Homes firm could beat profit target

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Sheffield-based Gleeson Homes sold 561 homes in the year to the end of June - up 38 per cent on the year previous.

The strong performance saw the firm announce it expects to beat profit targets for the full year when results are announced in September.

The firm also saw a 31 per cent rise in the number of owned and conditionally purchased sites compared to the year before, totalling 5,065 plots. A further 1,600 plots are in the pipeline to be acquired.

A spokesman said the forward order book totalled £44.2m, representing 356 homes, an improvement of 70 per cent on last year’s total of £26m.

He added: “Following the year end land sales, and stronger than expected performance by Gleeson Homes, the Group now expects to deliver a level of profitability from the business units for the year ending 30 June 2014, significantly ahead of expectations.

“The Group continues to be in a strong cash position with cash balances at 30 June 2014 of £13.8m.”

The Gleeson Group specialises in housing regeneration and land trading.