Annual Report and Accounts 2024
From First Homes
to Forever Homes

MJ Gleeson plc
specialises in
low-cost
and land promotion
house building
Operational highlights Financial highlights
Homes sold
1,772
2023: 1,723
Average selling price
£185,700
2023: £186,200
Revenue
£345.3m
2023: £328.3m
Profit before tax and
exceptional items
£24.8m
2023: £31.5m
Operating profit
(pre-exceptional items)
£28.6m
2023: £33.6m
CO
2
e emissions (scope 1 & 2)
2.02 tonnes per home sold
2023: 2.09 tonnes per home sold
Basic earnings per share
(pre-exceptional items)
33.1p
2023: 42.9p
Cash and cash equivalents
£12.9m
2023: £5.2m
Return on capital employed
(pre-exceptional items)
10.1%
2023: 13.0%
Contents
Strategic Report
Business at a Glance 02
Chairman’s Statement 04
Investment Case 06
Gleeson Homes Partnerships 10
Chief Executive’s Statement 12
Business Reviews 18
Market Review 22
Our Business Model 26
Our Business Strategy 28
Key Performance Indicators 32
Financial Review 34
Risk Management 38
Our Stakeholders 44
Sustainability at a Glance 46
Communities 50
People 61
Environment 68
Sustainability Targets 82
Task Force on Climate-Related
Financial Disclosures (TCFD) 86
Sustainability Accounting
Standards Board (SASB) 94
Section 172 Statement 100
Non-financial Reporting 104
Corporate Governance
Chairman’s Introduction 108
Corporate Governance Framework 110
Board of Directors 112
Corporate Governance Report 114
Nomination Committee Report 120
Audit Committee Report 124
Sustainability Committee Report 132
Remuneration Committee Report 136
Implementation of the
Remuneration Policy 139
Annual Report on Remuneration 142
Directors’ Report 154
Statement of Directors’
Responsibilities 158
Financial Statements
Independent Auditors’ Report 162
Consolidated Income Statement 172
Consolidated Statement of
Comprehensive Income 172
Statements of Financial Position 173
Statements of Changes in Equity 174
Statements of Cash Flows 176
Notes to the Financial Statements 177
Other Information
Five Year Review 208
Further Information 209
Kaity, Keelan and Remy,
Grangemoor Park, Northumberland
Greg and Jon, Tyrone, Phoenix Meadows,
Scunthorpe, Lincolnshire

Operational highlights Financial highlights
Homes sold
1,772
2023: 1,723
Average selling price
£185,700
2023: £186,200
Revenue
£345.3m
2023: £328.3m
Profit before tax and
exceptional items
£24.8m
2023: £31.5m
Operating profit
(pre-exceptional items)
£28.6m
2023: £33.6m
CO
2
e emissions (scope 1 & 2)
2.02 tonnes per home sold
2023: 2.09 tonnes per home sold
Basic earnings per share
(pre-exceptional items)
33.1p
2023: 42.9p
Cash and cash equivalents
£12.9m
2023: £5.2m
Return on capital employed
(pre-exceptional items)
10.1%
2023: 13.0%
Strategic Report
01MJ Gleeson plc Annual Report & Accounts 2024

GLEESON HOMES
179 sites
Owned sites: 91
Conditionally purchased
sites: 88
GLEESON LAND
71 sites
Promotion agreement: 54
Held under option: 13
Freehold: 4
Gleeson Homes – active build sites
Gleeson Land – portfolio sites
MJ Gleeson plc Annual Report & Accounts 202402
Business at a Glance

Our mission: Changing lives by building
affordable, quality homes. Where they
are needed, for the people who need
themmost.
We build high-quality affordable homes across the North
of England and Midlands. We build safe, sustainable
communities, improving the areas in which we build and the
lives of the people who live there. We help our customers to
achieve their dream of home ownership, wealth creation, and
the benefits of better health and wellbeing that come from
living in a modern, energy-efficient home. We now also work
in partnership with high-quality Housing Associations and
private institutions to develop multi-tenure sites.
Gleeson Homes
Our mission: We promote land through
the complex planning system. Unlocking
value to deliver sustainable and attractive
sites for other developers to build new
homes, where they are needed.
We carefully select and promote land through the planning
process predominantly in the South of
England. We build strong relationships with
our landowners and take a proactive and
bespoke approach to promoting their land. We
fulfil a vital part of the housing supply chain in
delivering land with planning consent in areas of
housing need.
REVENUE
£345.3m
Revenue
(2023: £328.3m)
Gleeson Homes: £329.0m
(2023: £320.8m)
Gleeson Land: £16.3m
(2023: £7.5m)
OPERATING PROFIT
£28.6m
Operating profit
1,2
(2023: £33.6m)
Gleeson Homes: £30.3m
(2023: £35.0m)
Gleeson Land: £2.2m
(2023: £1.0m)
1
2023 before exceptional items
2
After Group overheads of £3.9m
(2023: £2.4m)
Gleeson Land
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 03
Harriers Croft,
Sutterton, Lincolnshire
Sondes Place Farm,
Dorking

Whilst it has been another challenging year
for the sector as a whole, I’m pleased with the
way in which the Group has responded. We’ve
delivered a resilient set of results and have set
the foundations to return to strong growth when
market confidence returns. Although we do not
anticipate this to be immediate, I’m encouraged by
the early signs, including the recent interest rate
cut, improvement in mortgage rates and positive
statements of intent from the new Government.
Strategy
Our strategy remains focused on addressing the
country’s need for high-quality new-build homes,
and the resulting economic and social benefits.
For Gleeson Homes, our vision of “Building
Homes. Changing Lives” encapsulates this well,
and perfectly aligns with the Government’s
commendable aspiration to grow the supply
of high-quality, affordable new homes. At
Gleeson Land, the team continue to focus
on creating value for their landowner clients
through the planning system: “Promoting Land.
Unlocking value”.
The Board remains committed to enabling the
delivery of profitable growth via the strategy
launched at last year’s Capital Markets Day.
During the year we were pleased to sign Gleeson
Homes’ first partnerships site, representing
a diversification of our routes to market and
accelerating our potential growth. Within the
open market Gleeson Homes business, we have
a clear route to 3,000 homes per annum in
stable market conditions with partnerships being
additive to this target.
Our medium-term objective of 3,000 new
homes per annum could see profitability broadly
triple and Gleeson resume its position as the
fastest growing listed housebuilder in the UK.
We are encouraged by the Government’s
proposed changes to the planning system, which
have the potential to reduce the unpredictability
and inefficiency which hampers the provision
of much-needed new homes. For Gleeson
Homes, it reinforces our strategy, emphasising
the importance of building on brownfield land
and the provision of affordable homes. For
Gleeson Land, it will help secure planning where
there is a mandatory housing requirement,
and consequent growing demand from other
developers for high-quality consented land.
Building Safety
We have noted the report of the Grenfell Tower
Inquiry and are deeply moved by its findings.
We fully recognise the hard
work of our teams, and their
commitment to our vision,
mission and values which
underpins the delivery of our
strategy.”
James Thomson
Chairman
MJ Gleeson plc Annual Report & Accounts 202404
Chairman’s Statement

The Group is wholly committed to remediating life-
critical fire-safety issues as quickly as possible and
have a dedicated full-time senior resource overseeing
the management of building safety issues. Monthly
update meetings are held by the Executive leadership
team to ensure progress, with reports to every meeting
of the Board.
We moved swiftly to contact all building owners and
management companies and have continued to make
progress in the assessment and remediation work
required. In some cases, progress has been slower
than we would have liked as some building owners
and management companies have been unwilling
to respond or to permit the required investigations.
Our progress has been further slowed by the lack of
capacity at the regulatory authorities, delaying the
time it takes to obtain sign-off on proposed works.
However, we will shortly complete works on the
first buildings and are progressing as fast as we are
permitted on others.
Status
(by number of buildings)
30 June
2024
30 June
2023
Awaiting permission
to access 3 6
In assessment 2 10
Design development 5 1
Procurement 2 –
On site 5 –
Total buildings 17 17
The overall provision has been reassessed and remains
appropriate with total provisions of £12.4m held at 30
June 2024. The timing of expected cash spend reflects
our desire to get this work completed as quickly as
possible against the challenges in obtaining access to
some buildings and completion of works.
People
I would like to thank all Gleeson colleagues for their
commitment, hard work and resilience this year,
ensuring we were able to deliver robust results in a
tough environment. The positive results of our latest
employee survey are testament to the engagement
of our colleagues with continuing high levels of
satisfaction. I am also pleased we achieved Gold
accreditation from Investors in People. The hard work of
our teams, and their commitment to our vision, mission
and values underpins the delivery of our strategy.
Sustainability and our commitment
to Science BasedTargets
Our Sustainability Committee and the wider business
are focused on our three pillars of sustainability:
People, Communities and the Environment, with
targets set and actively managed throughout the year.
Gleeson Homes’ core mission remains fully aligned with
UN Sustainable Development Goal 11, the first target of
which is “access for all to adequate, safe and affordable
housing”, and our analysis of completed sites in areas
of high crime demonstrates how our developments can
help in reducing crime, and our analysis of completed
sites demonstrates a significant contribution, vividly
illustrating the social value that building new homes in
‘tough’ areas can bring.
Following our commitment to set Science Based
Targets last year, we are pleased to announce that we
have submitted our near-term and net-zero targets
for validation to the Science Based Targets initiative
(“SBTi”). These targets align to the Paris Agreement’s
goal of limiting global warming to 1.5
o
C, and are
underpinned by comprehensive forecasts and a
proposed route to achieve these ambitious goals.
Board
There have been no changes to the composition of the
Board in the year. We carried out an externally facilitated
review of the Board and its Committees during the year,
supported by an internal self-assessment at the year
end. The conclusions from this evaluation were positive
and helpful, and we believe the Board is well placed to
support the development of the business.
Dividend
Subject to shareholder approval at the 2024 Annual
General Meeting, in line with the Board’s stated dividend
policy, the Company intends to pay a final dividend
of 7.0 pence per share on 22 November 2024, to
shareholders on the register at the close of business
on 25 October 2024. The total dividend for the year to
30 June 2024 will be 11.0 pence. The Board intends to
maintain an earnings to ordinary dividend cover ratio of
between three and five times.
Outlook
The Board anticipates a more stable economic
outlook notwithstanding the commentary from the
new Government in recent weeks. This, along with
the continued under-supply of low-cost affordable
homes, the expected cuts in interest rates and the
availability of cheaper mortgages, should see buyer
confidence continue to build over the coming months.
Against this backdrop, the Group is well positioned
for strong growth as demand returns.
James Thomson
Chairman
17 September 2024
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 05

01
Market for affordable homes is
underserved
The market for affordable homes in the North
of England and Midlands is much larger than
the market for higher priced homes but is
underserved. There is untapped demand in
our regions, with our homes appealing to
first-time buyers, home movers, retirees and
downsizers along with rapidly growing interest
from investors and registered providers of
socialhousing.
Adapting to market needs
We recognise that whilst the desire to own
remains high, home ownership may not be
possible for some people. Our mission of
building affordable, quality homes, where they
are needed and for the people who need them
most remains a fundamental principle of our
model. By working with high-quality, carefully
selected partners we are also able to achieve
this through offering well designed, high-quality
homes for social and affordable housing, shared
ownership and private rental.
Building resilience to
turbulentmarkets
The introduction of partnerships adds further
growth opportunity and ensures that our
business remains resilient. These arrangements
have the benefit of earlier funding, locking in
a pipeline of sales often on significantly larger
sites which benefit from economies of scale.
At the same time, our broader marketing
strategy and wide range of buying schemes and
incentives will continue to drive open market
sales as buyer sentimentreturns.
Gleeson 2-bed selling prices versus affordability for a couple on National Living Wage (NLW)
202420232022202120202019
144,768
151,794
161,223
211,513
192,654
175,644
105,944
109,341
118,886
154,935
150,465
137,035
Affordability for a
couple on NLW
Average Gleeson Homes 2-bed
open market selling price
Meeting the
need of an
underserved market
MJ Gleeson plc Annual Report & Accounts 202406
Investment Case:
Gleeson Homes
Kaity, Keelan and Remy,
Gleeson Customers

02
Compelling reason for customers
tochoose Gleeson
Affordability remains strong in our sector of the
market, with lower prices meaning lower deposits
and lower mortgage payments as a proportion
of salary compared to the South of England and
London. The cost of a Gleeson home is one-third
lower than other new build homes in our area, and
it remains cheaper to buy than to rent. Our modern
homes are also highly energy efficient, using 49%
less energy than existing housing, giving our buyers a
compelling reason to choose Gleeson.
First time buyer mortgage payments as
% of take homepay (at current mortgage
costs)
22
28
44
All housebuilders
in South
of England
All housebuilders
in North of England
and Midlands
Typical Gleeson
3-bed home
Gleeson percentage calculated as average median salary of
Gleeson first time buyers compared to the average sales price of
a Gleeson 3-bed home. All housebuilder data source: Nationwide
Affordability Indicators.
Remaining highly affordable
Affordability remains our priority. We ensure
affordability through strict land buying criteria,
efficient design, and tight control of build costs
and overheads. We benchmark our prices against
other new build homes in the local area to ensure
our customers get the best value for money. We
are proud that a working couple on the National
Minimum Wage can afford to buy a home on all of
our developments.
Commitment to quality
Low cost does not mean low quality. A Gleeson home
typically incorporates exactly the same materials and
products, such as kitchen and bathroom fixtures, as
homes built by other major housebuilders who sell at
a higher price point. We build to a strict specification
ensuring consistent quality whilst managing our
costs, and achieve 5-star quality status in all of
our regions.
KEY HIGHLIGHTS
Pipeline
(sites)
179
Pipeline
(plots)
19,138
Average selling price
(FY2024)
£185,700
Remaining highly
affordable
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 07
Limerick Kitchen Chimes Bank,
Wigton, Cumbria
Crown Gardens, Mansfield,
Nottinghamshire

Accreditations
03
We’re building towards
3,000 homes a year
Road to 3,000 homes
Our market opportunity, affordable price point and
high-quality homes ensure we are well positioned
to take advantage of growth as buyer confidence
returns. The market for affordable homes is
undersupplied and, with the lowest paid seeing
some of the fastest growth in wages, our homes
continue to be affordable. Combined with the launch
of Gleeson Partnerships and further multi-unit sales,
we are well positioned to reach our target of 3,000
homes per year in the medium term.
Pipeline of sites
Our pipeline of sites (179 sites) underpins our
route to 3,000 homes per year. We will achieve
this by increasing site openings to benefit from the
recovery of open market sales and further multi-unit
agreements. The growth from partnerships will be
incremental to this target and will allow us to reach
our medium-term goal earlier than originally planned.
Operational strength
We have structured our regional operating teams to
provide capacity for growth, refreshed our product
to appeal to a wider range of customers and meet
planning preferences in certain regions, broadened
our marketing strategy and focused on upskilling
our sales teams. All of this means that we are ideally
positioned for a return to strong growth as buyer
confidence returns.
Partnership model
The addition of partnerships to our business model
will allow partners to take advantage of Gleeson
design, price and quality, all of which are attractive
to a range of potential investors. We have been in
discussions with a number of high-quality partners
throughout the year, and in June 2024 signed our
first partnership deal with further deals imminent.
• Land-led forward funding structure reduces
capital requirements and enhances returns
• Opportunity to develop and de-risk larger sites
• Dedicated team with low additional investment
• Strong market need for affordable housing across
all tenures
• Additional sales security over pre-sold plots
MJ Gleeson plc Annual Report & Accounts 202408
Investment Case:
Gleeson Homes
CONTINUED
Saltom Bay Heights,
Whitehaven, Cumbria
Margot, Fergus,
Petersmiths Park,
Nottinghamshire

04
Navigating
the complex
planning system
Portfolio of sites
Gleeson Land has a growing pipeline of high-quality
sites which are held either under option to purchase
agreements or promotion agreements rather than
land purchased outright. This model mitigates
land value risk and requires relatively low capital
investment whilst being highly cash generative.
Market leading data
analyticcapabilities
Our investment in data analytics and technology
is enabling us to accelerate new site sourcing and
target strategic areas. It also informs planning
strategies, provides robust evidence in applications
and appeals, and assists with due diligence on
new sites. We are a market leader in research and
analytics and will continue to explore and invest in
new technologies.
Creating the highest value in
theshortest time
We aim to source high-quality sites that have a
strong planning context and we invest in those
sites that have the opportunity to come forward in
a reasonable period of time. We have competitive
bidding on all sites that we bring to market and
achieve some of the highest gross profit per plot
values in the industry. We aim to create value for
our landowners and for Gleeson in the shortest
possible time.
The best team
We have invested in a high-quality, highly-motivated
team, recruiting in our land, planning and technical
disciplines to ensure we have the best people. We
have regionalised the Gleeson Land business to
give a more focused approach and will leverage
local expertise to grow market share in our selected
regions. Our enhanced bench-strength will allow
us to maintain margin whilst growing volumes,
ultimately improving returns year-on-year.
KEY HIGHLIGHTS
Gross profit per
plot* (FY2024)
£15,600
Sites
(portfolio)
71
Total plots
(portfolio)
16,911
* Gross profit before provision movements and
write downs divided by proportion of developable
plots in which we have an interest.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 09
Investment Case:
Gleeson Land
Guy Gusterson,
Gleeson Land Managing Director
800 new homes in Malvern,
Worcestershire

The Power
This year Gleeson Homes launched
its Gleeson Partnerships brand.
Partnerships will accelerate the
delivery of much needed affordable
homes, enabling us to reach our
medium-term target of 3,000
homes per year sooner than under
our traditional sales model.
Whilst our traditional open market operating
model remains core to our business and will
form the majority of our revenue, the addition of
partnerships to our strategy is in keeping with the
Gleeson Homes mission to build affordable quality
homes, where they are needed, for the people who
need them most. Partnerships take advantage of
our existing strategy of acquiring and developing
sites where there is a need for regeneration, along
with our high-quality product and place making
capabilities, expanding this offering to the social
housing and private rentalsectors.
Our partners
Our partnership strategy focuses on finding partners who share our values. We have a broad pipeline
of opportunities with a range of blue-chip providers across the private rental sector and Registered
Providers of affordable rental and shared ownership properties.
We signed our first agreement with Home
Group in the year to deliver 47 homes on
our Waterloo Sidings development.
We achieved Investment Partner status with
Homes England in the year, which will give
us access to grant funding and allow us to
work with a wider range of partners.
Subsequent to the year end we signed
a contract with Citra Living to deliver
58 homes on our Shetcliffe development.
MJ Gleeson plc Annual Report & Accounts 202410
Gleeson Homes Partnerships
Waterloo Sidings,
Halton Moor, West Yorkshire
Waterloo Sidings
site plan

of Partnerships
Features of partnership
developments
Under a partnership agreement we enter into a
contractually secure agreement with a third party
to deliver a number of homes, typically with the
benefit of upfront funding and funding during the
life of the site from the partner. This differs from
traditional multi-unit plot sale agreements, where
funding is received only on the legal completion of
each home delivered.
The development of a meaningful Partnerships
brand enables us to develop suitable sites on
a ‘capital-light’ basis, with partner funding
contributing to the acquisition of the site and
its required infrastructure. This will enable us
to secure larger sites which are typically more
efficient to develop through leveraging operating,
marketing and sales synergies, economies of scale
for materials and offering long-term certainty to
subcontractors. Furthermore, the provision of
funding on a partnership site reduces the risk and
improves our return on capital.
Gleeson Homes traditional
open market development
Gleeson Partnership
development site
Site size (plots) 50-200 100-900
Annual sales (homes) 30-50 50-80
Proportion forward sold to Partner Nil 30%-50%
Site cash profile Gleeson funds all land
and build cost
Partner finances/part-finances
land and working capital
Sales risk Open market Mixed forward sold to partner &
open market
Gross margin 25%-35% 20%-30%
Return on capital employed 20%-30% 35%-45%
Partnerships in operation
A Partnership site will typically deliver 200 or more
new homes and will include a mix of open market
and partner properties. A typical partnership
site will have between a third to a half of homes
allocated to one or more partners, with the
remainder of homes for sale on the open market via
our traditional model.
The Company is targeting partnership agreements
in each of Gleeson Homes’ six operating regions by
June 2025. It is expected that, over the medium-
term, Gleeson Partnerships will deliver an additional
600 homes per annum.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 11
Waterloo Sidings,
Halton Moor, West Yorkshire

Overview
I am pleased to report a resilient financial
performance, delivering results in line with
expectations, and good progress against our
strategic growth objectives.
Gleeson Homes exceeded expectations,
completing the sale of 1,772 new homes and
delivering an operating profit of over £30m.
We have continued to invest in growth, building
Gleeson Homes’ pipeline of sites and total plots,
and are now set to return to opening more sites
each year than are completed, underpinning
strong volume growth in future years.
Having outlined our strategy for growth last year,
we are delighted to have signed Gleeson Homes’
first partnership agreement during the year,
followed by a second post-period end in August.
Diversifying into partnerships will complement
our open market business, reducing risk,
enhancing efficiency and leveraging economies
of scale while accelerating our growth.
We were also pleased to receive a strong
customer recommendation score of 95.3%,
achieving five-star status in each of our
six regions.
Profits in Gleeson Land were held back by
the vagaries of the planning system, but
the business has continued to implement
its growth strategy, deepening regional
presence and embedding data and analytics
throughout its processes. The business is now
well positioned for growth, benefiting from
a strong land pipeline and, with the election
behind us, what is expected to be a more stable
planning environment.
Looking ahead, we welcome the Government’s
proposed policy reforms with a focus on
affordable housebuilding and planning reform,
which should benefit both Gleeson Homes and
Gleeson Land. Having spent the last year and a
half on positioning the business for growth and
introducing several related strategic initiatives,
we now look forward to executing our strategy
and delivering our growth target of 3,000
annual completions.
Quality and customer experience
continue to be a priority and we
want our customers to enjoy the
experience of buying a Gleeson
home from start to finish,
including when they are living in
their new home.”
Graham Prothero
Chief Executive Officer
MJ Gleeson plc Annual Report & Accounts 202412
Chief Executive’s Statement

Group results
The Group generated revenue of £345.3m
(2023: £328.3m) and delivered profit before tax
of £24.8m (2023: £31.5m pre-exceptional items,
£30.5m after exceptional restructuring costs
of £1.0m).
The Group ended the year with cash and
cash equivalents of £12.9m (2023: £5.2m) and
continues to have a strong balance sheet and
significant liquidity to invest in new sites and
future growth.
Gleeson Homes
Net reservation rates including multi-unit sales
for the full year remained flat at 0.52 (2023:
0.52) and excluding multi-unit sales increased
from 0.38 to 0.44 per site per week. Cancellation
rates reduced from 24% to 18%.
Gleeson Homes sold 1,772 homes (2023: 1,723),
of which 346 were sold via private multi-unit
sale agreements (2023: 115). Average selling
prices decreased marginally by 0.3% to £185,700
(2023: £186,200) due to the impact of multi-unit
sales and changes in the mix of homes sold,
offset by underlying selling price* increases
of 1.5%.
Whilst inflationary pressures around material
and labour costs eased during the financial year,
we experienced an increase in costs on several
legacy sites approaching closure. This, combined
with the cumulative impact of extended site
durations, additional use of sales incentives and
multi-unit sales, resulted in a reduction in gross
margin of 2.9% to 24.1% (2023: 27.0%).
The reduction in gross profit was partly offset
by a reduction in administrative expenses
following the restructuring of Gleeson Homes
undertaken in the previous year, which resulted
in an operating profit of £30.3m (2023:
£35.0m before exceptional items, £34.0m after
exceptional items).
The division enters the new financial year with a
forward order book of 559 plots (31 December
2023: 586 plots, 30 June 2023: 665 plots).
Gleeson Homes opened 10 new build sites in the
year and were building on 79 sites at 30 June
2024 (2023: 82 build sites). We have retained a
healthy pipeline, with 179 sites at 30 June 2024
(2023: 173 sites), with our total number of plots
increasing significantly to 19,138 plots (2023:
17,375 plots).
Gleeson Land
Gleeson Land generated an operating profit of
£2.2m (2023: £1.0m) completing the sale of four
sites under planning promotion agreements,
with the potential to deliver 520 plots for
housing development, and completed the final
four phases of a legacy site sold in 2019.
The division ended the year with a strong
portfolio, having seven sites consented or with
resolution to grant, which have the potential
to deliver 1,473 plots for housing development
(2023: six sites, 1,400 plots), and a further 11 sites
awaiting a planning decision or in appeal, with
the potential to deliver 3,045 plots for housing
development (2023: 18 sites, 4,285 plots).
The Gleeson Land business is well positioned
for growth. Our investment in the team and
technology this year is already yielding positive
results through the identification of high-quality
new sites and significantly strengthening
our bid success rate on new sites. The new
regional operating structure launched this year
provides a more focused approach on further
strengthening relationships with landowners and
land agents in our target areas, as well as with
local authorities and planning departments.
Gleeson Land’s portfolio comprises 71 sites, with
the potential to deliver 16,911 plots, and 25 acres
of commercial land (2023: 70 sites, 17,831 plots,
25 acres of commercial land). The majority of
these sites are held under promotion or option
agreements.
* Underlying selling price changes are based on average
reported revenue changes on open market completions,
on sites with completions in both the current and
previous periods, adjusted for the effect of garage mix
and bed mix.
Medium-term target
3,000 homes
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 13

The market
The UK housing market continued to face
challenges this year with interest rates remaining
high, political uncertainty and wider global
instability all having an impact on buyer
confidence. Mortgage availability, however, has
improved and affordability remains healthy in
our sector of the market.
It is encouraging to see the new Government
moving quickly to implement important reforms
in planning; the benefits of the changes to new
housing supply will naturally depend upon
the detail of the changes and, critically, how
effectively they are implemented on the ground.
The average selling price of a Gleeson home at
£185,700 is 34% lower than the average selling
price of new build homes in our geographic
regions at £281,000. Increases in the National
Living Wage also mean that affordability has
improved at the lower end of the market, and
mortgage payments as a percentage of take-
home pay remain low in the North of England at
27.9% relative to the UK average of 36.5%.
The UK’s housing market continues to have a
structural under-supply of new homes both to
the private market and for social and affordable
housing. In the North of England and the
Midlands, 4.2 million households are renting,
and there are a further 620,000 households on
local authority waiting lists. This represents the
significant demand both for affordable home
ownership and supply through the private rental
sector and Registered Providers.
We await the Government’s announcements on
new funding for Homes England and housing
associations, with the market for both s106
affordable homes and further multi-unit sales
currently stalled in many areas, directly holding
back the supply of vital affordable new homes.
The market served by Gleeson Land for
consented land is growing stronger, having seen
some level of caution from major housebuilders
earlier in the year. The demand for attractive,
well-located sites with planning permission
remains robust and it is pleasing to see
demand returning.
Gleeson Land remains one of only two large land
promoters in the UK whose interests are purely
aligned to their landowners by maximising land
value through open market sales, and not selling
land to their housebuilding arm.
Strategic progress
We have a clear route to delivering 3,000 homes
per annum over the medium term under our
open market model. Partnerships’ is accretive to
this strategy and will allow us to meet our target
within a shorter time frame with approaching
one fifth of Gleeson Homes sales being delivered
from Partnership sites.
The impact of current market conditions and
margin pressures will continue to be seen
through FY2025, with net sales site additions
expected to be relatively flat. The timing of site
openings and closures means that average sales
sites will be circa 5% lower. Additional multi-
unit sales are anticipated in FY2025 which is
expected to offset the impact of lower sales
sites. From FY2026 onwards we expect to
increase the number of Gleeson Homes sales
sites by an average of 10 sites per year. As older
sites are closed and the pace of development
increases in an improving market, we expect
operating margins to increase.
We have placed additional emphasis on
increasing customer enquiries through a
refreshed marketing strategy, and have
implemented sales excellence training in the
year to ensure that we maximise conversion of
enquiries to reservations and deliver the best
possible customer service. During the year we
began to realise the benefits of these initiatives,
enabling us to mitigate the impact of a
challenging market and increase net reservation
rates excluding multi-unit sales by 15.8% to 0.44
net reservations per site per week.
Gleeson Land is well-placed to deepen its
regional presence, leveraging the strength of its
team and technological capability to become
the country’s pre-eminent land promoter.
As interest rates begin to fall and the
Government’s proposed reforms to planning
start to take shape, we believe we are well
placed to contribute to the much needed
social and affordable housing provision
which aligns to both our open-market and
Partnerships’ strategies.
MJ Gleeson plc Annual Report & Accounts 202414
Chief Executive’s Statement
CONTINUED

Partnerships
We launched the Gleeson Partnerships brand
under the Gleeson Homes business during the
year and signed our first partnership deal in
June 2024 with Home Group, with a further
agreement signed with Citra Living in August
2024. The introduction of a partnerships
capability will enable us to develop suitable sites
on a ‘capital-light’ basis with partner funding
contributing to the acquisition of the site and
its required infrastructure. This will enable
us to secure larger sites which are typically
more efficient to develop through leveraging
operating, marketing and sales synergies,
economies of scale for materials and offering
long-term certainty to subcontractors. The
secured unit sales reduce market risk and the
provision of forward funding on a partnership
site reduces risk and leads to an improved return
on capital.
While partnership deals have no impact on
reported results for this financial year, we expect
this brand to gain momentum in the year ahead
before contributing more significantly to Group
performance from FY2026. We also expect the
scale of our partnership sites to increase over
the coming years.
Current trading and outlook
We are encouraged by the Government’s
proposed and ambitious policy reforms.
Alongside what we believe is an improving
macro-economic outlook we anticipate further
improvement in buyer confidence.
We have been seeing encouraging early signs
of this, with reservations improving in the 10
weeks following year end. Gleeson Homes’ net
reservation rate for the 10 weeks to 6 September
2024 was 0.50 per site per week compared with
0.39 per site per week over the comparable
period last year, an increase of 28%. Cancellation
rates were 0.11 per site per week compared with
0.10 per site per week over the comparable
period last year.
With several sites close to achieving planning
and in sale processes, Gleeson Land looks
forward to an improved performance in FY2025.
In an improving market, Gleeson Homes is
confident of achieving market expectations for
the current year and, more importantly, fulfilling
an ambitious programme of site openings
which, supplemented by a growing pipeline of
partnership transactions, will drive the exciting
growth planned for FY2026 and beyond.
Sustainability Review
Home ownership
Our strategy continues to support our vision
of “Building Homes. Changing Lives” and
our mission of “Changing lives by building
affordable, quality homes, where they are
needed, for the people who need them most”.
A key element of this is ensuring affordability,
and we are proud to say that a substantial
proportion of the homes on each of our sites
are affordable to a couple on the National Living
Wage. This is underpinned by our commitment
to build in areas which need regeneration, and
this year 82% of the homes that we sold were
either in the most deprived areas of the country
or on brownfield land.
We recognise that home ownership may not be
an option for some. We have continued to enter
into multi-unit agreements in the year, and via
our partnerships brand we are able to develop
properties for private rental and social housing
through carefully selected providers.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 15
Oliver, Margot, Laura and Sylie,
Petersmiths Park, Nottinghamshire

Build quality and customer service
We were pleased to receive a strong customer
recommendation score of 95.3% (2023: 89.0%),
achieving five-star status in each of our six
regions. We worked hard throughout the year to
improve our customer recommendation scores,
particularly around point of handover and
effectiveness in dealing with defects promptly.
Build quality remains a priority for us and
we strive for continuous improvement. We
are committed to meeting our customers’
expectations for quality and excellent service
throughout their homebuying journey.
People and health and safety
Our independently assessed people engagement
score of 85% compared favourably to the
industry benchmark of 80%, and we remain in
the top quartile of all surveyed companies this
year. We increased our response rate across
the Group to an impressive 91%, reflecting the
importance of the survey to both the business
and our people. We took on board the feedback
from the prior year survey and implemented a
number of improvements in the year and will
be responding to the latest feedback over the
coming months. Emphasis continues to be
placed on personal development and training,
and on rewarding our colleagues appropriately
for their roles.
We improved our health and safety score in the
year with the number of reportable incidents
reducing to three from six in the previous year.
This gives us an AIIR score of 166, which is below
the HBF average of 239. We continue to develop
our policies, training and monitoring around
health and safety, implementing new near-miss
and safety observation software in the year
and rolling out further mandatory training in
key areas.
Climate, the environment and our
commitment to Science Based Targets
Last year we committed to set Science Based
Targets and, in June 2024, we submitted our
targets to the SBTi for validation. The submission
of targets for validation is a key milestone for the
Group, demonstrating our ongoing commitment
to decarbonise our operations, supply chain and
the in-use emissions of our homes.
Our commitment will cover scope 1, 2 and 3
emissions, with near-term targets set for 2032,
and a commitment to net zero by 2050. As part
of the target setting process, we carried out a
detailed refresh of our emissions inventory and
methodology, appointing an external adviser to
provide assurance over the baseline and current
year emissions.
We will announce our specific targets once
we have received validation. However, we are
pleased to report that our scope 1 & 2 emissions
per completion reduced to 2.02 tonnes CO
2
e per
home sold (2023: 2.11 tonnes after restatement
for revised methodology), with absolute
emissions reducing from 3,629 to 3,575 tonnes
CO
2
equivalent emissions.
We are already taking steps to switch to
lower carbon materials, where viable, such as
using concrete bricks or reconstituted stone
rather than kiln-fired clay bricks, installing air
source heat pumps, and reducing fuel use on
sites through improved forklift and generator
technology and HVO fuel. We continue to assess
changes proposed in respect of the Future
Homes Standard, alternative materials and
more efficient methods of construction. All new
homes started after 15 June 2023 incorporate an
air source heat pump in place of the gas boiler.
Whilst this increases embodied emissions in the
construction process, in-use emissions will be
zero when the electricity generation grid is set
to be decarbonised in 2035.
MJ Gleeson plc Annual Report & Accounts 202416
Chief Executive’s Statement
CONTINUED
Hillcrest Gardens,
Gainsborough, Lincolnshire

We are supportive of the measures to improve
energy efficiency and our homes already have
better energy performance ratings than most
other homes, with 96% of our homes having an
EPC “B” rating or above. As a result, customers
benefit from living in an energy-efficient and
well-insulated home, with the average Gleeson
home requiring 49% less energy to heat and
power than existing housing stock.
Graham Prothero
Chief Executive Officer
17 September 2024
Strategic Report
17MJ Gleeson plc Annual Report & Accounts 2024
Annie, Gleeson customer
at Petersmiths Park

Results
Gleeson Homes completed the sale of
1,772 homes during the year (2023: 1,723), an
increase of 2.8% on the previous year. Of the
homes sold, 346 were sold via private multi-unit
agreements (2023: 115).
Revenue increased by 2.6% to £329.0m (2023:
£320.8m) due to the increase in homes sold
partly mitigated by a reduction in the average
selling price (‘ASP’) of homes sold during the
year by 0.3% to £185,700 (2023: £186,200). This
reduction was driven by a higher proportion of
sales under multi-unit agreements at lower ASP,
offset by changes in mix of site locations and
house types and higher underlying selling prices
which were up 1.5%.
Gross margin on homes sold decreased to 24.1%
(2023: 27.0%) reflecting additional costs relating
to a number of sites that are set to close within
the next 18 months, increased fixed site costs as
site durations extended due to the wider market
downturn, the impact of multi-unit sales and
the increased use of incentives to secure sales.
Despite the increase in the volume of homes
sold, the decrease in the gross margin and the
average selling price resulted in gross profit
decreasing by 8.4% to £79.2m (2023: £86.5m).
Administrative expenses, which include sales and
marketing costs, decreased by £2.6m to £49.2m
(2023: £51.8m) driven by reduced headcount as
a result of the restructuring of Gleeson Homes’
operations undertaken in the previous financial
year. Other operating income amounted to
£0.3m (2023: £0.4m). Consequently, operating
profit decreased by 13.4% to £30.3m (2023:
£35.0m before exceptional costs) and operating
margin decreased from 10.9% to 9.2%.
Market demand
The recovery from the slowdown in the housing
market has been more gradual than anticipated.
As a consequence Gleeson Homes’ sales rate
over the last six months were steady albeit
less dynamic than expected due to deferred
expectations around interest and mortgage
rate reductions. Net reservation rates over the
second half of the financial year, excluding multi-
unit sales, averaged 0.50 per site per week, up
19% on the previous year but still below typical
market conditions.
KEY HIGHLIGHTS
Homes sold
1,772
2023: 1,723 homes
Average selling price
£185,700
2023: £186,200
Operating profit*
£30.3m
2023: £35.0m
Operating margin*
9.2%
2023: 10.9%
* Stated before exceptional items in 2023
MJ Gleeson plc Annual Report & Accounts 202418
Business Review:
Gleeson Homes
Kilkenny, Birkwood,
Mareham le Fen, Lincolnshire

Pipeline – owned and
conditionally purchased
2024202320222021
7,420
11,718
7,674
9,701
8,478
8,336
7,930
7,933
19,138
17,375
16,814
15,863
Owned
Conditionally
purchased
Interest rates now appear to have peaked, with
the first reduction of 0.25% to 5.00% announced
at the start of August, and we are anticipating
an increase in demand for new homes as
interest rates continue to reduce and consumer
confidence returns. The change in government
and aspirations for mandatory housing targets,
planning reform and other measures to
increase considerably the supply of new homes
are welcomed.
Sites
Gleeson Homes opened 10 new build sites
during the year and started the new financial
year with 79 active build sites (2023: 82), of
which 62 were actively selling (2023: 71). Whilst
we increased our site openings from the prior
year, which was when we paused land buying,
the current challenges in the planning system
meant that we were unable to open as many
sites as intended. Our average active build sites
and sales sites were 79 and 65 respectively
(2023: 85 and 68).
Gleeson Homes’ developments are located
across the North of England and the Midlands,
with plans to continue expanding in existing
regions. The business expects to open more
than 20 build sites during the new financial
year and to be building on between 70 and 75
sites and selling on between 60 and 65 sites by
30 June 2025.
Pipeline
The pipeline of owned and conditionally
purchased sites increased by 10.1% to 19,138 plots
on 179 sites at 30 June 2024, representing
over ten years of sales (2023: 17,375 plots on
173 sites). Of the total plots, 7,420 plots are
owned (2023: 7,674 plots) and 11,718 plots
have been conditionally purchased subject
to receiving planning permission (2023:
9,701 plots).
During the year, 32 new sites were added to
the pipeline, whilst 13 sites were completed and
13 sites did not proceed to purchase.
Partnership agreements
During the year we launched the Gleeson
Partnerships brand within the Gleeson Homes
division.
• Entered into an agreement with Home
Group in June2024 for delivery of 47 shared
ownership and rented homes in Leeds,
representing a third of total plots on site.
• Achieved Investment Partner status with
Homes England, giving access to grant
funding through their Affordable Homes
Programme.
• Targeting partnership agreements in each of
our six operating regions by June 2025.
In August 2024 Gleeson Homes entered into an
agreement with Citra Living for the delivery of
58 single family rental homes in Bradford.
Actively building on
79 sites
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 19

Results
During the year, Gleeson Land completed
the sale of four sites with residential planning
permission for 520 plots (2023: three sites,
413 plots).Allsites were sold under planning
promotion agreements. In addition, completion
of the final four phases of a legacy site sold in
2019 was brought forward at the request of the
developer.
As a result, revenue from land sales increased to
£16.3m (2023: £7.5m). The four sites sold in the
year totalled 85 gross acres (2023: 55 acres).
Total gross profit for the year was £5.3m (2023:
£3.6m). Gross profit is stated after increases
to inventory provisions of £3.3m during the
year (2023: £1.1m increase) which reflects the
outcome of planning decisions refused during
the year and our assessment of the planning
prospects for individual sites.
Overheads for the business increased to £3.1m
(2023: £2.6m) reflecting the investment in
executing the division’s growth strategy. The
increase in gross profit offset by the increase in
overheads resulted in an operating profit for the
division of £2.2m (2023: £1.0m).
Overall results were lower than expected largely
driven by planning challenges accentuated by
the general election and unhelpful revisions
to the National Planning Policy Framework
(NPPF) under the previous Government in
December 2023. Despite this, we made progress
on a number of sites and enter the current
year with two sites in an active sales process
and 11 sites awaiting planning approval. We
are encouraged by the commitment from the
Labour Government to start fixing the issues in
the planning system and wider housing market.
Gleeson Land continues to invest for the future.
We took the opportunity this year to strengthen
the team, increasing headcount, regionalising
the business, and improving operational systems
and processes. In addition, we continued to
invest in technology through our Research and
Analytics team and this is already increasing
our capability, particularly with regards to
sourcing and securing high-quality new sites.
This investment uniquely positions us for growth,
supporting the strength of our bids on new sites
and planning applications.
KEY HIGHLIGHTS
Plots sold
520 on 4 sites
2023: 413 on 3 sites
Gross profit
£5.3m
2023: £3.6m
Operating profit
£2.2m
2023: £1.0m
MJ Gleeson plc Annual Report & Accounts 202420
Business Review:
Gleeson Land
Sondes Place Farm,
Dorking

Planning
This year, Gleeson Land submitted planning
applications on four sites with the potential to
deliver 483 plots (2023: 11 sites, 2,014 plots), and
achieved planning consent or resolution to grant
on five sites.
As a result of the challenges in the planning
system, we have had to take a more measured
approach on planning submissions to maximise
success rates on future sites which resulted in
the lower number of applications submitted.
Disappointingly, permission was refused on
six sites, including five that went to appeal. It
is the intention to continue to promote these
sites through the local plan making process,
however the outcome reflects the state of the
current planning system, which is acting as a
blocker to the supply of consented land and new
housing development.
We ended the year with 11 sites awaiting a
decision on planning applications or in appeal
(2023: 18 sites). The business has a strong
immediate pipeline, with seven sites either with
planning permission or resolution to grant, with
Actively promoting
71 sites
the potential to deliver 1,473 plots for housing
development (2023: six sites, 1,400 plots).
Portfolio
During the year, five high-quality new sites
(852 plots) were added to the portfolio, secured
under planning promotion agreements.
At 30 June 2024, the business had a portfolio
totalling 71 sites (2023: 70 sites) with the
potential to deliver 16,911 plots (2023: 17,831
plots) plus 25 acres of commercial land (2023:
25 acres). The majority of the portfolio is held
under option and promotion agreements with
landowners, which provide the advantage of
reduced capital investment up front and reduced
risk arising from changes in land values.
The portfolio contains a mixture of sites with
differing planning contexts, giving us the
opportunity for both near-term and long-term
growth. Our role in the housing supply chain
is critical to unlocking development in areas of
housing need. Our planning approach focuses
on creating well-designed developments that
enhance the community, meet local needs
including affordable housing and, importantly,
offer the benefits of green open space.
The business is now organised into three
distinct operating regions; Southern, Western
and Central. This structure enables us to focus
on building stronger relationships with local
landowners and land agents in those areas,
as well as with local authorities and planning
departments.
Our investment in technology and data
has already yielded results, both through
significantly increasing our bid success rate,
and strengthening our due diligence on new
sites. Ultimately this investment will lead to
high-quality sites being secured that will enrich
the portfolio and support future profit delivery
and growth.
Freehold
484 plots
(2023: 489)
Held under option
4,817 plots
(2023: 5,512)
Promotion agreement
11,610 plots
(2023: 11,830)
Consented
7 sites
(2023: 6)
Unallocated
48 sites
(2023: 40)
Awaiting planning
decision
11 sites
(2023: 18)
Allocated
5 sites
(2023: 6)
Total plots
16,911
(2023: 17,831)
Total sites
71
(2023: 70)
Portfolio
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 21

Mortgage rates and
affordability
Average 2-year fixed mortgage rates
(90% LTV)
July 09
July 10
July 11
July 12
July 13
July 14
July 15
July 16
July 17
July 18
July 19
July 20
July 21
July 22
July 23
July 24
1%
2%
3%
4%
5%
6%
7%
8%
LINE
Source: Bank of England
Mortgage costs as a percentage of
take home pay for first time buyers
20242014200419941984
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
LINELINELINE
Source: Nationwide affordability indicators
London Rest of England
North of England & E Midlands
Gross Weekly Pay of Full Time Employees
(Indexed from 2018)
2018 2019 2020 2021 2022 2023 2024
46.1%
36.2%
33.2%
27.0%
24.3%
Source: ONS – Labour Force Survey
National Living Wage RPI
Highest Quartile Earners CPI
Lowest Quartile Earners
Link to strategy
1 3
Link to risk
1 3
01
The housing market has continued to face challenges this year with interest rates remaining
high and political uncertainty both leading to a lack of buyer confidence.
Mortgage availability has returned to more normal levels and affordability remains healthy at the lower end of the market.
There remains a fundamental under-supply of housing, particularly affordable homes and rental properties, which has not
been helped by delays in the planning system that will further reduce housing supply if not resolved. Selling prices have
slowed and, in some regions reduced, although the North of England shows opportunity for growth. Supply chain pressures
have eased as prices have stabilised over the year and both materials and labour availability has improved.
We commenced the year with considerable uncertainty
over interest rates and inflation with the Bank of
England base rate at its highest level since 2008 at
5.25% and inflation running at 6.8% in July 2023. The
base rate remained stubbornly flat throughout the
year, but mortgage rates have begun to ease reducing
from 6.6% in July 2023 for the average two year fixed
rate mortgage to 5.7% in June 2024. Inflation has been
steadily reducing over the year, but political uncertainty
and the expectation of a future base rate reduction
impacted on buyer confidence. Despite this, increases
in the National Living Wage mean that affordability has
improved at the lower end of the market which offers
opportunities for growth as buyer confidence returns.
Impact
The housebuilding sector as a whole has seen a
challenging year with lower sales volumes as a result
of reduced demand. Gleeson Homes started the year
with a low forward order book and relatively subdued
reservation rates. Reservation rates have fluctuated from
week-to-week, but overall improved over the course of
the year. The impact of interest rates, inflation and the
high cost of living has had a significant impact on first-
time buyers and the affordable end of the market which
has prevented meaningful growth. As far as possible
we have mitigated this by broadening our marketing
strategy and product offering to appeal to a wider
demographic of customers including home-movers and
retirees, and exploring further sales to investors as well
as partnership opportunities.
Opportunities
We are well positioned to respond to growth
opportunities as the market returns. Our focus in the
North of England and Midlands, where mortgage costs
as a percentage of pay remain low relative to the rest
of England, means that we will continue to appeal to a
range of buyers. We expect demand to grow as we start
to see real wage growth, reductions in interest rates and
increased mortgage availability, all of which will drive
confidence in the housing market.
MJ Gleeson plc Annual Report & Accounts 202422
Market Review

Structural
under-supply
of new homes
Net additional dwellings
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Source: Department for Levelling Up, Housing and Communities
Government target
New build completions Other net additions
Rental stock by tenure –
North of England & Midlands (millions)
0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Source: Live tables on dwelling stock (including vacants) by tenure and region from April 2001 to March 2023
Rented privately or with
a job or business
Rented from private
Registered Providers
Rented from local
authorities
Other public sector
dwellings
Supply of affordable new build homes
New buildResale
Above £200kBelow £200K
18%
6%
Source: Land Registry – Price Paid Data 2022
Link to strategy
1 2 3
Link to risk
1 2 3 5
02
1
Sustainable growth
2
Build quality
3
Affordability
4
Land sourcing
5
Climate change
6
People, wellbeing,
health and safety
1
Economic
environment
2
Land availability
3
Government policy
and regulations
4
Build costs and
availability
5
Build quality and
customer service
6
People
7
Cyber and IT
systems
8
Health and safety
9
Financial
environment and
control
10
Climate risk
11
Sustainability
Key – Strategic priorities Key – Risks
The chronic under-supply of new homes remains an
issue which has been exacerbated by the planning
system and political intransigence during the year
under the previous Government. Net additional
dwellings in 2023 were 234,000, similar to the volumes
in 2022. Government targets have been reinstated at
1.5 million homes over the Government’s term, which
means that the annual target is now closer to 370,000
per annum. The need for affordable homes is estimated
at 145,000 per year, but stood at only 63,000 in 2023.
The shortage of homes applies across all tenures,
with social housing and private rental properties all
showing demand outstripping supply. The limited
supply of rental properties, accompanied by increasing
inflation, has led to an increase in average rents of 8%
in the year. Analysis by Rightmove shows that around
120,000 more rental properties are needed in order to
bring the balance of supply and demand back down to
normallevels.
Impact
In the North of England and Midlands, 4.2 million
households are renting, and there are 620,000
households on local authority waiting lists. A further
2.1 million adults live with parents. In the North of
England and East Midlands, there remains a shortage
of affordable homes, with new build sales representing
only 6% of all homes sold below £200k. The
opportunity for home ownership remains squeezed by
this lack of supply. Whilst older terraced housing stock
makes up the vast majority of sales under £200k, the
quality of these houses tends to be poorer than new
build and are not as energy-efficient, with only 15% of
English houses EPC rated A or B in the year.
Opportunities
The structural under-supply of new homes represents
a vast underserved market of customers in our target
areas. 76% of Gleeson homes were sold in the most
deprived areas of the country in line with our mission
of building homes “where they are needed, for the
people who need them most”. In addition, our homes
are highly energy-efficient with 96% of Gleeson homes
being EPC rated A or B. The large number of rented
properties and people on local authority waiting lists
gives further opportunity to provide social housing and
new builds for private landlords.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 23

Under-resourced and tortuous
planning system
Length of Planning Approval Period
(Years)
0
0.5
1.0
1.5
2.0
2.5
3.0
20242020
Planning approval for sites with 100-499 units, from planning application to approval
Source: Lichfields
2.8
2.1
Major planning applications granted
500
1,000
1,500
2,000
2016 Q1
2017 Q1
2018 Q1
2019 Q1
2020 Q1
2021 Q1
2022 Q1
2023 Q1
2024 Q1
Source: Department for Levelling Up, Housing and Communities
Applications decided within statutory
time period
(Major – 13 weeks, Minor – 8 weeks)
0
25
50
75
100
LINE
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
% of applications
Source: Department for Levelling Up, Housing and Communities
Link to strategy
1 4
Link to risk
3 4
03
Planning continues to be a challenge across the industry,
with a sustained reduction year-on-year in major planning
applications granted. An already under-resourced planning
system came under further pressure during the year with
revisions to the National Planning Policy Framework and
new requirements, including biodiversity net gain which
came into effect in February 2024. The political uncertainty
of the General Election caused further delays whilst local
authorities waited to assess the direction of future policy.
However, the Government’s proposed reforms to planning
are expected to impact positively on both Gleeson Homes
and Gleeson Land in future periods.
Impact
Planning applications are taking longer than ever before, at
an average of 34 months for larger sites, and the number of
planning applications granted has continued to fall year-
on-year. The impact has been felt across the industry by
housebuilders and land promoters alike. Gleeson Homes
and Gleeson Land have seen the time taken to secure
planning permissions increase during the year with more
applications also being taken to appeal. Even in cases
where applications are recommended with planning officer
approval, these are receiving local authority refusals due to
uncertainty over planning policy or, in some cases, political
sway or ‘nimbyism’. This is more keenly felt by Gleeson
Land who are reliant on planning permissions for sites to
market and sell. Gleeson Homes have also experienced
delays on site purchases and build start dates.
Opportunities
Gleeson Homes and Gleeson Land both have strong
pipelines of land across a number of local authorities
and have an excellent track record of successful planning
applications, including via appeal. As the planning system
gets increasingly complex, this serves as a competitive
advantage for our expert teams to work on promoting
land for landowners in Gleeson Land, and securing land
for development in Gleeson Homes. Should the new
Labour Government be successful in making the promised
improvements to the planning system this will give us
opportunity to progress more sites through planning,
enabling growth as demand returns to both the housing
and land markets.
MJ Gleeson plc Annual Report & Accounts 202424
Market Review
CONTINUED
Dublin, St Patricks Vale,
Aspatria, Cumbria

Supply chain and
cost impacts
Construction material price indices
New housing
130
136
142
148
154
160
LINE
Dec 21
May 22
Jun 22
Sep 22
Dec 22
May 23
Jun 23
Sep 23
Dec 23
May 24
Jun 24 (p)
Source: DBT/ONS/Building cost information service (BCIS)
Brick stocks
0
100
200
300
400
500
600
700
Jun 16
Jun 17
Jun 18
Jun 19
Jun 20
Jun 21
Jun 22
Jun 23
Jun 24
Millions
Source: DBT – gov.uk
Wages in construction
(3m av.) year-on-year (%)
-10%
-5%
0%
5%
10%
15%
LINE
2001 Q2
2002 Q2
2003 Q2
2004 Q2
2005 Q2
2006 Q2
2007 Q2
2008 Q2
2009 Q2
2010 Q2
2011 Q2
2012 Q2
2013 Q2
2014 Q2
2015 Q2
2016 Q2
2017 Q2
2018 Q2
2019 Q2
2020 Q2
2021 Q2
2022 Q2
2023 Q2
2024 Q2
Source: ONS – AWE: Construction Index
Link to strategy
1 2 3
Link to risk
1 4 5 10 11
04
Key – Strategic priorities Key – Risks
Margin and build rates in the housebuilding sector are
impacted by availability and pricing in the supply chain
as well as demand. The supply chain broadly consists of
material supplies, external subcontractors and land. There
have been significant shifts in these in recent years, with the
post pandemic period giving rise to an under-supply of both
materials and labour as build rates increased, causing prices
to increase sharply in response. More recently we have seen
availability and prices return to more normal levels as build
rates have slowed in response to demand. There is a risk that
as build volumes rise again in line with growing demand,
this could increase pressure on the supply chain, driving up
prices and impacting margin.
Margin is also dependent on the mix of material price changes
in the system, for example brick price increases have a higher
overall impact than kitchen price increases. Furthermore,
demand can impact on build rates which impacts the time
spent on site, with a lower build rate increasing site ‘prelim’
costs adding further pressure on margin.
The impact on margin is also dependent on how selling
prices change over the same period, with subdued house
prices putting further pressure on margin.
Impact
The cost of new materials, such as air source heat pumps
and additional insulation requirements, increases the cost
of building a home. However, our average plot build costs
reduced slightly over the year, with a reduction of 0.7%. This
was due to increases in subcontractor costs being more than
offset by a reduction in material costs.
This ‘saving’ was offset by increases in one-off costs arising
on certain legacy sites, where additional costs were incurred
as we neared the end of the development. This has a more
pronounced effect as the costs are spread over a shorter
period of time as the site completes. In addition, the slower
build rate this year, as a result of subdued demand, resulted
in an increase in plot costs once preliminary costs are
factored in, reducing overall margin.
Opportunities
The stabilisation of prices and availability gives us the
opportunity to maintain or improve margin. Whilst there
is a risk that material and subcontractor prices could rise
as demand returns, we expect this to be matched by an
increase in selling prices that would mitigate any cost
increases.
1
Sustainable growth
2
Build quality
3
Affordability
4
Land sourcing
5
Climate change
6
People, wellbeing,
health and safety
1
Economic
environment
2
Land availability
3
Government policy
and regulations
4
Build costs and
availability
5
Build quality and
customer service
6
People
7
Cyber and IT
systems
8
Health and safety
9
Financial
environment and
control
10
Climate risk
11
Sustainability
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 25

GROUP BUSINESS MODEL
01
Land acquisition
We acquire land, often in brownfield areas or areas in need of
regeneration. We transform these into places for people to live. We
have clearly defined gateway processes to ensure we buy land in
the right areas and at the right price. This is essential to keeping our
homes affordable.
01
New sites
We use land agents and in-house search capabilities
to identify and carefully select new land opportunities.
We enter into agreements with landowners to promote
their land through the planning process.
02
Planning
We plan our developments to transform sites into attractive and
sustainable communities.
We work with local authorities, local residents, community groups and
other stakeholders to achieve an implementable planning permission
that is sympathetic to local needs.
02
Promotion
We engage with local authorities, residents,
communities, stakeholder groups and statutory
consultees to promote land for sustainable
housing development whilst balancing stakeholder
needs.
03
Designing homes
Our homes are designed to the latest planning and building regulations.
We regularly review the specification of our homes to ensure they
meet our customers’ needs and remain highly energy-efficient to help
lower their bills.
03
Planning
We have in-house planning capabilities and work
closely with masterplanning and other specialist
consultants to secure attractive and sustainable
planning consents in areas of housing need.
04
Build
Our health and safety procedures are designed to ensure everyone
connected to our sites remains safe and free from harm.
We are reducing carbon emissions in our build activities and supply
chain and working to reduce our impact on the environment including
through waste reduction and recycling.
04
Technical
We have in-house technical experts to ensure that
our sites are delivered with a readily implementable
planning permission. In doing so, we provide developers
with an “oven ready” site for them to start on.
05
Sales and customer experience
Our focus on quality is absolute and we will not hand over a home
that we are not 100% proud of.
We strive to provide a five-star customer experience and ensure this
commitment to quality extends throughout the customer journey.
05
Sales process
As one of the UK’s largest land promoters, we have
strong relationships with a wide range of housebuilders.
We bring high-quality consented land to market and
look to achieve best value for our landowners.
06
Outcome
We enable people to escape from housing poverty by getting them
out of the “rent trap” and into home ownership, bringing financial
benefits and wealth creation from owning their own home.
We sell high-quality, affordable homes to first-time buyers or young
families as well as home movers and “downsizers” who can benefit
from our lower price points.
06
Outcome
We supply high-quality land that has the benefit of
planning permission to other housebuilders, fulfilling a
key need in the supply chain for the delivery of much
needed new homes.
KEY INPUTS
Financial capital
We have a robust capital model
with high levels of liquidity to
invest and grow the business.
Land
We buy land where homes can
be sold at affordable prices
and often in areas in need
of regeneration where other
housebuilders do not want
to build.
Building materials
We look to sustainably source
materials from reputable
suppliers. We select materials
with lower levels of embodied
carbon where possible.
Our people
Our people are key to achieving
the mission and vision of our
business and share our core
values.
Local authority
relationships
We build relationships with
local authorities and share our
vision of building affordable
homes for the people who need
them most.
Supply chain
We partner with our supply
chain and use reputable
suppliers and subcontractors
that are local to our sites where
possible.
Partners
Our partners provide additional
funding at an earlier stage,
and guaranteed sales on
partnership sites.
PlanningSales and
customer
experience
Build
Outcome
Designing
homes
Land
acquisition
01
02
0304
05
06
Gleeson Homes
Acquires land on which to
build high-quality, affordable
homes in the North of
England and Midlands. The
division requires capital
investment in land and work
in progress.
MJ Gleeson plc Annual Report & Accounts 202426
Our Business Model
Firbeck Fields, Worksop,
Nottinghamshire

GROUP BUSINESS MODEL
01
Land acquisition
We acquire land, often in brownfield areas or areas in need of
regeneration. We transform these into places for people to live. We
have clearly defined gateway processes to ensure we buy land in
the right areas and at the right price. This is essential to keeping our
homes affordable.
01
New sites
We use land agents and in-house search capabilities
to identify and carefully select new land opportunities.
We enter into agreements with landowners to promote
their land through the planning process.
02
Planning
We plan our developments to transform sites into attractive and
sustainable communities.
We work with local authorities, local residents, community groups and
other stakeholders to achieve an implementable planning permission
that is sympathetic to local needs.
02
Promotion
We engage with local authorities, residents,
communities, stakeholder groups and statutory
consultees to promote land for sustainable
housing development whilst balancing stakeholder
needs.
03
Designing homes
Our homes are designed to the latest planning and building regulations.
We regularly review the specification of our homes to ensure they
meet our customers’ needs and remain highly energy-efficient to help
lower their bills.
03
Planning
We have in-house planning capabilities and work
closely with masterplanning and other specialist
consultants to secure attractive and sustainable
planning consents in areas of housing need.
04
Build
Our health and safety procedures are designed to ensure everyone
connected to our sites remains safe and free from harm.
We are reducing carbon emissions in our build activities and supply
chain and working to reduce our impact on the environment including
through waste reduction and recycling.
04
Technical
We have in-house technical experts to ensure that
our sites are delivered with a readily implementable
planning permission. In doing so, we provide developers
with an “oven ready” site for them to start on.
05
Sales and customer experience
Our focus on quality is absolute and we will not hand over a home
that we are not 100% proud of.
We strive to provide a five-star customer experience and ensure this
commitment to quality extends throughout the customer journey.
05
Sales process
As one of the UK’s largest land promoters, we have
strong relationships with a wide range of housebuilders.
We bring high-quality consented land to market and
look to achieve best value for our landowners.
06
Outcome
We enable people to escape from housing poverty by getting them
out of the “rent trap” and into home ownership, bringing financial
benefits and wealth creation from owning their own home.
We sell high-quality, affordable homes to first-time buyers or young
families as well as home movers and “downsizers” who can benefit
from our lower price points.
06
Outcome
We supply high-quality land that has the benefit of
planning permission to other housebuilders, fulfilling a
key need in the supply chain for the delivery of much
needed new homes.
VALUE FOR STAKEHOLDERS
Customers
We help our customers achieve
long-term value creation, security and
wellbeing through home ownership
and provide high-quality housing
for rent through carefully selected
partners.
Shareholders
We generate sustainable value and
returns for our shareholders.
Our people
We invest in our people, develop their
skills and reward them appropriately.
Suppliers and
subcontractors
We create long-term relationships
with our suppliers and subcontractors.
We pay them fairly and on time.
Communities
We regenerate land often in deprived
areas, leaving a positive legacy for the
communities who need it the most.
Government and local
authorities
We consult with government, local
authorities and industry bodies to
ensure we remain fully compliant and
they understand the impact of policies
on house building.
Banks
We work with our banks to ensure
that we comply at all times with the
covenants and requirements of the
facilities they provide.
Partners
We work with partners to deliver
Gleeson design, quality and price to a
wider market.
Promotion
Sales
process
Technical
Outcome
Planning
New sites
01
02
0304
05
06
Gleeson Land
Promotes land in attractive
areas in the South of
England where there is a
strong housing need. The
division requires lower levels
of working capital and is
highly cash-generative.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 27
Ashley, Michael and Ozzy, Keady,
Phoenix Meadows, Lincolnshire

Our strategy incorporates the Group’s objective for sustainable growth, together
with the environmental, social and governance priorities that are most important
to the Group.
Strategic priorities Objectives Target Progress in 2024 Future actions to meet target Sustainability Link to SDGs
1
Sustainable
growth
Gleeson Homes
Increase the number of new homes built and
extend our geographical and customer reach.
Gleeson Homes
To reach 3,000 homes per year over the
medium term.
Gleeson Homes
We increased our sales volume from the
previous year despite challenging market
conditions. We have been in discussions
with a number of high-quality potential
partners to extend our reach to a wider
market. We signed our first partnership
agreement in June 2024.
Gleeson Homes
Our refreshed product range and
implementation of a broader marketing
strategy along with continued
investment in land will enable a return
to strong growth in the medium term.
This will be supplemented by further
Partnership arrangements.
Gleeson Land
Build the pipeline of sites with planning
permission to generate stable growth and
returns.
Gleeson Land
To obtain more planning permissions in
each financial year than sites sold.
Link to KPI
7 8 9 10 11 13
Gleeson Land
Whilst demand remains strong,
challenges with planning have impacted
on the number of permissions secured
and land sales in the year. We obtained
planning permission on five sites and
sold four sites during the year.
Gleeson Land
Whilst the planning system remains
extremely challenging, we continue
to successfully progress sites in our
portfolio, aided by the strength of
the team.
2
Build quality
Gleeson Homes
Build high-quality, energy-efficient homes to the
specification that our customers require.
Gleeson Homes
To be a five-star housebuilder on all our
development sites.
Link to KPI
3
Gleeson Homes
We recovered our five-star status with a
recommend score of 95% (2023: 89%),
the equivalent of the Home Builders
Federation five-star rating.
Gleeson Homes
We will maintain our five-star
recommend score, and will make
further improvements to our Build
Quality score. See further actions on
page 85.
3
Affordability
Gleeson Homes
Keep our homes affordable through buying
land in the best locations, managing build costs,
sourcing responsibly and building efficiently,
utilising local suppliers and subcontractors where
possible.
Gleeson Homes
To ensure a couple on National Living
Wage can afford a home on any one of
our developments.
Link to KPI
5 12
Gleeson Homes
We have a number of schemes in place
to give customers affordable options to
buy our homes.
A couple working full time on the
National Living Wage are able to buy a
home on 100% of our active sales sites.
Gleeson Homes
We remain committed to building high-
quality homes that are affordable to a
couple on the National Living Wage.
Our work with carefully selected
investors and partners allows access to
safe affordable housing for those who
cannot buy outright.
4
Land sourcing
Gleeson Homes
To sustainably grow our land pipeline, sourcing
land in areas that are in need of regeneration
where homes can be built for sale at low cost.
Gleeson Homes
To acquire sufficient quality sites
to support the growth plans of the
business.
Gleeson Homes
The average cost per plot of land
acquired in the year was below 15% of
expected selling price and seven out
of ten sites in the land pipeline were
brownfield or in areas of deprivation.
Gleeson Homes
Our land buying policy continues to
require land to be purchased according
to these criteria in order to ensure our
homes remain affordable.
Gleeson Land
To secure high-quality new sites that are well
located and can deliver attractive planning
consents for sustainable development.
Gleeson Land
To secure more new sites each financial
year than sites sold.
Link to KPI
14 15
Gleeson Land
We acquired five sites in the year and
sold four sites.
Gleeson Land
Our investment in the Land team,
including the regionalisation of the
business and enhanced Research and
Analytics will enable us to secure high-
quality new sites at a faster rate.
MJ Gleeson plc Annual Report & Accounts 202428
Our Business Strategy

Strategic priorities Objectives Target Progress in 2024 Future actions to meet target Sustainability Link to SDGs
1
Sustainable
growth
Gleeson Homes
Increase the number of new homes built and
extend our geographical and customer reach.
Gleeson Homes
To reach 3,000 homes per year over the
medium term.
Gleeson Homes
We increased our sales volume from the
previous year despite challenging market
conditions. We have been in discussions
with a number of high-quality potential
partners to extend our reach to a wider
market. We signed our first partnership
agreement in June 2024.
Gleeson Homes
Our refreshed product range and
implementation of a broader marketing
strategy along with continued
investment in land will enable a return
to strong growth in the medium term.
This will be supplemented by further
Partnership arrangements.
Gleeson Land
Build the pipeline of sites with planning
permission to generate stable growth and
returns.
Gleeson Land
To obtain more planning permissions in
each financial year than sites sold.
Link to KPI
7
8 9 10 11 13
Gleeson Land
Whilst demand remains strong,
challenges with planning have impacted
on the number of permissions secured
and land sales in the year. We obtained
planning permission on five sites and
sold four sites during the year.
Gleeson Land
Whilst the planning system remains
extremely challenging, we continue
to successfully progress sites in our
portfolio, aided by the strength of
the team.
2
Build quality
Gleeson Homes
Build high-quality, energy-efficient homes to the
specification that our customers require.
Gleeson Homes
To be a five-star housebuilder on all our
development sites.
Link to KPI
3
Gleeson Homes
We recovered our five-star status with a
recommend score of 95% (2023: 89%),
the equivalent of the Home Builders
Federation five-star rating.
Gleeson Homes
We will maintain our five-star
recommend score, and will make
further improvements to our Build
Quality score. See further actions on
page 85.
3
Affordability
Gleeson Homes
Keep our homes affordable through buying
land in the best locations, managing build costs,
sourcing responsibly and building efficiently,
utilising local suppliers and subcontractors where
possible.
Gleeson Homes
To ensure a couple on National Living
Wage can afford a home on any one of
our developments.
Link to KPI
5
12
Gleeson Homes
We have a number of schemes in place
to give customers affordable options to
buy our homes.
A couple working full time on the
National Living Wage are able to buy a
home on 100% of our active sales sites.
Gleeson Homes
We remain committed to building high-
quality homes that are affordable to a
couple on the National Living Wage.
Our work with carefully selected
investors and partners allows access to
safe affordable housing for those who
cannot buy outright.
4
Land sourcing
Gleeson Homes
To sustainably grow our land pipeline, sourcing
land in areas that are in need of regeneration
where homes can be built for sale at low cost.
Gleeson Homes
To acquire sufficient quality sites
to support the growth plans of the
business.
Gleeson Homes
The average cost per plot of land
acquired in the year was below 15% of
expected selling price and seven out
of ten sites in the land pipeline were
brownfield or in areas of deprivation.
Gleeson Homes
Our land buying policy continues to
require land to be purchased according
to these criteria in order to ensure our
homes remain affordable.
Gleeson Land
To secure high-quality new sites that are well
located and can deliver attractive planning
consents for sustainable development.
Gleeson Land
To secure more new sites each financial
year than sites sold.
Link to KPI
14
15
Gleeson Land
We acquired five sites in the year and
sold four sites.
Gleeson Land
Our investment in the Land team,
including the regionalisation of the
business and enhanced Research and
Analytics will enable us to secure high-
quality new sites at a faster rate.
1
Health and safety (“AIIR”)
2
Employee engagement
3
Customer
recommendation score
4
CO
2
e (scope 1 and 2)
5
First-time buyers
6
Waste
7
Cash and cash equivalents
net of borrowings
8
Group profit before tax
(pre-exceptional items)
9
Total dividend
10
Return on capital
employed
11
Gleeson Homes –
Homes sold
12
Gleeson Homes –
Average selling price
13
Gleeson Homes –
Build sites
14
Gleeson Homes –
Land pipeline
15
Gleeson Land –
Portfolio
People
Communities
Environment
Key – KPIs Key – Sustainability pillar
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 29

Strategic priorities Objectives Target Progress in 2024 Future actions to meet target Sustainability Link to SDGs
5
Climate change
Protect the environment and reduce carbon
emissions for the homes that we build and sell.
To achieve Science Based Targets
validation by June 2025 for near-term
and net zero targets with a clear path to
achieve these targets.
Link to KPI
4 6
We committed to setting Science Based
Targets in the year and have submitted
our targets for validation.
We obtained assurance over our
greenhouse gas (GHG) baseline
emissions across scope 1, 2 and 3 and
completed detailed modelling to show
the pathway to achieving our submitted
targets.
We will obtain validation of our Science
Based Targets. We will continue to
drive the changes needed to achieve
our targets through implementation of
new materials, building methods and
technologies and through engagement
with our suppliers.
6
People, well-
being, health
and safety
Everyone who is involved with, or affected by,
our business remains free from harm and returns
home safe every day.
To attract, retain and develop employees who
share our values, culture and objectives.
To maintain our health and safety
accident rate (“AIIR”) at lower than the
industry average.
To maintain our employee engagement
score in the upper quartile of all surveyed
companies.
Link to KPI
1 2
Our AIIR for the year was 166 (2023:
303) and was below the industry
average of 239.
We took a number of actions as a result
of our 2023 employee survey. In our
latest employee survey we had a 85%
engagement score, which maintains
our position in the top quartile of all
companies surveyed
Safety remains our number one priority.
We have now fully implemented a
new Safety, Health and Environment
software platform that is used to
monitor risk areas and determine
where training and additional actions
should be focused. See further actions
on page 85.
We recently launched our People
Forum which will be used to enhance
our communication throughout the
year. More actions can be found on
page 85.
MJ Gleeson plc Annual Report & Accounts 202430
Our Business Strategy
CONTINUED

Strategic priorities Objectives Target Progress in 2024 Future actions to meet target Sustainability Link to SDGs
5
Climate change
Protect the environment and reduce carbon
emissions for the homes that we build and sell.
To achieve Science Based Targets
validation by June 2025 for near-term
and net zero targets with a clear path to
achieve these targets.
Link to KPI
4
6
We committed to setting Science Based
Targets in the year and have submitted
our targets for validation.
We obtained assurance over our
greenhouse gas (GHG) baseline
emissions across scope 1, 2 and 3 and
completed detailed modelling to show
the pathway to achieving our submitted
targets.
We will obtain validation of our Science
Based Targets. We will continue to
drive the changes needed to achieve
our targets through implementation of
new materials, building methods and
technologies and through engagement
with our suppliers.
6
People, well-
being, health
and safety
Everyone who is involved with, or affected by,
our business remains free from harm and returns
home safe every day.
To attract, retain and develop employees who
share our values, culture and objectives.
To maintain our health and safety
accident rate (“AIIR”) at lower than the
industry average.
To maintain our employee engagement
score in the upper quartile of all surveyed
companies.
Link to KPI
1
2
Our AIIR for the year was 166 (2023:
303) and was below the industry
average of 239.
We took a number of actions as a result
of our 2023 employee survey. In our
latest employee survey we had a 85%
engagement score, which maintains
our position in the top quartile of all
companies surveyed
Safety remains our number one priority.
We have now fully implemented a
new Safety, Health and Environment
software platform that is used to
monitor risk areas and determine
where training and additional actions
should be focused. See further actions
on page 85.
We recently launched our People
Forum which will be used to enhance
our communication throughout the
year. More actions can be found on
page 85.
1
Health and safety (“AIIR”)
2
Employee engagement
3
Customer
recommendation score
4
CO
2
e (scope 1 and 2)
5
First-time buyers
6
Waste
7
Cash and cash equivalents
net of borrowings
8
Group profit before tax
(pre-exceptional items)
9
Total dividend
10
Return on capital
employed
11
Gleeson Homes –
Homes sold
12
Gleeson Homes –
Average selling price
13
Gleeson Homes –
Build sites
14
Gleeson Homes –
Land pipeline
15
Gleeson Land –
Portfolio
People
Communities
Environment
Key – KPIs Key – Sustainability pillar
Strategic Report
31MJ Gleeson plc Annual Report & Accounts 2024
Carlow, Springfield Meadows,
Bolsover, Derbyshire

Sustainability KPIs Financial KPIs
Health and safety (AIIR
1
) Customer recommendation
score (%)
First-time buyers (%) Group profit before tax
(pre-exceptional items) (£m)
Cash and cash equivalents net
of borrowings (£m)
Employee health and safety is our number
one priority, and we are committed to
keeping our AIIR below the industry
average.
We aim to be a 5-star builder on all of our
developments, which means obtaining
a customer recommendation score
above 90%.
We aim to get more first-time buyers
into home ownership and out of the
“rent trap”.
The Group aims to generate profits to
invest in the future growth of the business
for all stakeholders.
We aim to maintain positive cash
balances or reduce net debt.
’24 ’23 ’22 ’21 ’20
359
556
55
303
166
Link to
sustainability
Link to strategy
6
Link to risk
8 11
’24 ’23 ’22 ’21 ’20
88
91 91
89
95
Link to
sustainability
Link to strategy
2
Link to risk
5 11
’24 ’23 ’22 ’21 ’20
44
59
74
80
84
Link to
sustainability
Link to strategy
3
Link to risk
1 5 11
’24 ’23 ’22 ’21 ’20
5.6
41.7
55.5
31.5
24.8
Link to strategy
1
3
Link to risk
1
2 3 4
9
’24 ’23 ’22 ’21 ’20
16.8
34.3
33.8
5.2
12.9
Link to strategy
1
Link to risk
1
9
Employee engagement (%) CO
2
e (scope 1 and 2) tonnes Waste (% of waste diverted
from landfill)
Total dividend (pence) Return on capital employed
2
(%)
We want to attract, retain and develop
employees who share the values and
culture of the Group.
We are setting Science Based Targets
to reduce our absolute scope 1 & 2
emissions.
We aim to reduce our impact on the
environment.
We look to provide steady dividend
growth whilst maintaining dividend cover
at sustainable levels.
Return on capital employed represents
the profits made from the assets we hold.
’24 ’23 ’22 ’21 ’20
88
89
90
87
85
Link to
sustainability
Link to strategy
6
Link to risk
6 11
’24 ’23 ’22 ’21 ’20
3,575
3,629
3,676
3,721
3,024
Link to
sustainability
Link to strategy
5
Link to risk
10 11
’24 ’23 ’22 ’21 ’20
96
98
99 99
99
Link to
sustainability
Link to strategy
5
Link to risk
10 11
’24 ’23 ’22 ’21 ’20
0.0
15.0
18.0
14.0
11.0
Link to strategy
1
Link to risk
1
9
’24 ’23 ’22 ’21 ’20
3.1
21.4
25.4
13.0
10.1
Link to strategy
1
Link to risk
1
2 3 4
9
Operational KPIs
Gleeson Homes
Homes sold
Gleeson Homes
Land pipeline (plots)
Gleeson Homes
Build sites (year end)
Gleeson Homes
Average selling price (£)
Gleeson Land
Portfolio (sites)
We aim to increase the number of
new homes built and extend our
geographical reach.
Land pipeline ensures our ability to grow
over the coming years. Our pipeline
includes owned and conditionally
purchased sites.
Build sites represent the sites we are
actively building on.
Average selling price represents our
overall sales income per home sold.
Gleeson Land portfolio represents the
number of sites available to progress
through the planning system for
future sale.
’24 ’23 ’22 ’21 ’20
1,072
1,812
2,000
1,723
1,772
Link to strategy
1
Link to risk
1 2 3 4
’24 ’23 ’22 ’21 ’20
13,801
15,863
16,814
17,375
19,138
Link to strategy
4
Link to risk
1 2 3
’24 ’23 ’22 ’21 ’20
71
81
87
82
79
Link to strategy
1
Link to risk
1 2 3
’24 ’23 ’22 ’21 ’20
130,900
145,800
167,300
186,200
185,700
Link to strategy
3
Link to risk
1
2 4 11
’24 ’23 ’22 ’21 ’20
68
71 71
70
71
Link to strategy
4
Link to risk
1
2 3
1
Accident Injury Incidence Rate measured as the number of reportable incidents per 100,000 employees and on-site subcontractors.
2
Return on capital employed is calculated based on earnings before interest, tax and
exceptional items (“EBIT”) from continuing and discontinued operations, expressed as a
percentage of the average of opening and closing net assets after deducting deferred tax
and cash net of borrowings.
MJ Gleeson plc Annual Report & Accounts 202432
Key Performance Indicators

Sustainability KPIs Financial KPIs
Health and safety (AIIR
1
) Customer recommendation
score (%)
First-time buyers (%) Group profit before tax
(pre-exceptional items) (£m)
Cash and cash equivalents net
of borrowings (£m)
Employee health and safety is our number
one priority, and we are committed to
keeping our AIIR below the industry
average.
We aim to be a 5-star builder on all of our
developments, which means obtaining
a customer recommendation score
above 90%.
We aim to get more first-time buyers
into home ownership and out of the
“rent trap”.
The Group aims to generate profits to
invest in the future growth of the business
for all stakeholders.
We aim to maintain positive cash
balances or reduce net debt.
’24 ’23 ’22 ’21 ’20
359
556
55
303
166
Link to
sustainability
Link to strategy
6
Link to risk
8
11
’24 ’23 ’22 ’21 ’20
88
91 91
89
95
Link to
sustainability
Link to strategy
2
Link to risk
5
11
’24 ’23 ’22 ’21 ’20
44
59
74
80
84
Link to
sustainability
Link to strategy
3
Link to risk
1
5 11
’24 ’23 ’22 ’21 ’20
5.6
41.7
55.5
31.5
24.8
Link to strategy
1 3
Link to risk
1 2 3 4
9
’24 ’23 ’22 ’21 ’20
16.8
34.3
33.8
5.2
12.9
Link to strategy
1
Link to risk
1 9
Employee engagement (%) CO
2
e (scope 1 and 2) tonnes Waste (% of waste diverted
from landfill)
Total dividend (pence) Return on capital employed
2
(%)
We want to attract, retain and develop
employees who share the values and
culture of the Group.
We are setting Science Based Targets
to reduce our absolute scope 1 & 2
emissions.
We aim to reduce our impact on the
environment.
We look to provide steady dividend
growth whilst maintaining dividend cover
at sustainable levels.
Return on capital employed represents
the profits made from the assets we hold.
’24 ’23 ’22 ’21 ’20
88
89
90
87
85
Link to
sustainability
Link to strategy
6
Link to risk
6
11
’24 ’23 ’22 ’21 ’20
3,575
3,629
3,676
3,721
3,024
Link to
sustainability
Link to strategy
5
Link to risk
10
11
’24 ’23 ’22 ’21 ’20
96
98
99 99
99
Link to
sustainability
Link to strategy
5
Link to risk
10
11
’24 ’23 ’22 ’21 ’20
0.0
15.0
18.0
14.0
11.0
Link to strategy
1
Link to risk
1 9
’24 ’23 ’22 ’21 ’20
3.1
21.4
25.4
13.0
10.1
Link to strategy
1
Link to risk
1 2 3 4
9
Operational KPIs
Gleeson Homes
Homes sold
Gleeson Homes
Land pipeline (plots)
Gleeson Homes
Build sites (year end)
Gleeson Homes
Average selling price (£)
Gleeson Land
Portfolio (sites)
We aim to increase the number of
new homes built and extend our
geographical reach.
Land pipeline ensures our ability to grow
over the coming years. Our pipeline
includes owned and conditionally
purchased sites.
Build sites represent the sites we are
actively building on.
Average selling price represents our
overall sales income per home sold.
Gleeson Land portfolio represents the
number of sites available to progress
through the planning system for
future sale.
’24 ’23 ’22 ’21 ’20
1,072
1,812
2,000
1,723
1,772
Link to strategy
1
Link to risk
1
2 3 4
’24 ’23 ’22 ’21 ’20
13,801
15,863
16,814
17,375
19,138
Link to strategy
4
Link to risk
1
2 3
’24 ’23 ’22 ’21 ’20
71
81
87
82
79
Link to strategy
1
Link to risk
1
2 3
’24 ’23 ’22 ’21 ’20
130,900
145,800
167,300
186,200
185,700
Link to strategy
3
Link to risk
1 2 4 11
’24 ’23 ’22 ’21 ’20
68
71 71
70
71
Link to strategy
4
Link to risk
1 2 3
1
Accident Injury Incidence Rate measured as the number of reportable incidents per 100,000 employees and on-site subcontractors.
2
Return on capital employed is calculated based on earnings before interest, tax and
exceptional items (“EBIT”) from continuing and discontinued operations, expressed as a
percentage of the average of opening and closing net assets after deducting deferred tax
and cash net of borrowings.
Key – Strategic priorities
1
Sustainable growth
2
Build quality
3
Affordability
4
Land sourcing
5
Climate change
6
People, wellbeing, health
and safety
Key – Risks
1
Economic environment
2
Land availability
3
Government policy and
regulations
4
Build costs and availability
5
Build quality and customer
service
6
People
7
Cyber and IT systems
8
Health and safety
9
Financial environment and
control
10
Climate risk
11
Sustainability
Key – Sustainability pillar
People
Communities
Environment
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 33

Introduction
Net reservation rates, excluding multi-unit sales,
improved to 0.44 per site per week over the
year (2023: 0.38) which, combined with multi-
unit sales delivered 2.8% volume growth in
Gleeson Homes.
Margin pressures have been persistent,
stemming from increased sales incentives,
lower customer extras, a higher proportion of
multi-unit sales and extended site durations.
This was exacerbated part way through the
year by additional costs on several older sites,
which were brought to light following the
organisational restructure last year.
Gleeson Homes has a clear pathway to reach
its medium-term objective of delivering
3,000 homes per annum in a stable market
environment by opening significantly more
sites each year than it expects to complete.
This trajectory will be accelerated through the
addition of further partnership agreements.
Our medium-term objective of 3,000 new
homes per annum could see profit before tax
broadly triple and Gleeson resume its position
as the fastest growing listed housebuilder in
the UK.
Revenue
Group revenue increased 5.2% to £345.3m
(2023: £328.3m) with increases in both Gleeson
Homes and Gleeson Land.
Gleeson Homes’ revenue increased by 2.6%
to £329.0m (2023: £320.8m). The number of
homes sold increased by 2.8% to 1,772 (2023:
1,723) despite the average number of selling
sites, at 64.8, being slightly lower than the
previous year (2023: 68.0 average selling sites).
The average selling price (“ASP”) at £185,700
was 0.3% lower than the previous year (2023:
£186,200) driven by a higher proportion of
multi-unit sales and a lower house-type mix
largely offset by higher underlying selling prices
which were up 1.5% and a higher site mix.
Gleeson Land completed the sale of four sites in
the year (2023: three sites) as well as completing
the sale of a further four phases of a legacy site
sold in 2019. As a result, revenue increased by
117.3% to £16.3m (2023: £7.5m). A number of the
disposals which had been expected to complete
during the year were delayed due to planning.
This resulted in certain land sales progressing
more slowly than anticipated. However, we
I am pleased with how the
business has performed in a
challenging environment and has
readied itself to resume a strong
growth trajectory.”
Stefan Allanson
Chief Financial Officer
MJ Gleeson plc Annual Report & Accounts 202434
Financial Review

commence the new financial year in a strong
position with seven sites with consent or
resolution to grant (2023: six sites) and 11 sites
awaiting a planning decision (2023: 18 sites).
Gross profit
Gross profit for the Group decreased by 6.2%
to £84.5m (2023: £90.1m), with gross profit in
Gleeson Homes decreasing by 8.4% to £79.2m
(2023: £86.5m). The gross profit margin for
Gleeson Homes decreased to 24.1% (2023:
27.0%) reflecting additional costs on a number
of older sites, increased fixed site costs as site
durations extended, the impact of multi-unit
and affordable sales and the greater use of sales
incentives.
Gleeson Land generated gross profit of £5.3m
(2023: £3.6m) after increasing inventory
provisions by £3.3m (2023: £1.1m increase in
provisions).
Administrative expenses
Administrative expenses excluding exceptional
costs reduced by £0.8m (1.4%) in the year to
£56.2m (2023: £57.0m) reflecting reduced
payroll costs, advertising spend and office
costs following the operational restructuring of
Gleeson Homes completed in June 2023.
Profit for the year
Group operating profit before exceptional items
was £28.6m (2023: £33.6m), a 14.9% decrease
on the prior year. This was due to the 13.4%
decrease in operating profit in Gleeson Homes
to £30.3m (2023: £35.0m) offset by an increase
in Gleeson Land operating profit to £2.2m (2023:
£1.0m). Group overheads were £3.9m (2023:
£2.4m) as the prior year benefitted from the
reversal of certain share based payment costs.
Net finance expenses increased in the year to
£3.7m (2023: £2.1m) due to the impact of higher
interest rates during the year and increased
borrowings. As a result, the Group delivered
profit before tax of £24.8m (2023: £31.5m pre-
exceptional items, £30.5m post exceptional
items).
Exceptional items
There were no exceptional costs in the year.
The £1.0m exceptional cost in the prior year
related to the operational restructuring of the
Gleeson Homes business, consolidating the
three divisions and nine regional management
teams to two divisions and six regional
management teams. The operational restructure
was implemented to right-size the business
and standardise our operations, creating the
platform for well-controlled growth as the
market returns
Tax
The tax charge of £5.5m (2023: £6.3m)
represents an effective tax rate of 22.3% against
the headline rate of 25.0%. The most significant
factor benefitting the Group’s tax charge is land
remediation relief, whereby relief is granted on
an additional 50% of qualifying remediation
expenditure. Many of our sites are on brownfield
land and require significant remediation prior
to use.
Included in the tax charge is £0.1m relating to
residential property developers’ tax (“RPDT”),
which was effective from 1 April 2022 and
applies to profit from residential property
development activity on profits over £25.0m
.
Group revenue
£345.3m
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 35

Profit after tax
Profit after tax for the year decreased 20.2% to
£19.3m (2023: £24.2m). Pre-exceptional profit
after tax decreased by 22.8% to £19.3m (2023:
£25.0m).
Earnings per share
Basic earnings per share decreased by 20.2% to
33.1 pence (2023: 41.5 pence). Pre-exceptional
basic earnings per share decreased by 22.8% to
33.1 pence (2023: 42.9 pence).
Return on capital employed
Return on capital employed decreased 290
basis points to 10.1% (2023: 13.0%) caused by the
reduction in profit.
Balance sheet
During the year to 30 June 2024, shareholders’
funds increased by 4.1% to £297.7m (2023:
£286.0m). Net assets per share increased to 510
pence, an increase of 4.1% year on year (2023:
490 pence).
Non-current assets decreased during the year
by 19.0% to £9.8m (2023: £12.1m). This was
mostly due to a reduction in property, plant and
equipment of £1.9m with a lower level of capital
expenditure compared to the previous year.
Current assets increased by 1.1% to £368.2m
(2023: £364.3m). As planned, the unwind of a
large portion of the investment in substantial
starts from last year was broadly matched by
the investment in work in progress on sites,
leaving inventories broadly flat at £345.2m
(30 June 2023: £344.6m). Trade and other
receivables decreased by £4.6m to £9.3m largely
as a result of receipts of deferred monies in
Gleeson Land of £6.4m and reduction in VAT
receivables offset by an increase in completion
monies due in Gleeson Homes at the end of the
year. This was offset by an increase in cash and
cash equivalents, which increased to £12.9m
(2023: £5.2m).
Cash and bank facilities
The Group ended the year with cash and cash
equivalents of £12.9m (2023: £5.2m). In July
2023, the Group successfully refinanced its club
borrowing facility with Lloyds Bank plc and
Santander UK plc. The facility was increased
from £105m to £135m and extended to October
2026 plus two uncommitted one-year extension
options. The increased facility provides the
Group with the liquidity to invest in new sites
and support Gleeson Homes growth plans.
Dividends
In line with the Board’s stated dividend policy,
the Company intends to pay a final dividend
of 7.0 pence per share at a total cost to the
Company of £4.1m. The dividend will be paid
on 22 November 2024 to shareholders on the
register at the close of business on 25 October
2024. Combined with the interim dividend of
4 pence per share paid in April 2024, the total
dividend for the year will be 11.0 pence (2023:
total dividend per share 14.0p) and is covered
3.0 times.
The Board intends to maintain an earnings to
ordinary dividend cover ratio of between three
and five times.
Stefan Allanson
Chief Financial Officer
17 September 2024
MJ Gleeson plc Annual Report & Accounts 202436
Financial Review
CONTINUED

Hillcrest Gardens,
Gainsborough, Lincolnshire
Gleeson Homes has a clear pathway
to 3,000 homes p.a. by opening
significantly more sites each year.”
Strategic Report
37MJ Gleeson plc Annual Report & Accounts 2024

Effective risk management is essential to the achievement of our strategic
priorities and risk management controls are integrated across all levels of our
business and operations.
The Board has overall responsibility for the Group’s management and assessment of risk, supported by the Audit
Committee. Our risk management framework is made up of underlying functional risk registers, which monitor the
financial, operational and compliance risks in each functional area of the business.
These functional risk registers link to the overall Group risk register, which identifies both principal and emerging risks
and informs a formal risk assessment process that considers the likelihood and impact of the identified risks, together
with any mitigating controls.
The Group risk register is formally reviewed by the Audit Committee at the majority of its scheduled meetings. The
Audit Committee reports to the Board on any changes to risks, including consideration of emerging risk areas. This is
supported by the findings from the Group’s internal audit function that reports to the Audit Committee on risk areas
across the Group and on the effectiveness of internal controls.
Our risk management framework consists of the following components:
Main Board
• Sets the Group risk policy, strategy and risk appetite
• Overall responsibility for monitoring and managing
principal and emerging risks
• Responsible for effective operation of the risk
management framework
• Sets the “tone at the top” for the management of
risk across the Group
Audit Committee
• Monitors the Group’s systems, controls and integrity
of reporting
• Advises on and approves the internal audit plan and
monitors effectiveness of internal audit
• Monitors the performance, effectiveness and
independence of external audit
• Monitors the management of principal and emerging
risks and responses
Internal Audit
• Provides assurance on how risks are managed
operationally
• Provides assurance on the design effectiveness of
internal controls and makes recommendations
• Provides assurance on the operational effectiveness
of internal controls in practice
Senior Management
• Identifies, reports on, and monitors risk within the
relevant function
• Assesses the effective operation of day-to-day
controls
• Designs and implements additional controls to
mitigate any risks identified
Operational Management
• Operates processes and controls to manage risks in
day-to-day activities
• Identifies emerging risks and gaps in controls for
reporting to senior management
MJ Gleeson plc Annual Report & Accounts 202438
Risk Management

We categorise our risks into two sources:
External – risks arising from the macro or external
environment, not wholly within the Group’s control but
where action can often be taken to manage the risk.
Operational – risks relating to the day-to-day
operation of the business which are within our control.
Some risks can be both external and operational where
there are elements of both sources. The Group’s risk
framework shows how the principal risks are rated by the
Board in terms of their potential impact on the business
and the likelihood of the risk transpiring. The table on
pages 40 to 43 summarises the Group’s principal risks
and the mitigating actions the Group has in place to
manage these risks. The Audit Committee has assessed
the risks during the year and determined these remain
appropriate and no new or emerging risks have been
identified.
The risk matrix is presented after taking account of
mitigating controls and actions.
Low
Likelihood
High
Low High
Impact
1
2
3
11
8
7
6
10
5
9
4
1
Economic environment
2
Land availability
3
Government policy
andregulations
4
Build costs and availability
5
Build quality and
customer service
6
People
7
Cyber and IT systems
8
Health and safety
9
Financial environment
andcontrol
10
Climate risk
11
Sustainability
Key – Risks
Risk appetite
The Board sets the risk appetite for the Group based on the level of risk the Board is prepared to accept in its
operational and strategic objectives. Risk appetite is set for each principal risk and a target score is set based on this
appetite. We define our risk appetite into four categories averse, low, medium or high as explained below.
Averse Low Medium High
Description
Avoidance of risk and
uncertainty is the
highest priority.
Strong preference
for a safe/positive
outcome.
Willing to consider
or accept a more
adverse outcome.
Outcome is outside
of the control of the
Group or willing to
accept the risk.
Willing to accept
a high cost of
managing the risk.
Cost of managing the
risk is balanced.
Cost of managing
the risk is only to an
accepted level.
Cost of managing the
risk is prohibitive.
Acceptable level
of risk subject to
passive monitoring.
Acceptable level of
risk subject to regular
monitoring.
Tolerable level of risk
exposure but subject
to regular active
monitoring measures.
High level of risk
exposure which
requires constant
active monitoring.
Other words
Defensive Prudent/cautious Motivated Aggressive
The Board must balance risk appetite against the level of inherent risk that exists in the business, as construction will
naturally have higher levels of inherent risk in certain areas than other industries. The level of risk that the Board is
willing to accept is balanced in this context against the cost of mitigating the risk entirely.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 39

Risk Risk description Assessment Mitigation
1
Economic
environment
Residual risk
High
Change in year
Unchanged
Risk appetite
Medium
Strategic priorities
1 3
An economic downturn or
uncertainty in the housing
and land markets could
affect buyer confidence
and the demand for new
homes and consented land.
This would have an adverse
impact on Group revenue,
profit, cash and carrying
value of assets.
Restrictions on mortgage
funding could reduce
demand for new homes and
negatively impact on Group
revenue and profit.
Inflation has reduced over
the last year, but remains
stubborn in certain sectors
such as services. This may lead
to interest rates remaining
relatively high for a longer
period, dampening demand.
The change of government
in July has helped to reduce
uncertainty and the new
government’s focus on building
and construction should
stimulate growth.
Mortgage availability has
improved from the previous
year but there remains a risk
around buyer confidence as
interest rates have not returned
to the lower rates previously
experienced.
Lead indicators of the economy
and housing market are closely
monitored.
A cautious approach to funding
is maintained and investment in
new sites and spend are carefully
controlled.
Visitor and reservation rates are
closely monitored and prices
and incentives are reviewed and
updated.
Multi-unit investor deals and
partnership deals with upfront
funding have been added to our
overall strategy.
Gleeson Homes provides a range
of customer assistance packages,
including access to reduced
interest mortgages.
2
Land availability
Residual risk
Medium
Change in year
Unchanged
Risk appetite
Medium
Strategic priorities
1 3 4
An increase in land prices or
decrease in land availability
would reduce the viability
of sites in Gleeson Homes
given the high hurdle rates
internally set, and would
increase competition for
promotional opportunities in
Gleeson Land, driving down
profitability and cash flow.
We continue to source land
to purchase at prices that
meet our hurdle rates but
need to secure more sites in
FY2025 and beyond to support
the growth ambitions of
Gleeson Homes.
Gleeson Land also continues
to source opportunities to
promote high-quality land
across the South of England
but, similarly, needs to step up
its rate of new sites secured in
FY2025 and beyond to ensure
stable profit growth.
We have a clearly defined land
strategy and geographic focus,
which are regularly reviewed by
the Executive Directors.
There is a formal land
buying gateway process and
rigorous adherence to margin
requirements and rates of return.
We work closely with local
authorities to identify and
purchase land at sensible prices.
We have proactive land
searching capabilities and strong
relationships with land agents.
Our planning strategy ensures
that we progress sites with the
best opportunities to obtain
planning.
3
Government policy,
regulations and
planning
Residual risk
High
Change in year
Unchanged
Risk appetite
Medium
Strategic priorities
1 4
Planning regulation
changes due to changes
in government policy or
complexities within the
system may affect the
Group’s ability to secure
planning permissions on a
timely basis. Other policy
changes, including changes
to building regulations, the
Future Homes Standard, and
Biodiversity Net Gain, may
adversely impact revenue,
profit and cash flow.
We monitor existing and
emerging changes to building
regulations and consider the
technical, environmental and
financial implications of these
changes.
Planning has been impacted
by both political uncertainty
in the year, under resourced
planning departments and
unhelpful changes in planning
policy under the previous
government.
Additional requirements
including Biodiversity Net
Gain, nutrient neutrality
and phosphate and nitrate
mitigation are also creating
challenges to pursuing
planning permissions.
Our planning and technical
experts closely monitor changes
to legislation and building
regulation.
Changes to building regulations
are built into site cost plans and
forecasts.
We consult with government,
local authorities and industry
bodies to understand proposed
changes and highlight issues as
early as possible.
MJ Gleeson plc Annual Report & Accounts 202440
Risk Management
CONTINUED

1
Sustainable growth
2
Build quality
3
Affordability
4
Land sourcing
5
Climate change
6
People, wellbeing, health and safety
Key – Strategic priorities
Risk Risk description Assessment Mitigation
4
Build costs and
availability
Residual risk
High
Change in year
Unchanged
Risk appetite
Medium
Strategic priorities
1 2 3
Shortages in or increased
cost of materials or
skilled labour, the failure
of key suppliers or the
inability to secure supplies
on appropriate terms
could increase costs and
delay build.
Delays in build programmes
or the failure to anticipate
all costs to be incurred can
result in increased build
costs and reduced margins.
Whilst underlying inflation and
shortages have normalised this
year, we have seen build cost
increases in some areas as a
result of unanticipated costs
to complete, in particular on
legacy sites that were nearing
completion.
Further measures have been
implemented to improve cost
control on sites and adequacy
of costs to complete.
The Group procures supplies
ahead of issues or stoppages on
sites.
Group purchasing arrangements
are in place to ensure continuity
of supply and pricing.
We have strong, established
relationships with key suppliers
and subcontractors.
Monthly valuation meetings
provide regular oversight of build
costs and costs to complete.
5
Build quality and
customer service
Residual risk
Medium
Change in year
Unchanged
Risk appetite
Low
Strategic priorities
2
A failure to build new
homes to the standard and
quality that our customers
expect, to not treat our
customers fairly, or not
respond adequately to
complaints or rectify defects
in a timely and professional
manner. Adverse publicity
from perceived poor build
quality would damage our
reputation, lead to lower
sales and impact future
revenue and cash flows.
The customer and customer
experience are at the heart
of what we do. We will not
hand over a new home where
it does not meet our quality
requirements and we have a
strict inspection process in
place. We commit to the New
Homes Quality Code and have
continued to invest in our
customer care team and after
sales support to ensure any
defects or issues are rectified
quickly.
We are registered with the New
Homes Quality Code.
A strict final inspection process
identifies issues and allows us to
remedy these before handover.
Gleeson Quality Charter sets out
what our customers can expect
in terms of quality.
Independent build inspections
and buyer surveys ensure a high
level of quality control.
We continue to invest in our
customer care team and systems.
6
People
Residual risk
Medium
Change in year
Unchanged
Risk appetite
Medium
Strategic priorities
6
Failure to attract, develop
and retain good-quality
people with the right skills
may result in overstretched
and demotivated staff,
decreased productivity or
quality and stifled growth
opportunities. Inadequate
succession planning could
result in inefficiency and a
loss of key knowledge from
the business.
Our continued focus on
making Gleeson one of the
best companies to work for will
help to attract, develop and
retain good-quality people.
Full details are set out on
pages 62 to 67.
We have a clear mission, vision
and values that our people share.
We have regular performance
and development reviews.
Action is taken from the feedback
gained from our employee
surveys.
Our people have access to
training throughout their career
at Gleeson.
Our remuneration policy is
reviewed and benchmarked to
ensure it remains attractive.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 41

Risk Risk description Assessment Mitigation
7
Cyber and IT
systems
Residual risk
Medium
Change in year
Unchanged
Risk appetite
Low
Strategic priorities
1
Failure of the Group’s IT
systems or unauthorised
access to systems due to
inadequate protection,
controls, processes or cyber
attack could result in data
loss, business disruption,
reputational damage or
financial loss.
We continue to invest
significantly in our IT systems
and networks so these remain
secure and up-to-date.
Industry-standard systems are
managed by a central IT team
with additional outsourced
support.
Contingency plans are in place
and regularly tested.
The majority of data is held
on secure external servers and
backed up regularly.
Regular testing is conducted on
the security of our systems.
Enhanced email, network and
cyber controls have been
implemented during the year.
8
Health and safety
Residual risk
Medium
Change in year
Unchanged
Risk appetite
Averse
Strategic priorities
6
Health and safety failures
can result in injuries to
employees, subcontractors
or site visitors, resulting
in harm to people, delays
in construction, additional
cost, reputational damage,
criminal prosecution or civil
litigation.
The health and safety of our
people and anyone associated
with our developments is
paramount to our business,
and we continue to improve
our training and awareness
across the business. We
implemented a new safety
monitoring platform in the year
which is now fully operational.
An experienced health and safety
team in place to provide regional
support and training.
Our “HomeSafe – everyone, every
day” campaign promotes health
and safety awareness across
the Group.
Regular inspections take place on
all development sites.
We have specific actions to
improve health and safety
reporting and performance.
Documented policies and
procedures are updated to
ensure continued focus and
improvement.
9
Financial
environment and
control
Residual risk
Low
Change in year
Reduced
Risk appetite
Low
Strategic priorities
1 3
The availability and cost of
finance may limit the Group’s
ability to take advantage of
business opportunities and
be a possible impediment to
future growth.
An inability to meet
obligations as they fall due
or comply with banking
covenants could result in
insolvency.
The Group could suffer
losses from financial fraud or
error, poor controls including
over taxes, credit risk or
through having inadequate
insurance.
The Group maintains a strong
relationship with its lenders,
insurance providers and other
stakeholders, and maintains
a disciplined approach to
managing working capital and
compliance with bank facilities.
The risk of financial fraud or
error is closely monitored
by management, the
Audit Committee, and
the Board. Although the
financial, regulatory and tax
environments continue to
change for corporate entities,
the Group has adequate
knowledge and experience
to maintain compliance,
supported by third-party
advisers.
The Group has committed bank
facilities of £135m until October
2026, shared between two
established lenders.
The Group maintains security
over the majority of land sold on
deferred terms.
External firms are used to provide
“health checks” over systems and
processes.
External advisers are employed
to support the production of tax
and other returns.
The Group has robust financial
and tax controls designed to
segregate duties and minimise
opportunities for fraud or error.
MJ Gleeson plc Annual Report & Accounts 202442
Risk Management
CONTINUED

Key – Strategic priorities
1
Sustainable growth
2
Build quality
3
Affordability
4
Land sourcing
5
Climate change
6
People, wellbeing, health and safety
Risk Risk description Assessment Mitigation
10
Climate risk
Residual risk
Medium
Change in year
Unchanged
Risk appetite
Low
Strategic priorities
5
The physical and transitional
effects of climate change
could result in reduced land
availability, disrupted build
programmes, increases
in costs and shortages
of materials due to more
frequent extreme weather
events or changes to policy
and regulations related to
climate.
Climate-related issues remain a
key priority. We have modelled
our forecast emissions to 2050
in order to determine an action
plan to meet our Science
Based Targets, which we
submitted for validation during
the year.
The wider transitional impacts
are seen across the business,
such as building regulation
changes as well as wider
environmental considerations
in respect of land and planning.
We undertake detailed flood,
environmental, and biodiversity
assessments as part of preparing
planning applications.
We set clear targets to reduce
our carbon emissions and waste
from sites.
We track carbon emissions, waste
and other initiatives to evaluate
the success of our actions.
We have submitted medium and
long-term targets for validation
by the SBTi.
We report in line with the
recommendations of the Task
Force on Climate-related
Financial Disclosures (“TCFD”).
11
Sustainability
Residual risk
Medium
Change in year
Unchanged
Risk appetite
Low
Strategic priorities
1 2 3 4 5 6
The Group could fail to
meet the expectations of
stakeholders relating to our
sustainability responsibilities
including climate change,
health and safety,
governance, build quality
and customer service.
Failure to ensure we remain
a sustainable business
could affect the Group’s
ability to secure sites,
planning permissions,
attract house buyers, recruit
new employees, appeal to
investors or raise finance
when needed.
By not having clear targets
and effective communication
of our sustainability strategy,
this could result in damage
to the Group’s reputation.
Stakeholder expectations
relating to corporate
sustainability and associated
regulations are continuing to
evolve. We actively engage
with stakeholders and
advisers to understand their
expectations, and monitor
emerging best practice.
The Sustainability Committee
oversees the development,
implementation, and reporting of
sustainability initiatives.
The Group Sustainability Manager
is responsible for embedding
the sustainability strategy into
operations.
We publish and monitor clear
targets to ensure our business
operates in a sustainable and
socially responsible way.
We voluntarily report additional
sustainability related information,
for example, in our Sustainability
Accounting Standards Board
(SASB) disclosures.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 43

NEED REPLACE
What’s important to
our stakeholders
Customers Our people Communities Local
authorities
Future
generations
Shareholders
and banks
Government and
regulators
Suppliers and
subcontractors
Our customers want
attractive, high-quality
affordable homes they
can be proud to live in.
Our customers want
a home that has all of
the modern touches
and gives them the
opportunity to tailor it
with their own choices.
Energy efficiency is
increasingly important
and our customers want
a highly energy-efficient
home that helps them
to reduce their energy
bills.
Our colleagues expect
to be kept safe, treated
fairly and rewarded
appropriately for
the work they do.
They want to have
career progression
with opportunities
for training and
development.
Our colleagues value
open and transparent
communication about
the business, its
performance, and its
future. They want to be
part of its growth and
feel valued for their
contribution.
Residents in the areas
we develop want
attractive and well-
designed spaces that
create vibrant and
safe communities in
which to live. Residents
want their views to be
valued and want to be
consulted.
Local communities
want a wider positive
benefit to come from
new developments, with
better quality housing,
access to resources, and
community services.
Local authorities
want us to deliver
high-quality
affordable housing
in the right places,
creating sustainable
communities that
contribute positively to
the local area.
Local authorities
want us to ensure our
activities minimise or
mitigate the impact on
biodiversity and the
environment and leave
a positive legacy for
the area.
Future generations
want us to reduce
our impact on the
environment, reducing
carbon emissions and
waste, protecting
nature and reducing
our use of resources,
including water.
They want us to adopt
efficient methods of
building homes but
also maintain our
affordability to ensure
that home ownership
remains a realistic
opportunity for future
generations.
Investors and banks
expect to see consistent
or improving returns,
underpinned by a
sustainable approach,
compliance with
regulations and strong
governance.
Investors and
banks want open
and transparent
communication from
the Group to provide
them with a balanced
understanding of
business performance,
opportunities, and risks.
Regulators and
government want us to
ensure that we operate
our business safely and
are compliant with all
laws and regulations,
including health
and safety, building
regulations, planning,
tax and financial
reporting.
Regulators and
government want
businesses to conduct
their operations in
a responsible way,
including paying all
relevant taxes fairly and
transparently.
Our suppliers and
subcontractors expect
to be kept safe when
they are working with
us and to be paid fairly
and on time.
Our suppliers and
subcontractors want us
to deal with any queries
quickly and efficiently,
with clear lines of
communication when
issues arise.
Top issues
• Affordability
• Build quality
• Energy efficiency
Top issues
• Health and safety
• Recognition
and reward
• Career development
Top issues
• Land use
• Build quality
and design
• Affordability
Top issues
• Land use
• Affordability
• Environment
Top issues
• Carbon emissions
• Biodiversity
• Affordability
Top issues
• Profitability
• Strong
balance sheet
• Sustainability
Top issues
• Health and safety
• Planning regulations
• Tax and compliance
Top issues
• Health and safety
• Timely payment
• Clear communication
Considering the needs of our stakeholders is key to our business model, strategy and approach,
and we balance these needs in everything we do.
MJ Gleeson plc Annual Report & Accounts 202444
Our Stakeholders

Customers Our people Communities Local
authorities
Future
generations
Shareholders
and banks
Government and
regulators
Suppliers and
subcontractors
Our customers want
attractive, high-quality
affordable homes they
can be proud to live in.
Our customers want
a home that has all of
the modern touches
and gives them the
opportunity to tailor it
with their own choices.
Energy efficiency is
increasingly important
and our customers want
a highly energy-efficient
home that helps them
to reduce their energy
bills.
Our colleagues expect
to be kept safe, treated
fairly and rewarded
appropriately for
the work they do.
They want to have
career progression
with opportunities
for training and
development.
Our colleagues value
open and transparent
communication about
the business, its
performance, and its
future. They want to be
part of its growth and
feel valued for their
contribution.
Residents in the areas
we develop want
attractive and well-
designed spaces that
create vibrant and
safe communities in
which to live. Residents
want their views to be
valued and want to be
consulted.
Local communities
want a wider positive
benefit to come from
new developments, with
better quality housing,
access to resources, and
community services.
Local authorities
want us to deliver
high-quality
affordable housing
in the right places,
creating sustainable
communities that
contribute positively to
the local area.
Local authorities
want us to ensure our
activities minimise or
mitigate the impact on
biodiversity and the
environment and leave
a positive legacy for
the area.
Future generations
want us to reduce
our impact on the
environment, reducing
carbon emissions and
waste, protecting
nature and reducing
our use of resources,
including water.
They want us to adopt
efficient methods of
building homes but
also maintain our
affordability to ensure
that home ownership
remains a realistic
opportunity for future
generations.
Investors and banks
expect to see consistent
or improving returns,
underpinned by a
sustainable approach,
compliance with
regulations and strong
governance.
Investors and
banks want open
and transparent
communication from
the Group to provide
them with a balanced
understanding of
business performance,
opportunities, and risks.
Regulators and
government want us to
ensure that we operate
our business safely and
are compliant with all
laws and regulations,
including health
and safety, building
regulations, planning,
tax and financial
reporting.
Regulators and
government want
businesses to conduct
their operations in
a responsible way,
including paying all
relevant taxes fairly and
transparently.
Our suppliers and
subcontractors expect
to be kept safe when
they are working with
us and to be paid fairly
and on time.
Our suppliers and
subcontractors want us
to deal with any queries
quickly and efficiently,
with clear lines of
communication when
issues arise.
Top issues
• Affordability
• Build quality
• Energy efficiency
Top issues
• Health and safety
• Recognition
and reward
• Career development
Top issues
• Land use
• Build quality
and design
• Affordability
Top issues
• Land use
• Affordability
• Environment
Top issues
• Carbon emissions
• Biodiversity
• Affordability
Top issues
• Profitability
• Strong
balance sheet
• Sustainability
Top issues
• Health and safety
• Planning regulations
• Tax and compliance
Top issues
• Health and safety
• Timely payment
• Clear communication
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 45

Our purpose
Changing lives by
building affordable,
quality homes.
Where they are needed,
for the people who need
them most.
Introduction
At Gleeson, our commitment to sustainability is central to
our mission of transforming lives by building affordable,
quality homes, where they are needed, for those who need
them most. This section of our Annual Report is dedicated
to providing comprehensive insights into our sustainability
efforts and achievements. To ensure you can easily access
the information you need, we have organised this section
into several key reports. Use the navigation links provided
to delve into each report and understand the depth of our
commitment to building a sustainable future.
Our commitment to sustainability is central to our mission of transforming lives by
building affordable, quality homes for those who need them most.
Our sustainable approach is built around our relationships with communities, people and the environment.
We plan to achieve sustainable development by aligning our business to six of the seventeen UN SDGs.
Gender
equality
Decent work
and economic
growth
Sustainable
cities and
communities
Responsible
consumption
andproduction
Climate
action
Life on
Land
We are proud to be participants of the
UNGC and members of the Global
Compact Network UK. We are committed
to making its principles the foundation of our
strategy, culture and operations. This translates to
Gleeson operating responsibly in everything we do
by engaging with communities and creating
affordable, attractive and safe spaces where people
want to live and where those earning the National
Living Wage can afford to buy.
The Future Homes Hub works with the
housebuilding industry to develop a
long-term delivery plan to meet the
Government’s net zero and wider
environmental targets. Gleeson Homes is an active
member and a number of our senior colleagues
participate in groups of industry experts brought
together to address key issues on the journey to
zero carbon homes.
We employ and develop staff in a pleasant,
open and fair work culture where we pay
colleagues and sub-contractors at least
the real living wage. We ensure everyone who is
involved with, or affected by, our business remains
free from harm and returns home safe
every day.
We are members of the Supply Chain
Sustainability School, which allows us to
upskill and work collaboratively with our
business, subcontractors and suppliers to achieve
common goals in delivering a sustainable future.
We pay our fair share of tax and are
Fair Tax Mark accredited.
We are taking serious climate action by
decarbonising the business across all
scope emissions and have recently
submitted carbon reduction targets for validation
by the Science Based Targets initiative (SBTi), to
ultimately become carbon net-zero, see page 68.
We are transparent in everything we do,
and we undertake mandatory and voluntary
environmental, social and governance
reporting. We take part in voluntary
reporting through the CDP and SASB and make
disclosures in line with TCFD.
MJ Gleeson plc Annual Report & Accounts 202446
Sustainability at a Glance

Communities People Environment
We put our customers and their
communities at the heart of
everything we do.
Our people are key to our success
and share our vision, mission and
values.
We are committed to reducing
CO
2
emissions and protecting
biodiversity and resources.
See pages 50 to 60 See pages 61 to 67 See pages 68 to 81
Sustainability pillars
Our approach to sustainability is built around three pillars of communities, people and environment.
Sustainability Targets (ST)
Learn about our ambitious sustainability targets and our progress on
previous year’s targets.
Read more about Sustainability Targets on pages 82 to 85
TCFD (Task Force on
Climate-related Financial Disclosures)
Read our detailed Task Force on Climate-related Financial Disclosures
(TCFD) report, outlining our approach to managing climate-related risks
and opportunities.
Read more about TCFD on pages 86 to 93
SASB
(Sustainability Accounting Standards Board)
Read our Sustainability Accounting Standards Board (SASB) report, which
highlights industry-specific measures and our performance against these
benchmarks.
Read more about SASB on pages 94 to 99
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 47
Hardwicke Place,
Hartlepool
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Communities
People
Environment
Building safer
communities
Building quality
homes
Supporting our
communities
Customer
experience
Helping to reduce crime
Case study – Parson Green,
Sheffield
Uncompromising quality
NHBC Pride in the
Job Awards
Gleeson Quality Charter
Affordable homes for
the people who need
them most
Community engagement
Corporate charity
Case studies
• Shared ownership
• Trading up
• First time buyer
• New beginning
• Retiree
See pages 50 to 51 See pages 52 to 53 See pages 54 to 55 See pages 56 to 60
Health
and safety
Values
and culture
Nurturing
talent
Recognition
Health and safety culture
Site Environmental
Awareness Training
(SEATS)
JCB Livelink
Our values
Monitoring our culture
Wellbeing and
mental health
Diversity and inclusion
Promoting women in
construction
Gender pay gap
Apprentices
Investors in People
Training and development
Sales excellence
Talent mapping and
succession planning
Leadership and
management development
pathways at Gleeson
Communication and
engagement
Real living wage
Recognition
See page 61 See pages 62 to 63 See pages 64 to 66 See page 67
Energy efficient
homes
Emissions
and targets
Biodiversity and
resources
Regenerating land
Science Based Targets
submission
Introduction to
scope 1, 2 and 3 emissions
Air source heat pumps
Concrete bricks
Supply Chain
Sustainability School
Energy efficiency and EPC
ratings
Hybrid generators and grid
connection
HVO fuel
Supply chain and
sustainable materials
Science Based Targets
Establishing our
SBTi targets
Achieving our net zero
targets
Our greenhouse gas
emissions in detail
Biodiversity and ecology
Legislative requirements
Our biodiversity strategy
• Enhancements
• Engaging
Case study – Ecology expert
Other environmental
considerations
• Waste
• Timber
• Water
• Land
Case study –
Regenerating land
See pages 68 to 71 See pages 72 to 74 See pages 75 to 79 See page 80
MJ Gleeson plc Annual Report & Accounts 202448
Sustainability Dashboard

Communities
People
Environment
Customer satisfaction (5 star rating)
ACHIEVED
Customer recommendation score
95%
See pages 82 to 85
Customers contacted on a
weekly basis
>98%
Improvement in post completion
snags closed out
6%
All colleagues trained on Customer
First programme
Digitised inspection system
implemented
Health and safety incident rate (“AIIR”) will be reduced
to the industry standard or lower in the year
AIIR 166 (HBF 183)
ACHIEVED
Our employee engagement will be maintained in the
upper quartile of all companies during 2024
ACHIEVED
Employee engagement
85%
Glassdoor rating
4.3 star
Roles that are apprenticeships,
trainees or graduates
10%
See pages 82 to 85
We will achieve Science Based Targets validation by
2025 for near term and net zero targets
ON TRACK
Targets submitted to SBTi for validation
Scope 1 & 2 absolute (tCO
2
e) Scope 3 intensity (tCO
2
e/m
2
)
3,520
3,540
3,560
3,580
3,600
3,620
3,640
3,660
3,680
3,700
202420232022
2.04
2.06
2.08
2.10
2.12
2.14
2.16
202420232022
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 49
Rainsborough Park,
Knottingley, West Yorkshire
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Building Safer Communities
Communities
Helping to
reduce crime
In the high-crime areas in which Gleeson has built
homes the crime rate has fallen by 24%. This is a
fall of 15% more than the 9% average reduction
in crime seen across England during the same
periods
1
. We achieve this by building homes that
local people can afford (other housebuilders prices
are 50% higher than Gleeson) and designing
security and community benefits into our
developments.
Building Homes. Changing Lives –
designed for safety and community
We consider the design and layout of our
developments carefully, with safety and community
a key aim.
Our developments are lower density, traditional
2-storey brick and block homes, with off street
parking typically along the side of the house, open
front gardens to encourage neighbourliness and a
sense of community.
We don’t build shared parking areas or blocks of
garages. Every part of our developments is in view
of the residents which discourages vandalism and
antisocial behaviour. We don’t build high fences or
brick walls and we don’t build tower blocks.
We ensure streets are wide, well lit and there are
pavements on both sides. We create safe open
spaces designed to enhance the environment and
create community cohesion.
Reduction in crime rate
23.1
17.5
8.8
8.0
-24%
-9%
Recorded crimes per
1,000 residents
EnglandGleeson
AfterBefore
Area of
Gleeson site
England
We develop a strong relationship with local
community leaders and schools and will usually
sponsor a local children’s sports team.
The majority of people who occupy our homes are
owners, with a significant proportion being first
time buyers. They are from the local area around
our developments and they care about their
communities, their neighbours and their homes.
This stronger sense of ownership and community in
Gleeson homeowners, along with the regeneration
of previously derelict or unkempt land, and our
engagement with the wider community, creates
behavioural change in the wider streets surrounding
our developments, and generates renewed pride
and care in their communities.
We don’t gentrify, we regenerate!
Local residents should be able to buy a home in
their communities. We only develop sites on which
homes are affordable to buy. When we purchase
a site, we test this by ensuring a meaningful
proportion of our homes can be bought by a couple
earning the National Living Wage.
In the year to 30 June 2024 more than half of our
homes were sold at a price that a couple on the
National Living Wage could afford.
We don’t gentrify by moving wealthier people
into the area and forcing out local residents – we
regenerate to ensure local residents have access to
affordable, high-quality homes.
Crime rates in areas of high crime
before and after
Gleeson Homes develop
6.9
3.9
5.2
2.9
Anti-social behaviour Burglary, robbery & theft
AfterBefore AfterBefore
Recorded crime per 1,000 residents
MJ Gleeson plc Annual Report & Accounts 202450

CASE STUDY – PARSON GREEN, SHEFFIELD
The Parson Cross area of Sheffield was
blighted by high rates of crime. Following
the completion of the site in 2021, the crime
rate reduced by 50%.
Gleeson is renowned for repurposing challenging sites
into thriving communities, as demonstrated by the
Parson Green development in Sheffield.
This project not only provided 300 essential homes
but also played a pivotal role in reducing local crime
and fostering community spirit in an area previously
plagued by anti-social activities. Despite challenges,
such as criminal incidents during construction,
Gleeson’s strategic approach effectively addressed
longstanding community safety concerns.
The strategy focused on three main pillars:
1. Community-centric design
• Natural surveillance: Enhancing visibility through
open, well-lit spaces to enable resident monitoring
and to deter crime.
• Space utilisation: Structuring homes and
communal areas to promote ownership, and
responsibility, and reduce opportunities for crime.
2. Engagement with local groups
• Police partnerships: Collaborating to analyse
crime trends and deploy security measures like
patrols and community policing. A direct line to
the local PCSO facilitated swift crime reporting
and response.
• Business alliances: Partnering with local
businesses to address significant crimes, promote
local shopping, and bolster business support.
• Community programmes: Working with councils
and the local Parson Cross Forum on initiatives
like neighbourhood watches to foster community
spirit, trust, and safer spaces for interaction.
The Details:
• 300 new affordable homes delivered
• Site duration 2013 – 2020
• Average selling price: £141,227
• 98% of buyers were previously living with
their family
• 72% of purchasers were First Time Buyers
• S106 contribution of £1.5m on Parson
Cross Project
Anti-social behaviour
16.0
3.1
AfterBefore
Drug related crime
0.8
0.3
AfterBefore
3. Investment in community spaces
We invested in outdoor areas and established parks
and green spaces to promote healthy lifestyles, and
enhance the aesthetics of the area. These spaces
serve as vital community assets that encourage social
interaction, recreational activities, and environmental
benefits, contributing to the overall well-being of the
community.
Since Gleeson began work on this development in
2013, crime rates in the Lower layer Super Output
Areas (LSOA) have halved from 34 to 17 per 1,000
residents by 2021, reflecting a 50% decrease. During
this period the crime rate in England rose by 1%. This
significant drop has enhanced community safety and
cohesion, with active local authority engagement
being key.
The Parson Green project exemplifies Gleeson’s
commitment to investing in high-crime areas through
using strategic design and partnerships, fostering
safer communities. Gleeson aims to continue to
replicate this positive impact across high-crime areas.
Recorded crime per 1,000 residents
Sustainability Pillars
Sustainability Targets
TCFD
SASB
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MJ Gleeson plc Annual Report & Accounts 2024 51
Sustainability Pillars
Sustainability Targets
TCFD
SASB
Parson Green, Sheffield,
South Yorkshire

Building quality homes
Communities
Uncompromising
quality in every brick
Customers often tell us, and statistics
show, that older existing housing stock is
frequently small, draughty and cold. Data
on new EPCs registered in 2023 shows that
only 15% were rated A or B*, whilst 96% of
Gleeson homes sold in 2024 were rated
A or B.
We ensure that our homes appeal to a
wide variety of customers. A Gleeson
home incorporates many of the same
features and specifications as homes built
by other housebuilders, but our price point
makes a Gleeson home more affordable.
We regularly refresh our house types
and optional extras, keeping in mind the
needs of our customers and their budget.
Our range now includes the addition of
bungalows and a range of new elevations
which are sympathetic to local areas,
market trends and planning requirements.
We have also developed our product range
to suit different requirements such as
housing density, which helps us to secure a
wider range of sites.
We design our homes to take into account
the latest building standards, emerging
trends and feedback from customers. This
includes incorporating more space for
storage, working from home, and energy-
efficient design. We carefully select our
suppliers and specify the products used
in order to achieve the best value for
our customers, without compromising
on quality.
* For Gleeson style homes, excluding flats,
bungalows and maisonettes.
Pride in the Job winner
Paul Jackson
NHBC Pride in the Job Awards
Quality is a key area of focus for all of us and our people
strive to achieve it.
This year, two of our site managers were honoured with
the prestigious NHBC Pride in the Job Quality Award
2024, demonstrating their commitment to excellence.
Pride in the Job, which is currently in its 44th year, is
highly regarded in the construction industry and the
awards are designed to inspire site managers in making
their mark and leaving a legacy of homes built to the
highest quality standards.
The winners of the 2024 award included Paul Jackson,
Senior Site Manager at Gleeson’s Rhodes Point in South
& West Yorkshire and Richard Carr, Site Manager at
Hardwicke Place, Tees Valley Tyne & Wear.
Gleeson Quality Charter
The Gleeson Quality Charter is our commitment to a quality
home and quality service all the way through the buying journey
and beyond.
5-STAR BUILD AND SERVICE
1. We believe that low cost should not mean low quality or poor
service.
2. We use third-party inspectors to undertake additional,
independent quality checks throughout the build process.
3. We engage a third-party survey company to undertake
independent surveys of all our customers. More than 90% of
our customers recommended Gleeson, equivalent to a 5-star
rating for housebuilders.
4. We provide all of our customers with access to MyGleeson, a
customer care portal.
MJ Gleeson plc Annual Report & Accounts 202452

Building quality homes
Communities
Keeping
our homes
affordable
In addition to this we offer a number of purchasing
options including:
• First time buyer assist – extra help to first
time buyers
• Shared ownership – buy a share of the home
and pay a monthly rent at a lower overall cost
than renting
• Own new – provides access to lower
interest rates
• Deposit Unlock – helping to buy with a
lowerdeposit
• 100% mortgages – buy with no deposit with
selected lenders
• Cash incentives – up to 5% on selected plots
• Part exchange – part exchange through Property
PX Group
• Smooth move – assistance with home sales and
contribution towards estate agent fees
• Key worker and armed forces incentives
These products enable us to offer our affordable
homes to a wider range of customers. We
historically had a higher proportion of first-time
buyers, and we expect this to increase again as
interest rates fall and customer confidence returns.
We are also well positioned to sell to home-movers,
downsizers and retirees with our increased range,
and equally our product appeals to investors and
social housing providers.
It remains cheaper to buy than to rent, with
an average 2 bed home costing £162 per week
compared to the equivalent rental cost of £202.
In addition, our homes are highly energy-efficient
using 49% less energy than the average home,
and costing £13 less per week to heat. Buying
a new home means lower maintenance costs,
with customers able to tailor their property to
their needs.
All mortgage payments based on Mortgage payments on
85%/90% LTV, 5yr fixed, 35yr term at 4.5%/4.75% (best
available mortgage from Rightmove) on Gleeson average
OMS ASP on last 6 months net reservations to Jun-24. Rented
house new lettings is based on new lettings in Jul-24 from
OnTheMarket
Affordable homes for the people
who need them most
A couple working full time on the National Living
Wage can afford to buy a Gleeson home on any of
our developments. We are committed to ensuring
this remains the case and build this into our site
purchase criteria. This benchmarks the open market
sales prices of a two bedroom home.
Cost of owning versus renting a
2-bed home (£ per week)
Rented houseGleeson home
183
162
236
34
202
21
Energy bills
Mortgage/Rent
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 53
Ashley, Michael and Ozzy with
Charlotte, Phoenix Meadows
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Supporting our communities
Communities
At Gleeson we value the importance of
connecting with the communities in which we
build. Alongside delivering new homes and
sustainable developments, we are committed to
developing healthy and positive communities.
Through local engagement activities, community
grants, fundraising projects and sustainability
initiatives, we aim to deliver meaningful
socialimpact.
Lincolnshire
This year we supported the local town of
Horncastle. We partnered with The Ashcourt
Group to assist in the repair of Horncastle
Community Squash Club; a vital community
resource that was damaged by Storm Babet in
October 2023. The Ashcourt Group, a renowned
builder’s merchant, provided materials for the
repairs, and we donated £1,000 towards the club’s
restoration. The repairs to the Club will enhance
the community spirit and facilities available in
Horncastle.
Supporting
communities
to build a
better future
Tees Valley
Staff members at our Gateshead and Billingham
offices joined forces to support Megan’s Rose of
Hope, a charity dedicated to raising awareness and
providing support for young people diagnosed
with cancer. Through a series of innovative
fundraising events, the team successfully raised
over £1,200 for this important cause.
South Yorkshire
Several of our colleagues took part in a charity
football match at Oakwell Stadium, home of
Barnsley FC. The fundraising event raised over
£1,300 for Weston Park Cancer Charity. The charity
match was the start of a greater collaboration with
Barnsley FC who we have officially now teamed up
with, marking the beginning of an exciting journey.
MJ Gleeson plc Annual Report & Accounts 202454

Supporting our communities
Communities
The Lighthouse
Construction Charity
Gleeson became an official company supporter
of The Lighthouse Construction Industry Charity
in the year. The Lighthouse Charity is the only
charity that provides emotional, physical, and
financial wellbeing support to the construction
community and families. By becoming a
company supporter, we are excited to unlock
even more fantastic resources that will be
accessible to all colleagues, their families, and
wider communities at Gleeson. The health and
wellbeing of our colleagues is so important,
making this a seamless partnership and a cause
we are proud to support.
Gleeson Land
The team in Fleet undertook a range of
different fundraising events over the year
including a sponsored abseil, Santa run and a
charity quiz night to raise over £7,700 for their
chosen charity, Momentum Children’s Charity.
Momentum supports families across the South
of England whose children are facing cancer
or other life-challenging conditions. They offer
family support workers, trips and experiences
and respite breaks to families who are going
through the hardest of times.
Corporate charity
In October 2023, the Company held a Charity
Gala in support of Centrepoint, an outstanding
charity dedicated to ending homelessness
among young people. The event took place at
the Queens Hotel in Leeds and was organised by
our Land Graduate cohort. With approximately
400 guests in attendance including suppliers,
subcontractors, land agents and others, the
inaugural event showcased our commitment to
making a positive difference in the community.
The event’s success was clear, and it raised an
impressive £41,300 for Centrepoint.
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Sustainability Pillars
Sustainability Targets
TCFD
SASB

Customer experience
Communities
Your
home
CASE STUDY – OLIVIA AND CAM
Shared ownership
First-time buyers Olivia and Cam initially thought it
would take years before they could purchase their
first home together. However, their dream of stepping
onto the property ladder became a reality sooner
than they thought when they discovered Shared
Ownership with Gleeson.
“Cameron and I rented two homes before moving into
our first home with Gleeson. We soon realised that
renting was becoming more expensive than paying a
mortgage and therefore made the decision to begin
our journey to home ownership with Gleeson.
We’d heard amazing things about Gleeson and
other people we know had also bought a Gleeson
home, which made it an easy choice for us! Gleeson
offers a variety of house types and styles across all
developments, making it more appealing.
We thought it would be years until we could save for
the deposit and buy, however after being made aware
of Shared Ownership, we decided this would be an
easy and affordable way to take our first step onto
the property ladder. When living in rental property, we
didn’t realise there were so many schemes available to
help first-time buyers.
Our previous home was similar in size, however, our
Gleeson home is detached and also comes with a
garage, which is fantastic! We used to pay £1,050 per
month renting, but now we pay £941 and enjoy the
benefits of owning our own home. Making the switch
was an obvious choice!
All the Gleeson staff were so helpful when we were
buying, and this is still the case after moving into our
home. We were kept updated every step of the way,
and nothing was ‘hidden’ from us that would surprise
us later down the line.
Without a shadow of a doubt, we would recommend
Gleeson. Nothing is too big or too small for them.
From the beginning of our journey to moving in,
Gleeson provided a seamless experience and I have
full faith they will continue to be just as great in the
future!
It feels like a weight has been lifted off our shoulders
now that our money isn’t wasted on rent and going
into someone else’s pocket. Lots of our friends and
family have come and celebrated with us and we are
excited to start this next chapter in our lives with our
dog Nala.
Thank you Gleeson for making our dreams
come true!”
Buyers: Olivia, 23 and
Cam, 27
Occupations: Olivia is a
Primary School Teacher and
Cam is a Personal Trainer
Date of purchase:
May 2024
Development: Crown
Gardens, Mansfield
House type: 3-bedroom
detached Liffey
Purchase price: £249,995
Mortgage cost: £653 plus
£288 shared ownership rent
Previous rent per
month: £1,050
MJ Gleeson plc Annual Report & Accounts 202456

Customer experience
Communities
Your
experience
Buyer: Michelle Eyre, 45
Occupation: Mental
Health Worker
Date of purchase:
September 2023
Development: Firbeck
Fields, Langold, Worksop
House type: 3 bedroom,
detached Brandon
Purchase price:
£219,000
Mortgage cost: £575
CASE STUDY – MICHELLE
Trading up
After living in her two-bedroom semi-detached home
for 21 years, Michelle was ready for a fresh start, so
decided to sell up and buy a brand new home with
Gleeson. Using part exchange through Property PX
Group, Michelle was able to forego the typical stress
of selling her existing home and enjoyed the seamless
process of buying her Gleeson home.
“From the moment I stepped foot onto the Firbeck
Fields development, it had such a tranquil and
peaceful feel and I couldn’t believe how much
greenery there was! As soon as I met with the
Gleeson team, they made me feel welcome. There was
no pressure to buy and they suggested looking into
the part exchange options as I wanted a quick sale.
I wanted a quality home at an affordable price and
that’s exactly what I have got. The quality of the build
is amazing and I was able to buy a spacious, detached
3 bedroom home with a garage, that I can confidently
say I never thought I would own by myself. I
previously owned a 2 bedroom semi-detached house
that I lived in for 21 years. Renting has never been an
option for me and I had a great deposit to put down
from the sale of my old home.
The process of buying from Gleeson was simple!
From the point of reserving my new home the
whole process took around three months. From the
exchange of contracts to completion, it only took 10
days! Whilst I know part exchange is not always for
everyone, I had a lot of equity in my old home and
wanted to avoid the stress of selling it, so it was the
right decision for me and I haven’t looked back. I also
received a 5% deposit contribution from Gleeson
which was a big help!
I have never felt as content, safe and happy as I feel
in my Gleeson home. Everything is brand new and I
have only experienced the odd snags here and there,
which have all been resolved quickly. Gradually I hope
to put my own stamp on it – I would always opt for a
new build. I’m also happy that, as the home is more
energy efficient, the energy bills will be lower than I
was previously paying in my old house.
I am one of Gleeson’s biggest champions and would
recommend to anyone wanting a new build at an
affordable price to seriously consider a Gleeson
home. The standard of build and support I’ve received
is amazing and the aftercare service has also been
exceptional. I know that friends and family who live
in new builds that aren’t Gleeson have not received
the level of care which I have and I am proud of my
beautiful home.”
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Customer experience
Communities
CASE STUDY – DANYELLE
First time buyer
Recognising the value for money offered by a Gleeson
home compared to a city apartment, first-time buyer
Danyelle decided to get onto the property ladder
with Gleeson and, to her delight, her new home just
happened to be across the street from her sister!
“My journey started after me and my sister, Chantelle,
decided we wanted to move out of the family home
and into our own houses. I was initially interested in
buying an apartment somewhere central in Newcastle
as I thought that would be better for me as a solo
homeowner and I would enjoy the city life. Nothing
was tying me to Spennymoor where my family home
was, so I began my search for an apartment.
I soon discovered that there were a lot of additional
costs with buying an apartment, such as the service
charge and management fees. I also share a dog
with my sister and found that the rules for owning a
dog in an apartment were very blurred and it wasn’t
something I wanted to risk.
In the meantime, my dad suggested to my sister
to view one of the show homes at Middlestone
Meadows, so I went along with her to see what
Gleeson offered. After discovering the price for
a Gleeson home was similar, if not less than the
apartments I’d been viewing in Newcastle, but I would
get three bedrooms plus a garage and a garden – it
was a no-brainer! Not only would I be getting a lot
more for my money, but I would be a lot more relaxed
living close to my sister, making life a lot easier with
sharing our dog! Unlike apartments, there were also
no hidden costs or charges and I would truly own my
own home.
The Sales Executive, Jackie, was amazing with
helping us on our journey, as a first-time buyer
I felt comfortable asking her any questions, no
question was a silly question! I’ve always been a
bit nervous about buying a house as it felt such a
daunting experience, but Jackie made me feel at
ease throughout my journey and I am so grateful
for her help! It was also very special going through
the process at the same time as my sister. We both
reserved and moved in within weeks of each other, so
we could help each other throughout the journey and
experience it together!
We now live across the road from each other, are
often round at one another’s houses! We had different
tastes when it came to picking the options for our
homes – Chantelle went for a darker, wooden interior
whereas I went for a much brighter vibe.
I feel so settled and part of a community on my
development, I’m so glad that I opted for a new build
home over a city apartment and I can’t wait to see
what the future holds for me in my Gleeson home!”
Buyer: Danyelle Singh, 33
Occupation: Purchasing
Coordinator
Date of purchase:
November 2023
Development:
Middlestone Meadows,
Spennymoor, County
Durham
House type: 3-bedroom
semi-detached
Woodford
Purchase price: £172,995
Mortgage cost: £879
New
home
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Customer experience
Communities
CASE STUDY – ANDREA AND CHIPO
New beginnings
After moving to the UK from Zimbabwe in June 2022,
Andrea, Chipo and their three children started renting a
3-bed home in Stanwix, Carlisle. Eager to get onto the
property ladder and start investing in themselves, the
family were thrilled when they discovered Gleeson.
“We relocated to the UK from Zimbabwe in June 2022, and
many people doubted our ability to own a house after only
such a short time in the UK. However, with determination
and by finding the right developer who understood our
requirements to help guide us through the process, we
achieved our dream of becoming homeowners in the UK.
Gleeson came highly recommended by friends who
were renting from a Housing Association on one of their
developments. After loving their rented home, our friends
have now bought a house from Gleeson, which is set to
be finished in July 2024 – we both heavily influenced each
other on our purchases!
When we visited the sales office, the Gleeson team
presented the various options to help us get onto the
property ladder. The process of buying our new home was
seamless. We received great support from the sales team,
the mortgage broker, and our solicitors. Everyone worked
tirelessly to make sure that we were kept updated and
got access to the most competitive mortgage rates, home
insurance and life insurance.
Our previous rental cost was £800 per month and now
our mortgage is £924. Yes, the mortgage is higher than
the rent that we paid previously, but we get so much more
value from owning our own home. For instance, the energy
efficiency – we have never felt so warm without switching
on the heating! It feels homely and we can make it our
own, rather than being someone else’s tenant! What’s
more, we will benefit from any increases in value so it
makes so much more sense than renting.
We absolutely love our new home, it is big enough to fit
all the family, the garden is spacious, and the driveway can
fit two cars. Above all, it suited our budget and offered
fantastic value. We are so excited to be in our new home.
We believe that if Gleeson made it happen for us, they can
make it happen for anyone.”
Buyers: Andrea, 42 and Chipo, 41
and their three children
Occupations: Accountant and
Care Support Worker
Date of purchase: June 2024
Development: Greymoor
Meadows, Carlisle, Cumbria
House type: 3-bedroom
semi-detached Wicklow
Purchase price: £180,000
Mortgage cost: £924
Loan to value percentage: 90%
Previous monthly rent: £800
Starting
again
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Sustainability Targets
TCFD
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Customer experience
Communities
Fresh
start
CASE STUDY – PAULINE
Downsizing
After her husband sadly passed away, Pauline decided
it was time to start fresh and sell their family home, and
move into a smaller 2-bedroom detached bungalow which
better suited her needs, including being closer to her
family.
“After my husband’s death, I thought that selling our
family home would be a new start for me. After searching
for a home for two years and experiencing issues with
the purchase of a second-hand home, I saw Gleeson had
bungalows for sale which offered everything I wanted, all
on one level. No other developers seemed to be building
bungalows in the area I was looking at, so choosing to
downsize at The Green with Gleeson was an easy decision
for me.
It was the property type and being a brand-new home
that attracted me to the development over the area. I was
excited to have a new property on a small development
with the plot being located within a quiet cul-de-sac.
I upgraded the kitchen, added Karndean flooring, carpets,
a shower over the bath, an outside light and tap, and
wardrobes. I wanted to be able to move straight into a
new home where I had nothing to do, and everything was
brand new.
I wanted a fresh start after my husband, Bob, passed away,
and I also wanted a smaller, more manageable garden. I
now feel happier in my new home, and I am nearer to my
family, so there is less travelling involved when I visit them.
I have also made new friends with my lovely neighbours,
there is a fantastic community feel to the development.
I would recommend buying a Gleeson home to anyone
who is looking.”
Buyer: Pauline Williamson, 81
Occupation: Retired
Date of purchase:
September 2023
House type: 2-bedroom,
detached Moy
Purchase price: £199,995
Mortgage cost: Cash purchaser
Development: The Green,
Blidworth, Mansfield
MJ Gleeson plc Annual Report & Accounts 202460

