MJ Gleeson (GLE): FY26 guidance and Budget risk

This situation live

£167m · 286.0p · −24% since the first step

11 Feb 2026 · Three sales done; five H2 promotion agreements expected · −30% until the next step One site representing c.50% of total plots is dependent on finalising an agreed position on highways design

1 May 2026 · Highways accepted technical solution; approval pending · −11% until the next step The timing of conclusion of the sale is subject to formal technical approval.

9 Jun 2026 · Delayed into H1 FY2027; most conditions agreed · +11% until the next step Completion of the transaction is now anticipated during the first half of the new financial year.

10 Jul 2026 · Still deferred into FY2027; timing uncertain · +1% until the next step The timing of site sales through the year remains uncertain in a cautious land market.

15 Sep 2026 · FY26 delivered; FY27 guided in line · +15% since we lack the visibility on the timing of land sales we would hope for

Upgrade / downgrade cycle

FY26 guidance and Budget risk

FY26 delivered; FY27 guided in line

Next: FY2027 delivery against consensus

Every step · 6

14 Nov 2025 Awaiting technical solution; two small sites sold – As communicated at the time of the 2025 full year results, one site which represents approximately 50% of total plots budgeted to be sold during the year... ↗
11 Feb 2026 Three sales done; five H2 promotion agreements expected – One site representing c.50% of total plots is dependent on finalising an agreed position on highways design ↗
1 May 2026 Highways accepted technical solution; approval pending – The timing of conclusion of the sale is subject to formal technical approval. ↗
9 Jun 2026 Delayed into H1 FY2027; most conditions agreed – Completion of the transaction is now anticipated during the first half of the new financial year. ↗
10 Jul 2026 Still deferred into FY2027; timing uncertain – The timing of site sales through the year remains uncertain in a cautious land market. ↗
15 Sep 2026 FY26 delivered; FY27 guided in line – we lack the visibility on the timing of land sales we would hope for ↗

What is happening

MJ Gleeson: FY26 guidance and Budget risk – FY26 delivered; FY27 guided in line. ['FY26 delivered; FY27 guided in line']

In short: FY26 guidance was cut on 9 June after the Land deferrals and confirmed on 10 July. The final results show adjusted PBT of £10.8m, in line with that reset. The Board now expects FY27 in line with consensus of £18.8m, but current reservations are weaker and the dividend is cut.
Announced: 14 Nov 2025 · Awaiting technical solution; two small sites sold
Latest: 15 Sep 2026 · Sales deferred; timing still unclear
FY26 adjusted PBT: £10.8m vs £21.9m; statutory loss before tax £2.7m
FY27 consensus: Adjusted PBT £18.8m (range £17.0m to £20.0m)
Current trading: Open-market reservations 0.44 vs 0.55 in the 9 weeks to 6 September 2026
Dividend: Total 5.0p vs 11.0p; final 1.0p
Land result: Operating loss £0.7m (2025: profit £7.0m); five sales vs seven
In sale process: Four sites with consent for 2,482 plots (2025: six sites, 1,252 plots)
Awaiting planning: 24 sites awaiting a planning decision (2025: 10)
Visibility: Developer caution and post-May 2026 local election planning uncertainty limit visibility on timing

FY2027 delivery against consensus.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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