen