Housebuilder issue second upgrade to forecasts since the start of the year on 鈥榮trong demand鈥�
MJ Gleeson is set to report results ahead of expectations for the financial year to the end of June.
The housebuilder鈥檚 share price rose by 3% on the news, which was issued in a brief unscheduled statement to the City.
It is the second time this financial year that Gleeson has upgraded forecasts after a revision at the time of its interim results in February.
The firm gave little detail on how strong its results will be, simply saying that 鈥渢he result for the current year is expected to be ahead of market expectations鈥�.
It added that this improvement in forecasts was due to 鈥渟trong demand for new homes鈥� which had driven 鈥渉igher selling prices, which has more than offset recent increases in certain material costs鈥�.
In addition, it said that demand for its land holdings from housebuilders had 鈥渞eturned to pre-covid levels鈥�.
In February, the firm said it was on course to complete sales of 1,775 for the year as a whole, putting it 鈥渃omfortably鈥� on track to deliver its target of 2,000 homes in the next financial year.
This was already well above its pre-covid level of 1,529 units completed in its 2019 results.
The announcement comes after a wealth of data showing a strong rebound in the housing market since March after an uncertain start to the year. Last week the ONS said house prices were up more than 10% year-on-year in March, the first double-digit price inflation since before the global financial crisis.
Gleeson reported a pre-tax profit of 拢20.3m for the six months to 31 December, on turnover of 拢142.6m, up 36% on the same period last year.
The company is due to publish a trading update for the full year on 9 July.
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