Monday 15 June 2020 8:19 am

MJ Gleeson braces for £100m revenue hit after coronavirus lockdown

Housebuilder MJ Gleeson has predicted that revenue will fall by more than £100m for its upcoming full-year results, in the wake of the coronavirus lockdown.

Shares in the construction group fell one per cent this morning, as it said turnover for the year to June 30 is expected to slump 42 per cent to £145m.

Read more: Coronavirus: Housebuilder MJ Gleeson temporarily lays off 76 per cent of staff

The first said that 62 of its 67 building sites had reopened, but that social distancing measures causing work to take place at a slower rate than usual.

However, it was not all bad, with customer demand starting to recover after several months of uncertainty.

The firm has brought in virtual show home tours. It has seen reservation levels rising to 70 per cent of pre-pandemic figures, from only a quarter seen at the beginning of lockdown.

Sales offices and show homes have reopened on 40 sites. Another 15 will resume trading by the end of June.

Read more: Housebuilder Taylor Wimpey reports surge in demand after sales centres reopen

During April and May, 43 customers completed their purchase and moved into their homes. The company expects this rate to continue this month.

MJ Gleeson brought 275 of the 456 staff who were furloughed in April. Everyone is expected to go back to work by 30 July.

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