LONDON - British housebuilder MJ Gleeson has experienced a downturn, with its subsidiary Gleeson Homes reporting a 14% drop in sales to 769 units. The company has also forecasted a reduction in gross margins of up to 2%, signaling pressure on profitability.
The shift from a net cash position to net debt for MJ Gleeson has been attributed to increased investments within the company. Despite these challenging market conditions and rising costs, there is a glimmer of hope with a forward order book that includes 586 plots.
MJ Gleeson is gearing up for what is typically a robust selling period, setting sights on a recovery in demand for their affordable housing offerings. This comes at a time when the company's shares have seen a notable decrease, trading at 489.0p today.
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