Affordable home specialist MJ Gleeson plc said it expects profits to show a strong increase in the first half of the new financial year.
The urban regeneration and strategic land specialist has published a trading update ahead of announcing its interim results for the six months ended December 31 2014, which will be announced next month.
The firm, which has offices on Teesside and in Chester-le-Street under its housebuilding division Gleeson Homes, said it continues to trade well and expects profits for the first half of 2015 to show a strong increase over the comparable period last year.
In a stock market note the group said market conditions remain healthy, with strong customer demand in all of its regions, and that it continued to make strong progress in the period, selling 321 homes, an increase of 24% on the previous year’s total of 258.
The firm last year opened a Gleeson Homes regional office at Wynyard Park in Teesside, the firm’s second to open in the region in the last three years following rapid growth of the firm’s housebuilding activities.
The growth has continued and the firm’s current forward order book boasts 299 units – an increase of 23% over the previous year’s figure of 240.
The board expect full year results to show record an increase of at least 25% in completions.
The business currently has 39 active sites, compared with 33 in the first half of last year.