MJ Gleeson Full Year 2024 Earnings: EPS Beats Expectations, Revenues Lag
Thursday, Oct 24, 2024 1:36 am ET
1min read MJ Gleeson plc (GLE.L) reported its full-year 2024 earnings on 18 September 2024, with earnings per share (EPS) beating expectations despite revenues falling short of forecasts. The company's earnings were driven by strong operating margins and cost structures, as well as a robust performance from Gleeson Homes.
Gleeson Homes, the company's primary revenue driver, saw a 2.6% increase in revenue to £329.0 million, despite a 13.4% decline in operating profit to £30.3 million. The division's strong customer recommendation score of 95.3% and five-star status in each of its six regions contributed significantly to the earnings growth. Additionally, Gleeson Homes' net reservation rates improved by 28% in the 10 weeks to 6 September 2024, offsetting the lower average selling prices.
Gleeson Land, the company's land division, also played a crucial role in the overall earnings picture. Despite a 120% increase in operating profit to £2.2 million, the division's revenue grew by 117.3% to £16.3 million. Gleeson Land's improved performance and pipeline growth contributed to the company's overall earnings, with the division expected to deliver an improved performance in fiscal year 2025.
The company's strategic initiatives, such as partnerships and site openings, are poised to drive future earnings growth. Gleeson Homes signed its first partnership agreement during the year and a second post-period end in August, diversifying its open market business and reducing risk. The company is confident that Gleeson Homes will meet market expectations for the current year and fulfill an ambitious program of site openings, which will drive growth for fiscal year 2026 and beyond.
In conclusion, MJ Gleeson's full-year 2024 earnings demonstrated resilience, with EPS beating expectations despite revenues lagging behind forecasts. The company's strong operating margins, cost structures, and robust performance from Gleeson Homes and Gleeson Land contributed to the earnings growth. The company's strategic initiatives, such as partnerships and site openings, position it well for future growth and earnings potential.
Gleeson Homes, the company's primary revenue driver, saw a 2.6% increase in revenue to £329.0 million, despite a 13.4% decline in operating profit to £30.3 million. The division's strong customer recommendation score of 95.3% and five-star status in each of its six regions contributed significantly to the earnings growth. Additionally, Gleeson Homes' net reservation rates improved by 28% in the 10 weeks to 6 September 2024, offsetting the lower average selling prices.
Gleeson Land, the company's land division, also played a crucial role in the overall earnings picture. Despite a 120% increase in operating profit to £2.2 million, the division's revenue grew by 117.3% to £16.3 million. Gleeson Land's improved performance and pipeline growth contributed to the company's overall earnings, with the division expected to deliver an improved performance in fiscal year 2025.
The company's strategic initiatives, such as partnerships and site openings, are poised to drive future earnings growth. Gleeson Homes signed its first partnership agreement during the year and a second post-period end in August, diversifying its open market business and reducing risk. The company is confident that Gleeson Homes will meet market expectations for the current year and fulfill an ambitious program of site openings, which will drive growth for fiscal year 2026 and beyond.
In conclusion, MJ Gleeson's full-year 2024 earnings demonstrated resilience, with EPS beating expectations despite revenues lagging behind forecasts. The company's strong operating margins, cost structures, and robust performance from Gleeson Homes and Gleeson Land contributed to the earnings growth. The company's strategic initiatives, such as partnerships and site openings, position it well for future growth and earnings potential.
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𝐈 𝐡𝐚𝐯𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞 𝐢𝐧 𝐡𝐞𝐫 𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜, 𝐚𝐧𝐝 𝐩𝐫𝐮𝐝𝐞𝐧𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐝𝐯𝐢𝐜𝐞. 𝐆𝐞𝐭 𝐭𝐡𝐞 𝐞𝐝𝐠𝐞 𝐢𝐧 𝐜𝐫𝐲𝐩𝐭𝐨 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐜𝐡𝐚𝐭 👥𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤 𝐩𝐚𝐠𝐞, 𝐂𝐚𝐭𝐡𝐞𝐫𝐢𝐧𝐞 𝐄. 𝐑𝐮𝐬𝐬𝐞𝐥𝐥 𝐓𝐫𝐚𝐝𝐢𝐧𝐠~𝐯𝐢𝐞𝐰 𝐒𝐡𝐞 𝐜𝐨𝐧𝐬𝐢𝐬𝐭𝐞𝐧𝐭𝐥𝐲 𝐝𝐞𝐦𝐨𝐧𝐬𝐭𝐫𝐚𝐭𝐞 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐢𝐬𝐦, 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲, 𝐚𝐧𝐝 𝐠𝐞𝐧𝐮𝐢𝐧𝐞 𝐜𝐚𝐫𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐩𝐞𝐨𝐩𝐥𝐞 𝐬𝐡𝐞 𝐰𝐨𝐫𝐤 𝐰𝐢𝐭𝐡. 𝐈 𝐰𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐡𝐞𝐬𝐢𝐭𝐚𝐭𝐞 𝐭𝐨 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝 𝐂𝐚𝐭𝐡𝐞𝐫𝐢𝐧𝐞 𝐄. 𝐑𝐮𝐬𝐬𝐞𝐥𝐥 𝐭𝐨 𝐚𝐧𝐲𝐨𝐧𝐞 𝐬𝐞𝐞𝐤𝐢𝐧𝐠 𝐞𝐱𝐩𝐞𝐫𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐩𝐞𝐚𝐜𝐞 𝐨𝐟 𝐦𝐢𝐧𝐝 𝐢𝐧 𝐭𝐡𝐞𝐢𝐫 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬. 🆙
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