Sheffield-based firm reveals target as it announces a 13% hike in turnover
Gleeson has set itself a target of doubling the number of homes it builds annually to 2,000 units by 2022.
The Sheffield-based firm revealed the new goal as it announced a 13% hike in revenue for year to the end of June 2017 to 拢160.4m, while pre-tax profit rose 17% to 拢33m. A final dividend of 24p, up 66%, would be paid to shareholders, it added.
The group鈥檚 housebuilding operation, which focuses on the North of England, delivered 1,013 homes, up 12%, selling for an average price of 拢122,700, slightly down on the previous year due to what it called legacy issues relating to one site and the mix of units it sold.
And Gleeson鈥檚 strategic land business, much of which is focused in and around the south east of the UK, sold eight sites during the year, generated an operating profit of 拢12m, up 18%.
Chief executive Jolyon Harrison said that two thirds of people buying a Gleeson home used 鈥楬elp To Buy鈥� finance, while 鈥榯ypical鈥� customers were 鈥渂lue collar workers aged between 18 and 33鈥�.
鈥淗elping young people out of housing poverty and the rent trap is very rewarding in every way and our responsible business model endeavours to work with our customers and engage with them to our mutual benefit.鈥�
Glesson stipulates that some properties, such as those sold in Newcomen Park, Cleveland (pictured), are only sold to first-time buyers who are currently living in rented accommodation, live within two miles of the site and are using 鈥楬elp To Buy鈥�.
And in the wake of recent controversy over leasehold houses, Harrison said he 鈥渘ever understood the need to sell properties leasehold鈥� and the group only had two such properties, 鈥渁s stipulated by Burnley council鈥�, where the ground rent had been reduced 鈥渢o a peppercorn鈥�.
In early trading shares in the group were up 4% to 645p.
No comments yet