Strategic Land Update

RNS Number : 3406Q

MJ Gleeson PLC

17 June 2015

 

17 June 2015

MJ GLEESON PLC

GLEESON STRATEGIC LAND - UPDATE

MJ Gleeson plc (GLE.L) has unconditionally exchanged on the sale of a 12.5 acre site in Sussex, which has planning permission for the development of 75 homes. 

Whilst completion will occur in July 2015, there are no conditions to satisfy prior to completion and, accordingly, the sale will be recognised in the current financial year ending 30 June 2015.

The Group previously advised that "underlying profit for the full year, excluding the write down in investments and the cost of the restructuring successfully completed in December 2014, was expected to be in line with current expectations and could exceed expectations, subject to the timing of any additional Strategic Land sales".  Following this disposal, the Board now expects the result to be ahead of current expectations.

Enquiries:

MJ Gleeson plc		Tel: [phone]
Jolyon Harrison	Chief Executive Officer
Alan Martin	Chief Financial Officer
Instinctif		Tel: [phone]
Mark Garraway
Helen Tarbet

Notes to Editors

MJ Gleeson plc operates in the house building sector through the following business units; Gleeson Homes, which focuses on estate regeneration and housing development on brownfield land in the North of England; and Gleeson Strategic Land, which purchases options over land in the South of England with the objective of enhancing the value of the site concerned by securing residential planning permission.

 

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