Gleeson sets aside £12.9m for building safety work

It said: “The group has established an exceptional provision of £12.9m for the estimated costs to remediate life-critical fire-safety issues on buildings over 11 metres in which the group had some involvement in developing over the last 30 years.”

The provision was confirmed in Gleeson’s latest results which highlighted a strong year as the firm’s strategy of building affordable homes paid off.

For the year to June 30 2022 Gleeson made a pre-tax profit of £42.6m from turnover of £373.4m selling 2,000 homes at an average price of £167,300.

Chairman Dermot Gleeson said: “This is another excellent performance which reflects not only the strong operational capability of our business but also the continuing structural under-supply of affordable homes for first time buyers on low incomes.

“The board has reviewed a range of macroeconomic forecasts and, notwithstanding the current outlook for the broader economy, remains confident that the group, with its defensive qualities and unique position within the wider house building sector, is well-positioned to deliver further profitable growth in the current financial year.”

 

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