Health and safety
People
We have a “safety first, always” culture through
our HomeSafe belief – HomeSafe everyone, every
day. This belief underpins everything we do and
covers everyone involved in any of our projects
ensuring they remain unharmed or affected by any
of our activities returning home safe every day.
HomeSafe Essentials training is given to all site
management for an understanding of our site
procedures and throughout the year refresher
training has been delivered by our Safety Health
and Environment (SHE) team. The team comprises
of professionally qualified safety, health and
environmental managers and during the year we
have restructured the team to align with business
growth plans, ensuring dedicated SHE support in
all our regions. 751 HomeSafe site SHE inspections
were completed across the year with a Group
average score of 88% (85% minimum compliance).
In the next year we will recruit a defined Group
Environmental Manager who will provide
additional environmental support to the SHE
Managers and the wider business. This means
that our focus on environmental protection will
be enhanced whilst maintaining a clear focus on
Health and Safety performance and continual
improvement of the systems, processes and
procedures.
SafetyCulture Platform
We have implemented the SafetyCulture platform
across the business with the initial introduction of
digitalised site inspections by the SHE team. The
platform has streamlined the inspection format
allowing for easy data capture and action close
out. The platform has allowed for improvements in
SHE record keeping and data analysis.
Mental health & wellbeing
Led by our HR team we have engaged with the
mental health charity Andy’s Man Club to raise
awareness of the support available with mental
health and wellbeing issue for our employees
and supply chain. A promotional campaign was
completed across all of our sites and offices with a
series of presentations undertaken by the charity
on site. Further collaboration with the charity is
planned over the coming year.
JCB Livelink
This year, we will provide JCB Livelink across the
business. Livelink will provide real time reporting
across all our site telehandlers giving instant
data around safety compliance such as seatbelt
misuse, excess speed alerts as well as operational
data such as fuel consumption, idling etc. This will
allow for accurate reporting and analysis as well as
improve action response times.
Site Environmental Awareness
Training (SEATS)
To help identify, control and minimise potential
environmental issues on our developments all site
management have received SEATS training with
the course added to our suite of mandatory SHE
training modules for continued refresher training.
Jake and Jake,
The Rowans, Cumbria
Safety is our
highest priority
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Values and culture
People
Empowering our
workforce for
success
We are Passionate
We are passionate about building high-quality
homes that are affordable for everyone.
We are passionate about our customers and
ensuring they enjoy buying their home from us.
Where we get things wrong, we aim to put it right
quickly and fairly.
We are proud of the strong relationships we build
with our suppliers and contractors who work
alongside us.
We are Collaborative
We work together collaboratively, with shared
goals, where information, knowledge and ideas
can be discussed openly, honestly and free from
judgement.
We listen to our customers and work with them
throughout their buying journey.
We collaborate with our external partners and
value their part in helping us achieve our goals.
We are Respectful
We respect the right to a safe working
environment on all our sites and in all our offices
and are fully committed to ensuring our colleagues
and those who work on, or visit our sites and
offices, return HomeSafe – everyone, every day.
We are respectful of our customers, colleagues
and partners by listening to them and treating
them equally and fairly.
We undertake our business in an ethical way, and
we respect the environment.
Our HomeSafe brand is fundamental to taking
care of our people, ensuring that everyone who is
involved with, or affected by, our business remains
free from harm and returns home safe every day.
Monitoring our culture
Our strategy relies on having the right people in the
right roles who share our vision, mission and values.
Our aim is to attract, retain and develop people by
having a clear mission and vision with people at the
heart of it, and promoting a vibrant, diverse and
forward-thinking environment for people to flourish.
Our annual Your Voice survey provides an
opportunity for all employees to provide
anonymous feedback on a wide range of topics.
This is our fifth year running the survey, and
participation has increased every year. This year
we achieved an incredibly strong participation rate
of 91%, up from 77% last year. Although our overall
engagement score decreased slightly from 87% to
85%, we remain in the top quartile of all companies
surveyed. The significant increase in responses
ensures that we are capturing the views from a
wider range of our colleagues. Importantly, this year
we heard from 87% of our Build colleagues who are
predominantly site based, increasing representation
across the business.
We saw a positive increase across the business in
‘belief in action’ as a result of sharing employee
feedback through the survey. This demonstrates
that we took action throughout the year to act on
the results from the last survey and will do so again
with the latest feedback. More details on the actions
taken in the year are set out on page 83.
We are proud to have been awarded an
“Outstanding Workplace” award for a third
year, which reflects the strength of employee
engagement at Gleeson and supports our intention
to continue listening and working with colleagues to
create the best working environment for people to
thrive in.
KEY HIGHLIGHTS
Our employee
engagement
score
85%
Benchmark: 80%
Our people are
proud to work for
MJ Gleeson
83%
Benchmark: 79%
MJ Gleeson plc Annual Report & Accounts 202462

Values and culture
People
Wellbeing and mental health
The wellbeing of our colleagues continues to be
an utmost priority and providing all individuals
with access to the right tools for supporting their
wellbeing is crucial. We continue to enhance our
Wellbeing Toolkit which signposts individuals to
a vast amount of support tools and resources
towards the wider spectrum of wellbeing including
mental health support, emotional, financial, social
and physical wellbeing.
We have 18 Mental Health First Aiders across the
business supporting colleagues and 21 colleagues
due to attend Mental Health First Aid training in
the coming months.
Last year we added the Lighthouse Club to
our Wellbeing Toolkit. The Lighthouse Club is a
charitable welfare and support service for the
construction community, providing a vast amount
of support, resources and tools to individuals and
their families. We also launched a new Employee
Assistance Programme (EAP) with Spectrum Life,
which provides all employees with access to a
range of wellbeing services.
We continue to communicate the benefits of our
private healthcare policy and health cash plans
which support employees with any healthcare
requirements, and have hosted “Lunch and Learns”
to enhance awareness and help people to access
these benefits.
Diversity and inclusion
We recognise the role we have in creating better
opportunities for people of all backgrounds. We
have taken further steps on our Fairness, Inclusion
and Respect (FIR) roadmap this year and continue
our aim to create a working environment that
provides equal opportunities for all and celebrates
differences. We are working with The Supply Chain
Sustainability School to provide early indicators
to this roadmap following the completion of the
FIR Growth Assessment tool. The School opens
up a wider source of tools and resources to share
with colleagues across the business, enhancing
the working environment. Some of the stages
within our FIR roadmap this year relate to building
stronger relationships with local colleges, schools
and universities in a diverse range of areas by
hosting workshops and careers fairs facilitated by
our in-house Talent team. In addition to this we
have conducted ‘Early Talent Ambassador’ training
to colleagues in several regions, promoting the
opportunities and potential future pathways for
individuals to work in the construction industry.
We have made enhancements to our applicant
tracking system to enable us to understand
the diverse backgrounds of talent that we are
attracting to the business through additional EDI
related questions, and have increased access on
our E-Learning platform, ihasco, to include training
resources such as neurodiversity awareness,
female health awareness and unconscious bias.
We continue to aim to create a working
environment that provides equal opportunities
for all. Promoting and embedding our values of
being Passionate, Collaborative and Respectful
forms the foundation for a diverse and inclusive
work environment. Through our annual People
Survey, we closely monitor the confidence of our
employees to be their true self at work together
with responses from people of all backgrounds
being respected and valued at Gleeson.
We continue to roll out our mandatory diversity
and inclusion training across the business.
UN SDG How we align to it
We are committed to encouraging
more women into the sector and
promoting fair pay regardless of
gender.
We provide employment in the
areas we operate both directly and
indirectly. All of our employees and
subcontractors are paid the Real
Living Wage.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 63
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Median gender pay gap %
in favour of women
-20%
-10%
0%
10%
20%
30%
40%
50%
202420232022202120202019
Gender breakdown
Chairman
1
Non-executive Directors
1 3
Executive Directors
2
Senior management
24
3
Other employees
479
230
Male
Female
Nurturing talent
People
Promoting women in construction
This year we were delighted to become a Gold
member of Women into Construction for 2024.
Women into Construction is an independent
not-for-profit organisation that promotes gender
equality in construction. We look forward to
contributing to the organisation this year and
going forward to create a more gender-equal
workforce for the industry.
Gender pay gap
In 2024 our median gender pay gap was 7.6% in
favour of men (2023: 3.1% in favour of women).
Our gender pay gap fluctuates year on year
depending on the number of women in senior
positions – in three out of the last six years the
pay gap has been in favour of women. 45% of
women now occupy the upper two pay quartiles
compared to 51% in 2023, which has caused the
gap to move in favour of men this year. Whilst the
legislation describes this as a ‘gender pay gap’,
the Group has an equal pay policy and pays men
and women who occupy the same role, the same.
The gap arises as a result of men and women
occupying different roles in the business, which
leads to a gap between the median paid male
versus the median paid female.
Further information about our gender pay gap,
and what we are doing to address it, is included in
our Gender Pay Gap Review, which is available at
www.mjgleesonplc.com.
Abbie,
Marketing Co-ordinator
Nurturing talent
building futures
MJ Gleeson plc Annual Report & Accounts 202464

Nurturing talent
People
Investing in
skills
Apprentices
We have a long standing and active apprenticeship
programme covering many areas of the business.
We are committed to ensuring that over 5% of our
employees are on ‘earn and learn schemes’ which
includes apprenticeships, trainees and graduates.
We exceeded our target for the year, with 10% of
the workforce in earn and learn roles in the year.
Our apprentices get an average of two years
on-the-job training and an NVQ (or equivalent).
In many cases, they stay on with us for further
training or move into permanent roles. Gleeson is
proud to work collaboratively with the NHBC on
an ongoing basis across its business operations,
with many of its apprentices utilising the NHBC
training facilities.
We have also hosted Early Talent Celebration days
in the year which included guest speakers and
awards, and a cohort of our trainees visited the
House of Commons as part of the HBF’s call to
address the skills gap in our industry.
Investors in People
We are fully accredited by Investors in People.
We are delighted that we achieved a ‘We
invest in People GOLD level’ accreditation for
demonstrating a consistent level of Developed,
Established and Advanced dynamic according
to the IIP framework. We continue to work in
collaboration with IIP and with our colleagues to
build our roadmap to making Gleeson an even
better place to work.
Learning and development
Our aim towards learning and development
at Gleeson is to continue providing spaces for
colleagues to grow and truly maximise their
potential for the benefit of individuals and
business needs and requirements. We support our
colleagues in tailored ways, some of which are set
out below and overleaf.
Sales excellence training –
response to challenges in the
market
We launched our sales excellence programme
in the year in response to the challenges in the
market and our continuing commitment to quality.
Gleeson Sales Excellence consists of three core
pillars:
1. New to sales onboarding programme
2. Leadership programme
3. On site Sales teams development programme
This equips our sales team with the knowledge,
skills and behaviours to thrive in their roles at
Gleeson.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 65
Riley, Apprentice Joiner,
The Rowans, Cumbria
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Nurturing talent
People
Building
careers
Talent mapping and
successionplanning
We have continued to conduct regular talent
mapping and succession planning across the
business, to assess key strengths and target
development needs to ensure that learning and
development interventions are appropriately
tailored to the needs of individuals and the
business.
Leadership and management
development pathways
We have significantly enhanced our learning and
development pathways towards leadership and
management development including:
1. Gleeson Skills Development Programme
(GSDP) (Basic) – Introduction to Leadership
& Management at Gleeson. This programme
is a 2 day course targeted at Foundation
level colleagues in accordance with the
Gleeson Competency framework. It provides
introductory training to the skills, knowledge
and behaviours required for leadership and
management roles.
2. GSDP (Intermediate) – Intermediate level
training for Leadership & Management
targeting colleagues who are at Operational
level in accordance with the Gleeson
Competency Framework, specifically middle
management. This programme is built
to enhance leadership and management
knowledge, skills and behaviours.
3. Gleeson Leadership Development Programme
(GLDP) (Advanced) – Advanced level training
for Leadership & Management targeting
colleagues who are at Tactical-Strategic level
in accordance with the Gleeson Competency
Framework, specifically senior leaders across
the business. This programme has seen further
enhancements this year with the reshaping
of modules to align to business requirements
along with the inclusion of MBTI assessments
and workshops.
All programmes consist of classroom based
training, professional qualifications and 360
degree feedback and 1:1 coaching. Our aim
for learning and development at Gleeson is to
continue providing spaces for colleagues to grow
and maximise their potential.
MJ Gleeson plc Annual Report & Accounts 202466
Mark, Site Manager, Crown
Gardens, Nottinghamshire

Nurturing talent
People
Communication and engagement
We recognise the importance of keeping
employees informed and do this in a number of
ways, including a weekly newsletter, employee
roadshows, our intranet (“The Hub”) and “Lunch &
Learns”.
• Lunch & Learns – to enhance communication
along with appreciation and understanding for
what departments do across the business.
• Regional Board Meetings – this year we
have changed the location of monthly board
meetings to a regional location based on a
rotation. This enables the Executive Board
to attend these meetings within regions and
has also increased presence on site visits to
enhance contact with business leaders for all
levels of the organisation.
Real living wage
We were the first listed housebuilder to be
accredited by the Living Wage Foundation for
paying our employees a “real” living wage, an
independently calculated rate of pay that is
based on the actual cost of living. We ask all
of our subcontractors to pay their operatives
in accordance with the Real Living Wage when
working on Gleeson sites. The Real Living Wage
covers all employees aged 18 and over, with the
exception of apprentices.
Recognition
This year we launched a refreshed recognition
scheme that we call ‘Gleestar’. The new scheme
was designed through consultation with a working
group of colleagues to ensure that the peer to
peer recognition tool was truly engaging with
colleagues. In our first month of the rebrand we
received a record number of 196 nominations for
Gleestar of the month.
We appreciate that individuals have been
impacted by the cost of living crisis across the
country and we look for opportunities to continue
supporting our colleagues with helping their
money go further. We launched ‘Gleesave’ through
the reward gateway platform opening up valuable
discounts for all of our employees.
Recognising
and valuing
our people
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 67
Sustainability Pillars
Sustainability Targets
TCFD
SASB
Chloe and Debra,
Gleeson Sales Centre

Energy efficient homes
Environment
Understanding
our carbon footprint
We recognise the impact that housebuilding can
have on the environment. There is a ‘carbon cost’ of
building and running a home, as well as an impact
on the land on which a home is built. House building
generates waste, consumes water and can impact
biodiversity. The occupants of homes consume
water and send their waste water to the sewer
system for treatment, and produce greenhouse
gases through heating and power.
Our long-standing core alignment with the UN
SDGs, alongside our established strategic approach
to build predominantly on brownfield land or in
areas of higher deprivation, means we have already
made inroads in our sustainability strategy over
many years. We have also increasingly utilised
more innovative and sustainable solutions as they
become available, both within and adjacent to
our operations, to ensure we build and operate as
responsibly as possible. This year, we have placed
further emphasis on improving environmental
management and we are currently in the process of
recruiting an Environmental Manager.
KEY HIGHLIGHTS
CO
2
e to build a Gleeson home
49 tonnes
An average Gleeson home takes 49 tonnes of CO
2
e to build
– without further action this will rise to 54 tonnes under
the Future Homes Standard due to the increase in size of
properties, thermal insulation and increased embodied
carbon of alternative heating systems.
CO
2
e to live in a Gleeson home
106 tonnes
The average Gleeson home adds 106 tonnes of CO
2
e of
in-use emissions over 60 years. However, the installation
of air source heat pumps and the decarbonisation of the
grid is expected to reduce in-use emissions to 40 tonnes
ofCO
2
e over 60 years.
Science Based Targets submission
Last year we committed to set science based
targets with the Science Based Targets initiative
(SBTi) and, in June 2024, submitted our targets for
validation for near-term and net zero targets across
scopes 1, 2 & 3. The validation process with the SBTi
will commence in October 2024, so we are on track
to deliver on our commitment to gain validation by
the SBTi within the two year timescale.
The submission of targets for validation is an
important milestone for the Group, demonstrating
our ongoing commitment to direct climate action
through decarbonisation across our operations,
supply chain and in-use emissions.
A significant element of this process has been to
ensure accuracy and transparency and, as a result, we
carried out a full review and refresh of our emissions
inventory across scopes 1, 2 and 3 in the year. We also
appointed an external assurance provider and have
gained limited assurance over our GHG data for both
the baseline and current year emissions.
Through our work over the past three years, we
have developed a stronger understanding of the
carbon emissions generated from building our
homes and customers subsequently living in them,
as well as how future regulations and initiatives may
have an impact in the near term. Our submission
to the SBTi is based on modelling of our projected
emissions to 2050 along with proposed reduction
initiatives to reach our targets. We will publish
our targets and plans for decarbonisation to meet
near-term and net-zero emissions targets in 2025
once we have received validation.
The SBTi is a partnership between the Carbon
Disclosure Project, United Nations Global Compact,
World Wildlife Fund and World Resources
Initiative and the most widely recognised pathway
to decarbonisation. It is aligned to the Paris
Agreement’s objective to work together worldwide
to limit the global temperature increase to 1.5°C
from pre-industrial levels.
MJ Gleeson plc Annual Report & Accounts 202468

Roof
5%
Windows & doors
5%
Kitchens & bathrooms
7%
Other
(including waste)
11%
Roads & infrastructure
10%
Energy used on
sites & offices
7%
Heating &
plumbing
9%
Foundations and
substructure
13%
Plaster
finish 2%
Timber 2%
Insulation 2%
Cement 14%
Bricks 8%
Blocks 5%
Internal & external walls
33%
Introduction to scope 1, 2 and 3 emissions
The scopes of carbon emissions were first introduced
by the Greenhouse Gas (GHG) Protocol. They originated
from the requirement to break down GHG emissions
into different categories to enable the assessment and
understanding of a carbon footprint.
Scope 1
Scope 1 emissions are ‘direct emissions’, generated
directly from our own operations. These emissions
are generally burnt fuels including diesel and LPG for
plant and site activities, gas used in show homes, pre-
completion plots and offices, and fuel for company
vehicles.
Scope 2
Scope 2 emissions are ‘indirect’ emissions which
arise from electricity generation. Essentially this is
the electricity we purchase for lighting, heating and
cooling other infrastructure and ancillaries which require
electricity, both on site and in offices.
Scope 3
Scope 3 emissions are ‘indirect’ emissions which occur
across our value chain and are split into upstream and
downstream.
For a Gleeson home lifecycle, we measure this over a
period of 60 years, which follows the Building Research
Establishment (BRE) Green Guide.
Scope 3 emissions also include business travel, employee
commuting and waste generated in operations as well as
other more minor categories of emissions.
Top 10 CO
2
e contributors in the build process
Tonnes of CO
2
e % of total
Cement mortar 7.3 15%
Bricks 3.9 8%
Fuel used on site 3.1 6%
Tarmac/bitumen surfacing 2.9 6%
Concrete blocks 2.9 6%
Ready mix concrete 2.7 5%
Windows and doors 2.4 5%
Radiators 1.9 4%
Fibreglass roof materials 0.8 2%
Cavity wall insulation 0.7 1%
Top 10 contributors 28.6 58%
Other contributors 20.8 42%
Total 49.4 100%
Strategic Report
69MJ Gleeson plc Annual Report & Accounts 2024
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Energy efficient homes
Environment
Supply Chain Sustainability School
We continue to engage with the School by being involved with and contributing
to various working groups across sustainable development themes.
• Reviewed supply chain engagement targets to focus on and set targets for
those supply chain partners who have a direct impact on site efficiencies, for
example groundworkers. See targets and actions on page 84
• Achieved Gold level of engagement
• Maximised the fairness, inclusion and respect (FIR) and ethnicity, diversity
and inclusion (EDI) resources
• Achieved a partner value of £216,250
• Delivered 84 hours of training to staff and subcontractors
Next year, we will maintain our Gold level of engagement and increase the extent
of learning opportunities across the business supply chain.
Sustainable living through
efficient design
Concrete bricks
The transition to lower carbon materials will
be pivotal in our plans to decarbonise. We
are conscious of the efforts being undertaken
across the clay brick industry to decarbonise
and clay bricks remain a key construction
material. However, we are also embracing lower
carbon materials including concrete bricks and
reconstituted stone. Over the past few years we
have increased the use of concrete bricks, which
provide a significant reduction in embodied
carbon over a traditional clay brick. This year we
have sold 338 homes built using concrete bricks or
reconstituted stone. This will continue to increase
and, as with any other material changes, we will
ensure that these do not impact on the quality,
longevity or aesthetics of the homes we build.
There are a number of advances in bricks and
brick/façade systems and this is something we are
continuously monitoring.
Air source heat pumps
The most significant carbon impact comes from
scope 3 emissions in building our homes and from
the emissions of our homes in use over their life. For
in-use emissions the single biggest contributor is
the heating system of the home, which has typically
been from gas boilers.
The Future Homes Standard, which is due to be in
force in 2025, means that new build homes must
generate 75–80% less in-use carbon emissions when
compared to pre-transitional regulations. This will
effectively prohibit the use of fossil fuel heating in
homes, for example from gas boilers.
We are committed to playing our part in providing
a healthy planet for future generations and are
embracing the Future Homes Standard. For
all homes started after 15 June 2023, we have
been installing Air Source Heat Pumps (ASHPs),
which means that our homes will be net zero
ready in preparation for the UK grid being fully
decarbonised by 2035, or where our customers
move to a verifiable ‘green tariff’ with their energy
supplier. During the year, we have installed 44
ASHPs, an increase of 120% and a carbon saving of
3,487 tonnes CO
2
e over the life of the homes built.
MJ Gleeson plc Annual Report & Accounts 202470
Concrete bricks,
The Rowans, Cumbria

Energy efficient homes
Environment
Reducing
build emissions
Energy efficiency and EPC ratings
Our homes are already designed to be highly
energy efficient and 96% of our homes achieve an
EPC rating of B or above. In assessing the 2025
building regulations and the introduction of air
source heat pumps, we changed our insulation
methods to make further improvements to energy
efficiency. This will reduce both the carbon
emissions and the heating costs of the home
throughout its life.
Hybrid generators and grid
connection
One of the largest opportunities within our scope
1 and 2 reduction initiatives is gaining early grid
connections for our developments and limiting
the use of diesel generators on site. Our electricity
is purchased on REGO-backed green tariffs.
Combined with the UK Government’s commitment
to decarbonise the grid by 2035, energy transition
from burnt fuels using generators to ‘mains’
electricity provides significant carbon emissions
savings. As part of our processes, we target
getting sites connected to the grid at the earliest
possible opportunity.
Where generators are required, we have
implemented a policy to use hybrid generator
technology (>30 kVA). Trials of the 30 kVA
generators showed average fuel and emissions
savings of 39% over a standard diesel generator.
Unfortunately, we still had some legacy ‘standard’
generators on sites during the year which are
being phased out. All new generators on hire from
January 2024 now utilise hybrid technology.
HVO fuel
As part of our scope 1 emissions reduction
initiatives, we previously identified the use of
hydrotreated vegetable oil (HVO), which provides
a significant carbon saving over regular ‘white’
diesel. However, the demand for HVO and the
impact of the continued energy and fuel crisis
has resulted in the cost of HVO soaring making it
commercially unviable on certain sites. As a result,
HVO accounted for less than 1 % (2023 7%) of
total liquid fuels that we used on site during the
year. We are continuing to monitor fuel costs and
our fuel policy continues to favour HVO over white
diesel where it is commercially viable.
Supply chain and sustainable
materials
Since 2022 we have been partners of The Supply
Chain Sustainability School (“the School”).
This enables us to upskill colleagues and work
collaboratively with other housebuilders,
subcontractors and suppliers in the construction
industry to achieve common goals in delivering
a sustainable future. Throughout the year we
engaged with the School to help develop our
FIR and EDI strategies. We are pleased to have
retained our Gold level of engagement with
theSchool.
In order for us to decarbonise to meet a 1.5°C
scenario, it is critical that our supply chain
decarbonises its operations. Through direct liaison
with suppliers and through the School, we are
trying to influence and work with our supply chain
partners to improve our understanding of how we
can ‘design out’ carbon from the homes we build
in transition to a lower carbon future.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 71
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Emissions and targets
Environment
Towards a
greener tomorrow
Science based targets
We have submitted targets for validation by
the SBTi, which included setting a baseline year
(2022), near-term target (2032) and a net-zero
target (2050). Targets will be a combination of
an absolute reduction target for scope 1 and 2
emissions, meaning we reduce our overall CO
2
equivalent emissions in total from the base year
(regardless of build volumes), and an intensity
reduction target for scope 3, meaning we will
reduce the emissions per m
2
of floor area of
homes sold. We will announce the specific targets
once we have had these validated, and report
against them in future reporting periods.
We have joined over 5,000 companies taking
climate action whilst continuing with our mission
of changing lives by building affordable, high-
quality homes, for those who need them the most.
We intend to publish our targets following validation by the SBTi, but the chart below shows the shape
ofour planned trajectory.
Scope 1 & 2 reduction plan Scope 3 reduction plan
Total tonnesCO
2
e
0
5,000
10,000
15,000
20,000
FY22 FY24 FY26 FY28 FY30 FY32 FY34 FY36 FY38 FY40 FY42 FY44 FY46 FY48
FY50
Tonnes CO
2
e per m
2
0.0
0.5
1.0
1.5
2.0
2.5
FY22 FY24 FY26 FY28 FY30 FY32 FY34 FY36 FY38 FY40 FY42 FY44 FY46 FY48 FY50
Baseline if no action taken
Forecast after planned carbon saving initiatives
Science Based Target assuming straight line trajectory
Near term 50.4% absolute reduction and long term
90%absolute reduction
Baseline if no action taken
Forecast after planned carbon savings initiatives
Science Based Target assuming straight line trajectory
Near term 58.1% intensity reduction and long term
97%intensity reduction
Establishing our targets
We have been working to enhance our understanding
of the greenhouse gas emissions throughout
our operations over the last three years and are
constantly developing our models and assessments.
Unlike many of our competitors who use a spend
based approach, we have carried out detailed
assessments of each of our house types using their
bill of materials and relevant supplier EPDs, or closest
available information using a life cycle assessment, to
determine the emissions generated in building each
house and its related infrastructure.
This more in-depth approach has allowed us to
model the emissions we expect in future periods,
taking into account growth in volumes anticipated
and house type mix. In doing so, it allows us to more
accurately identify the areas we want to target to
reduce our overall emissions.
MJ Gleeson plc Annual Report & Accounts 202472

