MJ Gleeson (LON: GLE) shares have fallen around 2% on Tuesday after the low-cost housebuilder posted audited results for the year to 30 June 2026 that included a sharply reduced dividend and a warning over near-term trading conditions.
The stock dropped roughly 5p to trade near 241.5p, extending a decline from above 270p earlier in the month.
Gleeson delivered 1,968 homes in the period, up almost 10% on the prior year, and said its forward order book stood at 848 plots.
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However, statutory group operating profit collapsed 90% to £2.4 million, and the company swung to a pre-tax loss of £2.7 million, compared with a £20.5 million profit a year earlier. Adjusted group profit before tax nearly halved to £10.8 million.
The board proposed a total dividend of 5.0p per share, down from 11.0p, citing a need to preserve balance sheet strength and give management flexibility on capital allocation. Gleeson Land also swung to an operating loss of £0.7 million after a slowdown in the land market.
Chief executive Graham Prothero pointed to “Project Transform” as delivering operational improvements at Gleeson Homes, but flagged weaker reservation rates in the nine weeks to 6 September, at 0.44 per site per week against 0.55 a year earlier, partly blamed on a soft August.
Investors appeared to focus on the dividend cut and cautious outlook commentary rather than the volume growth, with the shares among the weaker performers in the housebuilding sector on the day.
