MJ Gleeson profit up 11% as demand for homes remains resilient

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House builder MJ Gleeson posted an 11% rise in annual profit after it sold more homes at a higher average price.

Pre-tax profit for the year through June climbed to £41.2m, up from £37.0m on-year.

Revenue jumped 27% to £249.9m after the company sold 1,529 units, up from 1,225 units.

It achieved an average selling price of £128,900, up from £125,200 on-year.

MJ Gleeson declared a full-year dividend of 34.5p per share, up 8% on-year.

'Our unique business model of building low-cost homes in the north of England and the midlands and strategic land sales in the south continues to deliver outstanding results,' chairman Dermot Gleeson said.

'Despite the uncertainties caused by Brexit, demand for our homes continues to be extremely strong.'

At 9:19am: (LON:GLE) Gleeson M J Group PLC share price was -16p at 834p