Emissions and targets
Environment
Committed to cutting
our carbon footprints
Achieving our net zero targets
Scope 1 and 2 emissions
In previous years, to align with internal targets, we
disclosed scope 1 and 2 emissions as an intensity
measure per homes sold. However, to align with
Science Based Targets requirements, we will now
be disclosing this as an absolute measure. For
the year, our absolute scope 1 and 2 emissions
decreased to 3,575 tCO
2
e (FY23: 3,629 tCO
2
e).
Thedecrease is due to a reduction in site fuel
offset by an increase in both gas and electricity
usage on sites and show homes as we held plots
for longer due to reduced sales rates.
It remains a key priority to reduce our scope 1
and 2 emissions and our Science Based Targets
validation will set out an absolute reduction target
for scope 1 and 2 emissions for near-term and
net zero targets. We have already implemented
some of the measures to be taken as set out on
pages 70 to 71.
Scope 3
We are continually looking at ways to improve the
efficiency of our homes in use, and reduce the
embodied carbon of the materials we use to build
them. We will continue to increase the proportion
of homes incorporating existing initiatives, such as
air source heat pumps, as well as putting in place
new technologies and actively engaging with our
supply chain to identify lower carbon alternatives.
Scope 1 & 2 actual versus forecast
(tCO
2
e per home sold)
Scope 3 actual versus forecast
(tCO
2
e per m
2
)
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
2.00
2.10
2.20
FY27FY26FY25FY24FY23FY22
0.00
0.50
1.00
1.50
2.00
2.50
FY27FY26FY25FY24FY23FY22
Actual per home sold
Forecast scope 1 & 2 per home sold
Actual per m
2
Forecast per m
2
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 73
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Emissions and targets
Environment
Our scope 1 and 2 emissions in detail
The table below shows the energy usage and carbon emissions for the Group in line with the Streamlined
Energy and Carbon Reporting (“SECR”) requirements. Energy efficiency actions taken in the year are set out
on pages 70 to 71. All energy consumption and carbon emissions originate in the UK. Our carbon emissions
are calculated in accordance with the Greenhouse Gas Protocol – a Corporate Accounting and Reporting
Standard.
Greenhouse gas emissions 2024
1
2023
2
2022
(baseline)
1, 2
Scope 1 – combustion of fuel* tCO
2
e 3,080 3,274 3,165
Scope 2 – electricity purchased for own use
(market method)* tCO
2
e 256 269 234
Scope 2 – electricity purchased for own use
(location method)* tCO
2
e 495 355 511
Total Scope 1 and 2 GHG emissions (market method)* tCO
2
e 3,336 3,543 3,399
Total Scope 1 and 2 GHG emissions (location method)* tCO
2
e 3,575 3,629 3,676
GHG intensity per home sold (location method) tCO
2
e 2.02 2.11 1.84
GHG intensity per m
2
(location method) tCO
2
e 0.027 0.029 0.025
Scope 1 energy consumption kWh 13,817,027 15,272,198 14,197,513
Scope 2 energy consumption kWh 2,387,771 1,712,130 2,640,108
Scope 1 & 2 energy consumption* kWh 16,204,798 16,984,327 16,837,621
Scope 3 (Category 1a: Purchased goods and services –
product) tCO
2
e 72,365 70,323 79,333
Scope 3 (Category 1b: Purchased goods and services –
non-product) tCO
2
e 307 598 489
Scope 3 (Category 2: Capital goods) tCO
2
e 923 1,618 1,346
Scope 3 (Category 4 Upstream transportation and
distribution) tCO
2
e 637 529 685
Scope 3 (Category 5: Waste generated in operations) tCO
2
e 7,518 7,311 8,331
Scope 3 (Category 6: Business travel) tCO
2
e 271 129 195
Scope 3 (Category 7: Employee Commuting) tCO
2
e 113 220 266
Scope 3 (Category 8: Employee remote working) tCO
2
e 17 11 18
Scope 3 (Category 11: Use of sold products) tCO
2
e 187,474 187,210 215,145
Scope 3 (Category 12: End-of-life treatment of
soldproducts) tCO
2
e 1,779 1,729 2,660
Total Scope 3* tCO
2
e 271,404 269,678 308,468
Scope 3 – GHG intensity per m
2
of floor area tCO
2
e 2.073 2.123 2.138
Scope 3 – GHG intensity per home sold tCO
2
e 153.16 156.52 154.23
Total Scope 1, 2 and 3 tCO
2
e 274,979 273,307 312,144
Total Scope 1, 2 and 3 per m
2
tCO
2
e 2.100 2.151 2.163
Total Scope 1, 2 and 3 per home sold tCO
2
e 155.18 158.62 156.07
1
We engaged Grant Thornton UK LLP to provide independent limited assurance over selected 2022 and 2024 data highlighted
in the above table with a * symbol using the assurance standards ISAE 3000 (Revised) and ISAE 3410. The Group’s full GHG
Reporting Methodology can be found at www.mjgleesonplc.com/sustainability
2
2022 figures have been restated following methodology improvements achieved through improved information and as a result of
the third party assurance process. These improvements have also been reflected in the 2023 restated numbers.
MJ Gleeson plc Annual Report & Accounts 202474

Biodiversity and resources
Environment
Homes in harmony
with nature
Biodiversity and ecology
Our focus on building affordable, quality homes
where they are needed, means that we are
often building on brownfield land, which can
be biologically diverse. We are mindful of the
ecological impact that the clearance of land and
use of natural resources in building new homes
has, however, we also recognise the opportunity
for nature. Nearly 5% of land use in England
is for residential gardens. This provides a real,
tangible opportunity to create mosaics of land
to help biodiversity by planting and creating
habitats for nature to thrive.
Last year we welcomed a Senior Ecologist,
Sarah Rochelle, to our team, bringing ecology
expertise in-house and enabling us to bring
more focus to this key area. Our Senior Ecologist
has been pivotal in advising on ecology matters,
including biodiversity assessments on new sites,
and shaping our biodiversity strategy.
Legislative requirements
Biodiversity Net Gain requirements came into
force in February 2024. From this date, our
developments are required, via the Environment
Act 2021, to create a measurable 10% gain to
biodiversity, either through habitat retention,
enhancement or creation on site, or by the funding
of habitat creation offsite, and safeguard it for at
least 30 years. This is referred to as Biodiversity
Net Gain (BNG).
When we acquire land for development, these
sites are often brownfield, including land
contaminated with non-native, invasive plant
species. The land has often been left for many
years to naturally colonise and rewild, so it can
sometimes have a high biodiversity baseline.
Clearing land for remediation in readiness for
construction can have an initial short-term
detrimental impact on nature at the site but
provide a long-term benefit and legacy. We
consider biodiversity on our developments from
the design stage, considering each site individually
to try to retain valuable habitats as well as
considering our impacts on protected species and
habitats in the surrounding area. Through planning
regulation and our own enhancements, we leave a
net gain to biodiversity and manage any protected
species, which have either been identified during
ecological surveys at the pre-planning stage or
during construction.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 75
Rainsborough Park,
Knottingley, West Yorkshire
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Biodiversity and resources
Environment
Enhancements
Planting and landscape regime focused
on invertebrates and pollinators. We
plant trees, hedgerows and shrubs
prioritising the use of native species.
We only plant non-native species when
they have a benefit to wildlife such as
providing berries for birds or nectar for
insects, or providing habitat for shelter,
breeding or hibernation.
All developments incorporate hedgehog
highways. To ensure hedgehogs do not
lose valuable foraging resource, we will
be incorporating hedgehog highways
into all new developments. Hedgehog
highways are holes or gaps in fences
to allow hedgehogs to pass through
otherwise enclosed gardens.
Minimum 30% of homes include a
bird box or bat box. We try to retain
features that are of value to bats such as
hedgerows and large trees, and provide
insect beneficial planting.
Engaging
We have partnered with Buglife to
ensure the work we are doing is
meaningful, consistent and beneficial to
nature and biodiversity.
A bug hotel and wildflower seeds are
provided to new homeowners with their
welcome pack.
An electronic guide “Attracting Wildlife
to Your Garden” is provided to all
customers and the wider public via our
website providing hints, tips and advice
for attracting wildlife.
Paul Hetherington, Director of Fundraising and
Communications at Buglife, commented:
Buglife is delighted to be
partnering up with Gleeson to
help support and deliver on
their forward-thinking strategy
for biodiversity, we look
forward to creating homes
for pollinators and other
bugs with them in the years
tocome.”
Our biodiversity
strategy
MJ Gleeson plc Annual Report & Accounts 202476
Bumblebee on wildflowers,
Hardwicke Place, Hartlepool

Biodiversity and resources
Environment
Creating
spaces where
nature thrives
CASE STUDY – SARAH ROCHELLE, SENIOR ECOLOGIST
Ecology expert, hedgehog hero, and proud woman in construction
• Masters in Biodiversity and conservation from
University of Leeds
• Specialist focus on biodiversity net gain and birds
• CIEEM Accredited (The Chartered Institute of
Ecology and Environmental Management)
• Great Crested Newt License
• River conditioning Assessment certification
• Hedgehog Ambulance volunteer
• British Trust for Ornithology trainee bird ringer
After achieving her undergraduate degree in Zoology
and a Masters in Biodiversity and Conservation, Sarah
worked as an ecological consultant for ten years,
across a multitude of projects. Sarah joined the Land
and Planning Team at Gleeson in November 2022.
Her role includes developing and implementing
Gleeson’s environmental and ecology strategy and
assessing potential and existing land to identify the
best biodiversity net gain strategies in a bid to better
harmonize building homes and habitats together.
Day to day, Sarah’s work spans cost projections,
designing habitat retention into new schemes,
habitat assessments, species surveys and advising
on protected species, ensuring Gleeson’s projects
comply with environmental regulations. Working for
an open-minded and forward-thinking developer like
Gleeson has allowed Sarah to establish relationships
and trust within the team, to ensure we incorporate
her ideas and maximise the potential of the land.
Over the past 18 months, she has taught us that early
involvement in site planning leads to better-designed
schemes that enhance biodiversity net gain and in
turn reduce costs.
Alongside this, Sarah is keen to measure the
success of our methods on existing and previous
developments. One of many recent success stories
involves one of our developments, Hays Park in
Halifax, West Yorkshire. Sarah assessed the progress
of habitat preservation for some rare palmate newts
previously reported in the planning detail. We were
delighted to find the newts had reproduced and were
thriving in their newly enhanced home.
Sarah’s passion and enthusiasm for wildlife and
the environment is contagious. Internally, it has
raised awareness within the business, and externally
Gleeson has been able to share this enthusiasm
and knowledge with customers. The company
provides a ‘Wildlife in Your Garden’ booklet in the
handover customer pack, introducing homeowners
to local animals, bugs, and birds, along with tips on
nurturing their habitats as well as bug hotels and
wildflower seeds.
The role of ecology and the demand for biodiversity
net gain in housebuilding is growing. Gleeson
has embraced the change and is excited by the
possibilities. Sarah’s commitment to preserving
natural ecosystems aligns with Gleeson’s responsible
development ethos, which aims to surpass regulatory
requirements and actively contribute to thriving
localecology.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 77
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Biodiversity and resources
Environment
Other environmental
considerations
Waste
In the year, we diverted 99.4% (2023: 99.0%)
of waste generated away from landfill through
recycling or conversion to energy. We continue
with our target of zero waste to landfill and we
will achieve this by engaging with specialist
waste management providers and implementing
initiatives such as pallet repatriation, re-use of
waste materials on site and engaging with our
upstream supply chain to minimise incoming
waste such as packaging. During the year we
transferred the majority of our waste services to
one of the UK’s largest waste service providers.
This will improve waste service coverage across
the Group, offer improved waste tracking and
enable us to establish more detailed waste
intensity targets, for example by type of waste.
Whilst we feel that diversion rates are important
and is something we will continue to track,
reducing waste in the first instance is more
important. For 2025, we have set an action to
develop a waste optimisation programme to work
with our waste service provider and supply chain
partners to reduce incoming waste and maximise
reuse and recycling opportunities.
During the year, our total waste amounted to
9,622 tonnes (2023: 11,391), a waste intensity of 5.4
tonnes (2023: 6.6) per home sold.
Absolute waste has decreased by 15.5%, and our
waste intensity has decreased by 18.2%.
Hazardous waste is generally limited to packaging
containing hazardous residues such as paint tins,
aerosol canisters, sealant and adhesive cartridges.
Timber
We source 99.9% of the timber we use in
construction from FSC or PEFC certified sources.
Water
Water stress
We typically acquire sites and build in areas of
relatively low water stress, being located in the
North of England and the Midlands. For the year
to 30 June 2024, 45% of the homes sold were in
areas of high water stress. In total, 37% of plots in
the Gleeson Homes land pipeline are classified as
being in an area of high water stress. We do not
undertake any water abstraction from ground or
surface waters.
Water usage
We recognise that water is a valuable resource.
This year we developed our water strategy to
address our water demand and aim to reduce our
reliance on licenced water supply. For 2025, we
will be undertaking a water efficiency campaign
across the Group.
We are continuing to evaluate the feasibility of
incorporating grey water usage into our operating
activities including rainwater harvesting and
the use of surface water during construction
for site processes such as dust suppression. We
are working to establish the tracking of water
consumption across the business with actual
usage data, rather than estimates which will aid in
targeting areas of high water usage.
Water consumption 2024 2023
Cubic metres of water
consumed 71,991 83,651
Cubic metres of water
consumed per home sold 41 49
Cubic metres of water
consumed per build site 911 984
MJ Gleeson plc Annual Report & Accounts 202478

Biodiversity and resources
Environment
During the year we reviewed and commenced
rollout of new water fittings and sanitaryware
providing homes with dual flush toilets, low flow
taps, water efficient showers and baths and water
meters. As such we have managed to improve
water efficiency further from an average of 104
litres per person per day to 94 litres per person
per day. This is 25% lower than the maximum
allowance of 125 litres per person per day
specified by building regulations. All new homes
from 1July 2024 will utilise these highly water
efficientfittings.
We have considered the consultation to Part G of
the Building Regulations to align with Defra’s ‘Plan
for Water’ to reduce water consumption in new
build dwellings. The proposal is a staged reduction
towards 2025, 2030 & 2035 to reduce water
consumption to 105, 100 & 90 litres per person per
day respectively with a further reduction to 80
litres per person per day in water stressed areas.
This means that we already satisfy the 2030 water
efficiency proposals and are well on the way to
satisfying the 2035 efficiency proposals.
Regenerating Land
Our developments are typically located in areas
where there is a need for regeneration including
areas of higher deprivation or brownfield sites that
would otherwise remain unused. Four out of five
of our homes sold are in the most deprived areas
of the country or on brownfield land.
Our developments are sympathetic to the
surrounding community, regenerating the area
and providing open space for nature, amenity
and wellbeing and our biodiversity strategy and
BNG commitments help to ensure that the built
environment does not leave a negative impact on
biodiversity and nature. The use of Sustainable
urban Drainage Systems (SuDS) helps to alleviate
flooding by reducing the burden on traditional
drainage infrastructure whilst naturally removing
pollutants (in vegetated SuDS) and providing a
habitat for nature.
Hillcrest Gardens,
Gainsborough, Lincolnshire
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 79
Hardwicke Place SUDS basin,
County Durham
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Regenerating land
Environment
CASE STUDY
Northbeck Grange, Northside Road, Bradford
Unearthing the past
Northbeck Grange is located on the outskirts of Bradford and stands
on the remnants of an old sandstone quarry that was hidden beneath a
former textiles factory. Freeman Grattan Holdings (formerly known as
Otto UK) built the factory and headquarters in 1963 and retained it until
it was demolished in 2012.
This was one of the biggest brownfield sites in the area and
contamination from both the quarry and factory posed significant
challenges for the development of the site.
Overcoming obstacles
Gleeson undertook extensive earthworks and land remediation as the site
was contaminated with asbestos fibres, heavy metals such as arsenic,
lead, copper, mercury and zinc, and polyaromatic hydrocarbon species of
benzo(b)fluoranthene, benzo(a)pyrene and dibenzo(ah)anthracene.
Gleeson constructed reinforced retaining walls to create stable
development platforms to combat the site’s steep gradient. This
was essential in the engineering for the development and to create
sensitively designed areas for new homes and a thriving community as
the site was brought back to life.
From ruins to homes
In late 2019, Bradford Council granted planning permission for the new
development, seven years after Grattan’s Otto House headquarters had
been demolished and the site left unused. Our beautiful stone-finished
rural elevation houses blend the benefits of modern homes amidst the
echoes of the past.
Construction on the development is expected to be completed in 2025,
approximately four years after work commenced.
Leaving a lasting legacy
The development delivers 167 high-quality affordable 2, 3, and
4-bedroom homes. It has seen strong demand, with excellent travel links
being only three miles from the M606 and easy access to Bradford’s
thriving city centre.
Northbeck Grange’s legacy extends beyond bricks and mortar. Alongside
Gleeson’s goal of providing homes for people who need them most,
the site has also provided homes to a number of Ukrainian refugees, in
collaboration with Bradford Council. The council delivered seven homes
to families searching for peace from the ongoing war in Ukraine.
MJ Gleeson plc Annual Report & Accounts 202480

At Gleeson, we prioritise the use of
Sustainable urban Drainage Systems
(SuDS) on all developments. SuDS
mimic natural drainage, which provides
a number of benefits including slowing
water discharge and reducing the burden
on ‘downstream’ drainage infrastructure,
removal of pollutants, water cleansing and
provision of additional biodiversity.”
Strategic Report
81MJ Gleeson plc Annual Report & Accounts 2024
Rainsborough Park,
Knottingley, West Yorkshire
Sustainability Pillars
Sustainability Targets
TCFD
SASB

In our annual report last year, we set out a number of ambitious sustainability targets.
Ourprogress against these targets and actions is set out below.
Health and safety incident rate (“AIIR”) will be reduced to the industry standard or
lower in the year
Our AIIR for the year to 30 June 2024 was 166 (2023: 303) which is below the last reported industry
average of 183 over the same period.
MET
2024 actions Update Result
All site management will receive HomeSafe
Essentials training, if not already completed
within the last six months.
All site management undertook refreshed HomeSafe
Essentials training during the year. This is included in
site management mandatory training.
New Safety Health and Environment (“SHE”)
software platform to be introduced with phased
implementation plan. Platform allowing for the
completion of site inspections and capture of
SHE data.
Our new ‘SafetyCulture’ platform was introduced in
early 2024 and is now fully embedded across the
business.
We will deliver a targeted, themed campaign
every quarter to further embed the health, safety
and environmental culture across the business.
We have undertaken four campaigns throughout
the year focusing on Traffic Management, Services
Avoidance, Occupational Health and Biodiversity
Awareness.
We will deliver enhanced site environmental
training across the business focused around our
most significant environmental impacts.
CITB SEATS (Site Environmental Awareness Training
Scheme) course was delivered to all Site Managers,
Assistant Site Managers and SHE Managers during
the year.
Monthly site safety tours to be undertaken by
Senior Management (Regional Directors).
Monthly site safety tours have been undertaken by
Regional Managing Directors or Regional Construction
Directors in conjunction with Regional SHE Managers.
We will maintain our 5-star status with a 90% or above customer
recommendationscore
We achieved an independently assessed customer recommendation score of 95% (2023: 89%). This
equates to the Home Builders Federation (“HBF”) 5-star rating.
MET
2024 actions Update Result
More than 95% of reserved customers will be
contacted on a weekly basis.
We have consistently achieved contact with >98% of
customers on a weekly basis.
Post completion snags closed out within 30 days
to be improved by 5%.
We have improved the close-out of post completions
snags by >6%.
Retrain all colleagues on phase 2 of our enhanced
Customer First programme and provide additional
training to support programme delivery.
In the year, all colleagues have been retrained on our
enhanced Customer First Programme.
Review and redesign all incentive programmes to
increase the focus on customer service targets.
The incentive programmes were revised with greater
proportionality placed on the KPI’s which drive
customer satisfaction and overall recommend scores.
Complete and implement a digitised quality
inspection and monitoring system for key build
stages within the year.
The rollout of the digitised quality inspection
programmed commenced during quarter four of the
financial year.
MJ Gleeson plc Annual Report & Accounts 202482
Sustainability targets:
Progress against our 2024 improvement targets

Our employee engagement will be maintained in the upper quartile of all
companies during 2024
Our independently assessed employee engagement score decreased slightly to 85% this year (2023:
87%) and 83% of colleagues (2023: 84%) are proud to say that they work for Gleeson. This places
Gleeson in the upper quartile of all UK companies surveyed.
MET
2024 actions Update Result
We will maintain four stars on Glassdoor
employer ratings.
Our Glassdoor rating has remained consistently above
4 star throughout the year and we finished the year at
4.3 star.
We will establish a colleague representative
forum to deliver an effective two-way
communication channel with the Executive
Directors twice per year.
We created an employee forum which acts as a
mechanism to communicate key business updates and
seek feedback on a range of issues and opportunities.
The forum meets quarterly with business leaders.
We will further develop our culture of inclusion,
including the establishment of an Equality
Diversity and Inclusion (EDI) working group
to help shape and guide our roadmap and
approaches for embedding equality, diversity and
inclusion in everything we do.
We have developed an EDI strategy and People
Forum. Our strategy sets out the implementation
of new policies and training to support our EDI
culture and improve data collection on employee
demographics. The People Forum will be used to
discuss EDI opportunities with our employee body
and seek feedback on proposals. The Nomination
Committee will monitor progress at a Board level.
We will strengthen and enhance our health and
wellbeing focus and agenda.
In March we became Company Supporters of The
Construction Lighthouse Charity, who specifically
support wellbeing for Construction Workers. We have
delivered support across the business on mental,
physical and financial wellbeing as well as providing
tools strengthening general health and wellbeing for
all colleagues, including a virtual gym and promoting
healthy eating.
More than 5% of roles in the workforce will be
apprenticeships, trainees or graduates.
Gleeson currently have 10% of the workforce on ‘earn
and learn’ schemes consisting of apprentices and
sponsorships.
We will achieve ILM recognition for each of
our “In-House Leadership and Management”
development programmes.
Gleeson have gained ILM recognition for the Gleeson
Skills Development Programme (GSDP) which is
currently on its fourth cohort.
We will maintain our Investors in People
accreditation and work towards Gold Star
Investors In People accreditation.
Following a robust audit process, we are pleased to
confirm that we have been accredited to Gold Star
Status, see page 65 for further detail.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 83
Sustainability Pillars
Sustainability Targets
TCFD
SASB

We will achieve Science Based Targets validation by 2025 for near-term and
net-zero targets
In June 2024, we submitted our near-term and net zero targets for validation by the SBTi. The
validation process will commence in the first half of the financial year to June 2025 (FY2025). We
have continued to undertake extensive work to refine our carbon emissions inventory across scopes 1,
2 & 3 and model how we achieve these targets.
ON TRACK
TO BE MET
2024 actions Update Result
Deliver a complete decarbonisation
roadmap for near-term and net zero
targets.
Decarbonisation plan completed with near-term and net-
zero targets submitted for validation by the SBTi. Following
validation, we will publish our roadmap to meet these targets.
Review company car policy,
infrastructure and processes to reduce
carbon emissions and air pollutants.
Our company car policy was reviewed with greater emphasis
on energy transition. This action will be enhanced and form
part of FY2025 actions to develop a full transition plan
towards electric and hybrid vehicles. See page 85 for FY2025
targets.
Generators on all new sites to be hybrid
models to achieve circa 35% reduction in
generator emissions.
We have not fully achieved the rollout of hybrid generators.
We have reiterated this target and applicable generators on
hire since January 2024 utilise hybrid technology.
Maintain Gold level of engagement
through the Supply Chain Sustainability
School.
We have maintained our Gold level of engagement with the
School and continue to maximise the use of their learning
resources.
Work with our supply chain partners to
increase engagement across the Supply
Chain Sustainability School (top 200
suppliers – 15% to achieve Gold status;
10% Silver; and 25% Bronze).
This action has not been met. From our top 200 suppliers (by
spend) we achieved 10% Gold, 3% Silver and 1.5% Bronze. This
action will be refined for FY2025 focusing on subcontractors
and groundworkers.
Increase sustainability training to
deliver 250 hours of learning across all
colleagues within the year.
This action has not been met. We delivered approximately 84
hours of learning through Supply Chain Sustainability School
resources and ‘Lunch and Learn’ sessions. Greater emphasis
will be placed on this for FY2025. See page 85.
Develop and implement a holistic water
strategy addressing consumption, water
stress, mitigation and resilience.
During the year, our water strategy was approved by the
Sustainability Committee which focuses on improving data
collection, reducing our consumption, minimising homeowner
consumption (per person per home), and implementing
mitigation for FY2025 targets.
Maintain zero waste to landfill. We achieved 99.4% diversion from landfill, predominantly
through recycling and energy recovery with a small amount
being sent to anaerobic digestion. We will develop a waste
optimisation plan, see page 85 for FY2025 targets.
Deliver a project to measure the
waste generated per home to identify
waste reduction and circular economy
opportunities.
During the year we moved to a sole waste service provider.
Whilst this will improve waste data and reduce risk, it meant
the original project could not be delivered. We will deliver a
revised waste optimisation strategy; see page 85 for FY2025
targets.
MJ Gleeson plc Annual Report & Accounts 202484
Sustainability targets:
Progress against our 2024 improvement targets
CONTINUED

Health and safety incident rate
(“AIIR”) will be lower than 220 (HBF
average last three years)
Our employee engagement will be
maintained in the upper quartile of
all companies
Actions:
• We will achieve an average SHE Site Inspection
score of at least 85%.
• We will launch a digital Contracts Manager site SHE
audit tool to focus on emerging risks, using our
SafetyCulture Platform and implement across all
regions.
• Each regional office will deliver trade specific
supply chain H&S seminar every three months
covering; Groundwork; Scaffold; Joinery; Roofing.
• Spill response refresher training will be undertaken
by all Gleeson site management and site
telehandler operators.
• We will implement JCB Livelink across all sites,
to provide real-time health, safety and energy
efficiency monitoring across the forklift truck fleet.
Actions:
• We will maintain 4 stars or above on Glassdoor
employer ratings.
• We will achieve voluntary staff turnover rate of less
than 22%.
• We will undertake a full review of gender and
ethnic diversity across the Group and deliver a
strategy to ensure a greater representation of the
communities in which we operate.
• More than 10% of roles in the workforce will be
apprenticeships, trainees or graduates.
• All employees will receive an average of 3 training
days per annum.
We will maintain +90%
“Recommend” score which is
equivalent to five-star status
We will achieve Science Based
Targets validation by 2025 for near
term and net zero targets
Actions:
• We will improve defects closed within 30 days to
above 80%.
• We will improve CML to Legal Compliance (21
days) by 10% to support final finish quality.
• We will implement digital Quality Control Plot Book
to all sites and regions during the year to drive
quality control improvements.
• In order to drive improved quality and service, we
will deliver a focused incentive scheme.
• We will implement a tracker, focused on build
quality KPIs, to collate, monitor and share
performance across the regions.
Actions:
• We will finalise and publish our science based
roadmap to achieve near-term and net-zero
targets.
• We will deliver an energy and water efficiency
awareness campaign across Group and investigate
and maximise efficiency opportunities.
• We will deliver 250 hours of sustainability themed
training during the year.
• We will engage with and provide learning pathways
for ten of our largest groundworkers covering all
regions to upskill and become Bronze members of
the Supply Chain Sustainability School.
• Working with our waste partner and supply chain
we will develop a waste optimisation programme
across operations and establish waste intensity
reduction targets.
• We will develop a transition plan for company cars
to phase out ICE vehicles by 2032.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 85
Sustainability targets:
Our sustainability targets for 2025
Sustainability Pillars
Sustainability Targets
TCFD
SASB

