MJ Gleeson has said that its adjusted group profit before tax for the current financial year is expected to be £7.5m lower than expected as it delays the sale of one of its sites.

The housebuilder said that it has been actively engaged in the sale of a site, which was set to account for approximately 50% of the total forecast plots in the 2026 financial year.

It added that while "significant progress has been made" in respect to the site, the transaction is unlikely to complete in the current financial year.

MJ Gleeson stated that the majority of conditions required to achieve formal technical approval have been agreed, and the completion of the transaction is now anticipated during the first half of the new financial year.

However, it does expect the sale of one further site this month, and that trading in Gleeson Homes is currently in line with management’s expectations for the full year.

Following the announcement, shares in MJ Gleeson dropped by over 5%. It will issue its full-year trading update on 10 July.

CEO at MJ Gleeson, Graham Prothero, stated: "The Gleeson Land team have cleared almost all of the technical hurdles to facilitate the disposal of the major site and it is frustrating that completion will now fall into the next financial year. The progress to date should not be underestimated and represents a strong performance by the team.

"There is no doubt that housebuilders, in the South of England, are reviewing and reappraising their land buying strategies and we anticipate these conditions will continue through the next financial year. The good news is that there is continuing demand for the highest quality developments, which is where Gleeson Land is now focused with a portfolio of prime sites. Transactions will take longer but we are confident that sales of prime sites will continue."

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