PROGRESSIVE: MJ Gleeson- Your First Home ‘delay’ weighs on FY27E outlook

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Research on MJ Gleeson PLC (GLE:LON) from Progressive Equity Research

Gleeson’s AGM trading update does not contain any specific change in guidance for the year to June 2027, but the group points to a greater degree of risk for volumes in the already challenging housebuilding market – mainly due to the later than hoped adoption of the Government’s ‘Your First Home’ (YFH) support scheme for first time buyers, detailed in last month’s Budget. We have cut the PBT estimate by 7.8% and expect consensus to decline.

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PROGRESSIVE: MJ Gleeson- Your First Home ‘delay’ weighs on FY27E outlook