The Financial Stability Board created the Task Force on Climate-related Financial Disclosures
(“TCFD”) to improve and increase reporting of climate-related financial information.
Responding to the TCFD requirements, we aim to continually enhance our disclosures in line with its recommendations
and market practice. We also disclose climate-related governance, strategy, risk management and metrics as part of
the Carbon Disclosure Project (“CDP”).
The Company is consistent with paragraph 8(a) of Listing Rule 9.8.6R, which requires that listed companies must include
in their annual financial report a statement setting out whether the listed company has included climate-related financial
disclosures consistent with the TCFD Recommendations and Recommended Disclosures in that financial report.
Governance
The organisation’s governance around climate-related risks and opportunities.
Board
The Board has ultimate responsibility for climate-related risks and opportunities, with day-
to-day control over responding to climate-related risks and wider sustainability targets
managed by the Executive Directors.
Any amendments to business strategy, or significant changes to day-to-day operations of
the business, require approval from the Board. In addition, long-term targets and external
commitments require Board approval before announcement and becoming part of the
ordinary course of business.
The Board receives information on a regular basis covering business performance, health
and safety, customer satisfaction and sustainability. Updates also include any technical
specification changes, including changes to house designs to comply with building
regulations and/or improve environmental performance.
The Executive Directors, and the Board above certain set limits, has responsibility for the
approval of all land purchases. As part of the investment appraisal process, climate-related
considerations are presented as part of the approval process and included in the cost plan
for the development. These include factors such as land remediation, flood mitigation,
biodiversity requirements, landscaping and other environmental impacts.
Timeline on climate progress
First included Waste
management, Timber
policy and Greenhouse gas
reporting in the Corporate
Social Responsibility section
of the annual report
Appointed Group
Sustainability Manager and
created a Sustainability
Action Team and Climate
Action Team. First public
disclosure of detailed analysis
on Climate Scenarios
Obtained assurance over
our GHG baseline year.
Submitted our near term
and net zero targets to the
SBTi for validation
SBTi near term
target.
First public
disclosure of TCFD.
First disclosure of
scope 3 emissions.
Implemented first
trials of air-source
heat pumps and
100% of electricity
used in show homes,
sales offices and site
cabins was sourced
from zero carbon
sources
Submitted our letter of
commitment to the Science
Based Targets initiative.
Appointed a Senior Ecologist
to further develop our
biodiversity and ecology
strategies
Validation of SBTi targets.
Future Homes Standard
SBTi net zero target.
Paris agreement and UK
target for net zero
2014 2021 2022 2023 2024 2025 2032 2050
MJ Gleeson plc Annual Report & Accounts 202486
Task Force on Climate-Related
Financial Disclosures (TCFD)

Governance
The organisation’s governance around climate-related risks and opportunities.
Audit Committee
The Audit Committee is responsible for reviewing and approving the content of the annual
report including the TCFD, SASB and GHG disclosures. In addition, the Audit Committee
reviews and approves the Group’s CDP climate submission, which outlines what we are
doing as a Company to address climate-related risks and opportunities.
The Audit Committee are regularly updated with amendments to disclosure requirements
on financial reporting and disclosure considerations in respect of climate change.
The Group’s sustainability disclosures, including TCFD and SASB, are reviewed as part of
the external audit, the results of which are reported to the Audit Committee. Additional
assurance over GHG disclosures has been obtained over the 2022 baseline year and our
2024 GHG emissions.
Sustainability
Committee
The Sustainability Committee is responsible for assessing the sustainability aspects of
the business strategy and ensuring that the Group’s sustainability targets align. The
Sustainability Committee also makes recommendations to the main Board on strategic
developments that address sustainability risks and opportunities in particular those relating
to climate change.
The Sustainability Committee meets regularly throughout the year to ensure that
sustainability risks and opportunities are reviewed regularly, emerging risks and
opportunities are identified, and mitigation plans are developed where needed.
The Group Sustainability Manager is responsible for maintaining the environmental risk
register and reports any updates to the Sustainability Committee as part of the Group’s risk
management framework.
The Sustainability Committee monitors performance against sustainability targets and
approves the targets and actions used for measuring performance on an annual basis.
Remuneration
Committee
The Remuneration Committee is responsible for determining remuneration policy and
targets including how sustainability metrics are taken into consideration when determining
incentive decisions.
The Committee contribute to setting the targets of the Executive and operational directors
throughout the business and, where appropriate, these are linked to performance against
sustainability targets.
ESG performance indicators are used to measure performance against these targets and
subsequently remuneration is awarded in relation to performance against these targets. For
more information on how sustainability factors are considered in Executive remuneration,
refer to the Annual Report on Remuneration on pages 142 to 153.
Nomination
Committee
The Nomination Committee is responsible for ensuring that the Board structure, size
and composition (including the skills, knowledge and experience of Board members) is
adequate to support the Group in its growth and sustainability ambitions. The Committee
considers the risks and opportunities facing the Group, and the skills and expertise that are
therefore needed on the Board.
There were no new appointments to the Board or changes to Board roles during the
financial year to 30 June 2024. For more information on the Board of Directors, refer to
pages 112 to 113.
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MJ Gleeson plc Annual Report & Accounts 2024 87
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Strategy
The actual and potential impacts of climate-related risks and opportunities on the organisation’s
businesses, strategy and financial planning where such information is material.
Climate change has the potential to significantly impact our business strategy through changes in regulation,
government policy, stakeholder expectations (transition impacts) and the direct effects of climate change such
as more frequent adverse weather events, loss of developable land and the impact on biodiversity and the wider
natural environment (physical impacts).
Our commitment to align our carbon reduction targets with the SBTi and a 1.5°C climate scenario is reflected in
our review of the resilience of the Company’s strategy towards climate-related risks. Included within our carbon
reduction modelling, we have considered the reliance on emerging technologies, engagement with supply chain
and market expectations whilst balancing the risks of emerging regulations and failure to adapt to a low carbon
economy. Despite the transitional challenges associated with committing to a carbon reduction target aligned to
a 1.5°C scenario, these are likely to be lesser than the potential impact of the physical effects of climate change
in a 4°C scenario.
During the year, we have used the process of scenario planning to aid our assessment of climate-related risks
and opportunities and the potential impact on the Group, its strategy and any financial impacts. Details of the
scenarios analysed can be found on pages 90 to 91.
Risk definitions
When assessing climate-related risks and opportunities we use the following criteria to ensure that the
assessment is reflective of the operating activities of the Group.
Risk term Impact
Short term: 0–3 years Low impact: £0.5m
Medium term: 4–10 years Moderate impact: £1.5m
Long term: 10+ years High impact: £10m
Catastrophic: £30m
The risk term is aligned to the majority of climate-
related frameworks, in particular the Science Based
Targets initiative (SBTi).
The impact is aligned to the risk assessment
methodology used by the Group for all principal and
emerging risks as set out in Risk Management on
pages 38 to 43.
The Board adopts a low appetite to climate-related risks. This means that the Group seeks to maintain a low
level of impact on the environment as a result of its operations balanced against the cost of doing so. The
Group also invests to ensure there is a robust control framework to maintain a high level of compliance with
environmental regulations.
Impact on financial statements
Costs associated with the transition to the latest building regulations including Part L (Conservation of heat
and power) have been recorded in the valuation of inventory and subsequently reported within cost of sales.
Similarly, the cost of Biodiversity Net Gain is built in to initial site budgets and subsequent valuations. Where a
site margin forecast is affected by a change in estimated costs to complete, the impact is recognised across all
plots remaining. See note 1 – accounting policy for Inventories on page 179 for further details.
A flood risk assessment is performed on all potential sites that are considered for development. The associated
costs to mitigate flood risk, where relevant, are included within the site valuation and costs to complete. This is
recognised in the forecast site margin and reported within cost of sales as completions are recorded over the life
of the site. As the owned land bank within Gleeson Homes covers a period of four years, we have assessed that
it is unlikely that the flood risk of these sites will change in this timeframe and therefore no impairment of owned
land has been identified.
Within the Gleeson Land division, the land portfolio is more strategic and therefore flood risk can change over a
longer period of time as regional flood models are updated including from the effects of climate change. Each
site is individually reviewed at a period end based on its planning prospects and viability. Where these have been
adversely impacted by a change in flood risk or any other impact, then a provision is recorded to write down the
value of inventory in line with the Group’s accounting policy.
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Financial Disclosures (TCFD)
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Strategy
The actual and potential impacts of climate-related risks and opportunities on the organisation’s
businesses, strategy and financial planning where such information is material.
Going concern and viability statements
In preparing the Annual Report, the Group is required to assess whether there are any material uncertainties
over its ability to operate as a going concern (see note 1 – Going concern on page 177 for further details). In
addition to this, the Group is required to assess the potential impact on the operations of Group over the longer
term for disclosure in its viability statement on page 119. To meet these requirements, the Group has sensitised
its financial forecast to incorporate the potential impacts of a severe but plausible downturn over the three years
to June 2027.
The costs of transition to meet government policy for Future Homes Standards, Biodiversity Net Gain and cost
of known lower carbon technologies as set out in the scenario analysis are all incorporated into the Group’s
forecast that is used for the going concern and viability assessments. The impact of the climate-related risks
identified have been considered, but would not have a material impact over the viability period on the Group’s
ability to continue in operation.
Risk Management
How the organisation identifies, assesses, and manages climate-related risks.
The Board has overall responsibility for the Group’s management and assessment of risks, supported by the
Audit Committee. The Group risk register is formally reviewed by the Audit Committee at the majority of its
meetings, including consideration of emerging risk areas or changes to existing risks. Climate change and
sustainability have been identified as principal risks for the Group. Find out more on page 43.
The Group’s risk management framework includes a separate environmental risk register, which includes key
climate-related and other environmental risks for the business. The environmental risk register identifies both
principal and emerging risks and informs a formal risk assessment process that considers the likelihood and
impact of the identified risks together with any mitigating controls that are already in place or planned. This
position is reviewed by the Sustainability Committee as part of its review of the environmental risk register.
Any changes to risk scores on the environmental risk register are considered in the context of the Group risk
register in respect of the principal risks of climate change and sustainability. Proposed changes are reported to
the Audit Committee and Board as part of its monitoring of principal and emerging risks at a Group level.
We determine climate-related risks using our risk management framework outlined on page 38. The risk
assessment reflects the estimated impact of a risk or opportunity taking into account both quantitative and
qualitative characteristics. Quantitative materiality is set in line with the range set by our external auditors and
our internal risk management process. Risks and impact are considered according to the expected timeframe
of the risk or opportunity.
Sustainability Committee
The Sustainability Committee met four times in the year and the review of the environmental risk register is a
standing agenda item for each meeting.
The Committee members are responsible for reviewing the risks and opportunities identified, along with their
inherent risk scores, any mitigating actions and the mitigated risk scores. The Group Sustainability Manager is
responsible for the day-to-day maintenance of the environmental risk register, which identifies risks covering
key climate-related and other environment risks for the business.
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MJ Gleeson plc Annual Report & Accounts 2024 89
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Key climate-related risks
Transition risk
Risk Scenario analysis Mitigating actions Risk rating Short Medium Long
Changes to government policies
Changes to the specifications of our homes as a result of new
building regulations or planning policies can result in higher
technical, design and/or build costs.
Potential impact: £5m – £10m cost of sales over life of
developments
The scenario modelled has taken the increase in cost of recent
changes in building regulations (including Part F, L, O,S and Z)
and extrapolated over forecast unit sales.
Our Group Technical Director sits on the Home Builders Federation
(“HBF”) Technical Committee and the Future Homes Hub, and
attends NHBC Building for Tomorrow events to ensure that we
are informed about potential amendments to regulations as well
as providing feedback on the challenges these may pose to the
industry.
H
1.5°C – 2°C
scenario
Short – Long term
Emerging technologies
Our long-term carbon reduction strategy relies on the
development of new technologies and modern methods of
construction. In order for these to be viable for our business
model, they must be readily available, affordable and have
appropriately skilled resources within the industry.
Potential impact: £15m – £30m cost of sales over life of
developments
The scenario modelled has taken the increase in cost of
identified low carbon alternatives to traditional building
materials and applied this to forecast unit sales.
We continuously review the materials used in the design of
our homes by engaging with our supply chain and attending
conferences specific to the housebuilding industry to identify low
carbon alternatives.
We review our on-site operations to identify high emitting
activities and develop action plans that target emission reductions
in these areas. We often trial carbon-saving initiatives on our sites
to analyse results before rolling these out as “best practice” across
the Group.
M
1.5°C – 2°C
scenario
Medium–Long term
Supply chain
As we develop our carbon reduction strategy there is a
reliance on our supply chain to reduce the embodied carbon of
materials and emissions generated from build activities. Failure
of our supply chain to decarbonise could potentially result in
us not achieving our scope 3 carbon reduction targets. There
is also likely to be an increase in cost for using lower carbon
alternatives.
Potential impact: £15m – £25m cost of sales over life of
developments
The scenario modelled has taken our current supplier spend
split between materials and subcontractors and uplifted this
to incorporate the increase in costs for lower carbon materials,
fuels and more efficient plant and machinery.
We communicate our carbon reduction plans with our supply
chain to identify lower carbon alternatives, fuel conservation
methodologies and waste reduction strategies.
As part of new supplier onboarding, we request sustainability
reports and carbon reduction strategies to be presented so that
we can collaborate on sourcing more sustainable solutions.
Our partnership with the Supply Chain Sustainability School
provides us with additional tools to engage with our supply chain
and raise awareness of sustainable practices in the industry.
M
1.5°C – 2°C
scenario
Medium–Long term
Carbon pricing
Government legislation designed to encourage industries to
take climate action and reduce their carbon footprint can,
directly or indirectly, increase material costs and our cost base.
Potential impact: £10m – £15m cost of sales over life of
developments
The scenario modelled has used a carbon price between
£50–100 per tonne and applied this to projected scope 1 & 2
emissions and embodied scope 3 emissions.
By committing to targets validated by the SBTi and aligned to the
1.5°C scenario we are able to demonstrate our carbon reduction
commitments and mitigate the impacts of carbon pricing.
M
1.5°C – 2°C
scenario
Medium–Long term
Stricter planning requirements
Government and local authorities are more stringent in their
planning and site infrastructure requirements. This includes
requirements around biodiversity net gain, which could impact
on land opportunities, in particular brownfield sites which have
rewilded, becoming unviable to develop.
Potential impact: £10m – £15m cost of sales over life of
developments
The scenario modelled was performed by reviewing our
current pipeline of sites for their estimated biodiversity credit
requirements, combined with an average cost per biodiversity
credit for forecast site acquisitions.
The process of acquiring land for development includes thorough
due diligence to ensure that sites comply with relevant regulations
and government policies as well as meeting our internal rates of
return.
Financial forecasts include the costs associated with complying
with planning requirements such as biodiversity net gain,
mitigating flood risk and planning specific requirements such
as electric vehicle charging points and lower water usage
technologies particularly in areas of high water stress.
H
1.5°C – 2°C
scenario
Short–Long term
More frequent adverse weather events
Disruption to build activities on our sites as a result of more
frequent adverse weather events including heat, cold, rain
and storm damage has the potential to become unsafe, cause
damage to construction sites and slow our growth plans.
Potential impact: £15m – £30m cost of sales over life of
developments
The scenario modelled assumes adverse weather events to
become more frequent, the cost of build disruption to increase
as a result of more storm damage and considers the delay in
house sales and other associated costs.
During periods of severe weather, reminders are issued warning
of potential risks and to follow company procedures for adverse
weather events.
Equipment and temporary structures are checked to ensure they
are secure and stored to prevent any damage.
Where weather is extreme, sites may be closed until the site
returns to suitable working conditions.
In instances of extreme rainfall, mitigation procedures are followed
to ensure compliance with environmental regulation such as water
run-off and its impact on the local environment.
M
4°C scenario
Medium–Long term
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Transition risk
Risk Scenario analysis Mitigating actions Risk rating Short Medium Long
Changes to government policies
Changes to the specifications of our homes as a result of new
building regulations or planning policies can result in higher
technical, design and/or build costs.
Potential impact: £5m – £10m cost of sales over life of
developments
The scenario modelled has taken the increase in cost of recent
changes in building regulations (including Part F, L, O,S and Z)
and extrapolated over forecast unit sales.
Our Group Technical Director sits on the Home Builders Federation
(“HBF”) Technical Committee and the Future Homes Hub, and
attends NHBC Building for Tomorrow events to ensure that we
are informed about potential amendments to regulations as well
as providing feedback on the challenges these may pose to the
industry.
H
1.5°C – 2°C
scenario
Short – Long term
Emerging technologies
Our long-term carbon reduction strategy relies on the
development of new technologies and modern methods of
construction. In order for these to be viable for our business
model, they must be readily available, affordable and have
appropriately skilled resources within the industry.
Potential impact: £15m – £30m cost of sales over life of
developments
The scenario modelled has taken the increase in cost of
identified low carbon alternatives to traditional building
materials and applied this to forecast unit sales.
We continuously review the materials used in the design of
our homes by engaging with our supply chain and attending
conferences specific to the housebuilding industry to identify low
carbon alternatives.
We review our on-site operations to identify high emitting
activities and develop action plans that target emission reductions
in these areas. We often trial carbon-saving initiatives on our sites
to analyse results before rolling these out as “best practice” across
the Group.
M
1.5°C – 2°C
scenario
Medium–Long term
Supply chain
As we develop our carbon reduction strategy there is a
reliance on our supply chain to reduce the embodied carbon of
materials and emissions generated from build activities. Failure
of our supply chain to decarbonise could potentially result in
us not achieving our scope 3 carbon reduction targets. There
is also likely to be an increase in cost for using lower carbon
alternatives.
Potential impact: £15m – £25m cost of sales over life of
developments
The scenario modelled has taken our current supplier spend
split between materials and subcontractors and uplifted this
to incorporate the increase in costs for lower carbon materials,
fuels and more efficient plant and machinery.
We communicate our carbon reduction plans with our supply
chain to identify lower carbon alternatives, fuel conservation
methodologies and waste reduction strategies.
As part of new supplier onboarding, we request sustainability
reports and carbon reduction strategies to be presented so that
we can collaborate on sourcing more sustainable solutions.
Our partnership with the Supply Chain Sustainability School
provides us with additional tools to engage with our supply chain
and raise awareness of sustainable practices in the industry.
M
1.5°C – 2°C
scenario
Medium–Long term
Carbon pricing
Government legislation designed to encourage industries to
take climate action and reduce their carbon footprint can,
directly or indirectly, increase material costs and our cost base.
Potential impact: £10m – £15m cost of sales over life of
developments
The scenario modelled has used a carbon price between
£50–100 per tonne and applied this to projected scope 1 & 2
emissions and embodied scope 3 emissions.
By committing to targets validated by the SBTi and aligned to the
1.5°C scenario we are able to demonstrate our carbon reduction
commitments and mitigate the impacts of carbon pricing.
M
1.5°C – 2°C
scenario
Medium–Long term
Stricter planning requirements
Government and local authorities are more stringent in their
planning and site infrastructure requirements. This includes
requirements around biodiversity net gain, which could impact
on land opportunities, in particular brownfield sites which have
rewilded, becoming unviable to develop.
Potential impact: £10m – £15m cost of sales over life of
developments
The scenario modelled was performed by reviewing our
current pipeline of sites for their estimated biodiversity credit
requirements, combined with an average cost per biodiversity
credit for forecast site acquisitions.
The process of acquiring land for development includes thorough
due diligence to ensure that sites comply with relevant regulations
and government policies as well as meeting our internal rates of
return.
Financial forecasts include the costs associated with complying
with planning requirements such as biodiversity net gain,
mitigating flood risk and planning specific requirements such
as electric vehicle charging points and lower water usage
technologies particularly in areas of high water stress.
H
1.5°C – 2°C
scenario
Short–Long term
More frequent adverse weather events
Disruption to build activities on our sites as a result of more
frequent adverse weather events including heat, cold, rain
and storm damage has the potential to become unsafe, cause
damage to construction sites and slow our growth plans.
Potential impact: £15m – £30m cost of sales over life of
developments
The scenario modelled assumes adverse weather events to
become more frequent, the cost of build disruption to increase
as a result of more storm damage and considers the delay in
house sales and other associated costs.
During periods of severe weather, reminders are issued warning
of potential risks and to follow company procedures for adverse
weather events.
Equipment and temporary structures are checked to ensure they
are secure and stored to prevent any damage.
Where weather is extreme, sites may be closed until the site
returns to suitable working conditions.
In instances of extreme rainfall, mitigation procedures are followed
to ensure compliance with environmental regulation such as water
run-off and its impact on the local environment.
M
4°C scenario
Medium–Long term
L
Low
M
Medium
H
High
Key – Risk rating
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Sustainability Pillars
Sustainability Targets
TCFD
SASB

Key climate-related opportunities
Opportunity Category Timeframe Actions
Energy-efficient homes
Due to the high thermal
efficiency of our homes we
ensure that the running costs of
our homes remain affordable for
our customers.
The energy performance of our
homes also enables customers
to qualify for green mortgages,
which may offer lower
interest rates.
Transition
opportunity
Short-term We communicate with our customers the benefits
of buying an energy-efficient new build home.
We are able to compare the typical energy
usage of our homes based on actual energy
consumption data and compare this against the
typical usage for existing housing stock to show
potential energy savings.
We communicate with our customers to explain
how their new home can support them living a
sustainable lifestyle.
New technologies
We regularly review the
specification of our homes to
ensure that our offering meets
the needs of our customers.
Where possible, we ensure that
the latest technologies are built
into our homes so that our
customers benefit from living in
a stylish, modern home.
Transition
opportunity
Short-
medium-
long term
We continuously review the materials used within
the design of our homes by engaging with our
supply chain and attending conferences specific
to the housebuilding industry to identify new
technologies that can support our customers in
living a sustainable lifestyle.
We review the specification of our homes
and optional extras on a regular basis so that
customers can tailor their home to their needs.
Supply chain
By engaging with our supply
chain to align sustainability
strategies there is the
opportunity to unlock benefits
for both us and our supply chain
in reducing operational costs as
well as carbon emissions.
Transition
opportunity
Short–
medium–
long term
We communicate our carbon reduction plans
with our supply chain to identify lower carbon
alternatives, fuel conservation methodologies and
waste reduction strategies.
As part of new supplier onboarding, we request
sustainability reports and carbon reduction
strategies to be presented so we can collaborate
on sourcing more sustainable solutions.
Our partnership with the Supply Chain
Sustainability School provides us with additional
tools to engage with our supply chain and raise
awareness of sustainable practices in the industry.
Stakeholder engagement
Our commitment to setting
carbon reduction targets,
supports our relationships and
reputation with stakeholders as
a responsible housebuilder.
There may be an opportunity
to benefit from cheaper finance
based on our sustainability
performance through
sustainability linked finance.
Transition
opportunity
Short-
medium term
As we develop our long-term carbon reduction
targets and have these validated by the Science
Based Target initiative, it will support our
reputation as a sustainable business. This is
important to our customers, staff, communities
and with government and regulators, suppliers
and contractors.
There may also be an opportunity to obtain
more competitive loans linked to sustainability
covenants.
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Metrics and targets
The metrics and targets used to assess and manage relevant climate-related risks and
opportunities where such information is material.
Climate-related metrics and targets
Our climate related metrics and targets are set out in our Environment report on pages 68 to 80, which includes
full disclosure of the relevant scope 1, 2 and 3 emissions under the Greenhouse gas protocol, and additional
metrics related to waste, water use, energy performance certificates, biodiversity and land use.
These are the key metrics used to assess the risks related to government policies, emerging technologies,
supply chain and carbon pricing. These are monitored alongside new building regulations, including through our
participation in the Future Homes Hub and work with the Supply Chain Sustainability School.
Metrics around stricter planning requirements are monitored on a site by site basis, with biodiversity
assessments carried out on each site. Whilst we don’t monitor specific weather events, build programmes are
constantly monitored, and we track data related to water stress, energy performance certificates, flood zones
and site design through our SASB reporting as set out on pages 94 to 99.
We set climate related targets, and have submitted near-term and net-zero targets to the SBTi which we will
report against in future periods. Progress against our climate related targets are set out on page 84 and targets
for the coming year are set out on page 85.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 93
Firbeck Fields,
Worksop, Nottinghamshire
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Land use and ecological impacts
SASB code/criteria Our approach
IF-HB-160a.1
Number of (1) lots and
(2) homes delivered on
redevelopment sites
In the year to 30 June 2024, we added 1,450 (2023: 1,953) brownfield land plots to our
land pipeline. This accounted for 32% (2023: 48%) of plots acquired in the year. The total
number of brownfield plots held at 30 June 2024 was 6,518 (34%) (2023: 6,931, 40%).
In the year to 30 June 2024, we had 793 (2023: 858) home sales on brownfield sites.
This accounted for 45% (2023: 50%) of our total annual completions.
Notes: We consider brownfield land to include sites upon previously developed land, below ground
disturbance (including mining or waste disposal) or land that contains contamination from previous use.
IF-HB-160a.2
Number of (1) lots and
(2) homes delivered in
regions with High or
Extremely High Baseline
Water Stress
In the year to 30 June 2024, we acquired 1,287 plots in regions of serious water stress.
This accounted for 28% of plots acquired in the year (2023: 1,346 plots, 33%). The total
number of plots in areas of serious water stress at 30 June 2024 was 7,160, 37% of the
pipeline (2023: 6,455, 37%).
In the year to 30 June 2024, we had 795 (2023: 625) home sales in areas of serious
water stress. This accounted for 45% (2023: 36%) of our total annual completions.
To report the figures above, we use reports produced by the Environment Agency (“EA”)
who present the classification of areas of water stress on a “Serious” or “Not Serious”
scale.
Notes: Serious water stress is defined as “the current household demand for water is a high proportion of
the current effective rainfall which is available to meet that demand; or, the future household demand for
water is likely to be a high proportion of the effective rainfall which is likely to be available to meet that
demand”.
The water stress method takes a long-term view of the availability and demand for public water supply,
rather than a snapshot of shorter or peak periods. It accounts for future population growth, climate
change, environmental needs and increased resilience. It reflects and supports the commitments that water
companies have made to reduce leakage and water consumption.
IF-HB-160a.3
Total amount of
monetary losses
as a result of legal
proceedings associated
with environmental
regulations
We incurred no monetary losses in relation to environmental matters in the year.
IF-HB-160a.4
Discussion of process to
integrate environmental
considerations into site
selection, site design,
and site development
and construction
Site selection
We operate a “gateway” procedure in our site acquisition process to ensure that each
site meets our hurdles at various stages throughout the purchase. At the earliest step,
gateway 1, a site will be reviewed at a high level to ensure that it meets our guiding core
principles and requirements; of particular importance at this stage is our objective to
bring forward development of affordable homes on mostly brownfield sites or sites in
areas of deprivation, in a manner which safely and sustainably returns sites back into
meaningful use, whilst simultaneously alleviating any environmental issues which may
have been left behind by previous landowners. On clearing this hurdle, further due
diligence is carried out by our in-house teams including the production of an appraisal
document, which carries a checklist to prompt consideration of all factors affecting
sustainable development including matters of contamination, noise, odour, impact on
ecology and biodiversity, proximity to transport links and local facilities.
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Sustainability Accounting Standards Board
(SASB)

SASB code/criteria Our approach
IF-HB-160a.4
CONTINUED
Site design
We work with a panel of partner architects to ensure that our designs accord with
National and Local Planning Policy and Guidance, whilst providing a development
where our customers want to live and, which is sympathetic to existing constraints
including existing local infrastructure. Through the planning process we will procure the
expertise of third-party consultants in various technical disciplines including all aspects
of environmental assessment to ensure that any constraints are appropriately integrated
into our designs, or appropriate mitigation measures are identified in order to bring
forward appropriate and sustainable development.
When designing the layout for our sites we undertake an initial assessment of
development schemes using the generic Dwelling Emission Rates in order to improve
energy efficiency of each type through orientation and plotting. This assessment
considers landform, layout, building orientation, landscaping and other surrounding
features of each home. All of our homes have driveways for off-street parking and
outdoor garden space for customers to enjoy.
An ecology assessment is performed at the design stage, with our in-house ecologist
feeding into designs and making recommendations for areas to be retained, protected
and enhanced to integrate biodiversity into the development.
Site development and construction
Material selection is carefully considered during the construction of our homes as
the specification and quality of build materials can directly influence the projected
CO
2
e emissions. All of our properties are currently built with traditional cavity wall
construction, thermally-efficient light aggregate blocks and high-performance insulation
within the cavity.
We are working with our suppliers to identify low carbon alternatives to the traditional
construction materials in our commitment to reducing the embodied carbon emissions
of our homes. As we develop our long-term carbon reduction strategy we are reliant on
modern construction materials that can support our sustainable growth ambitions whilst
reducing our carbon footprint.
Where contractors are required to source materials for key building elements, we
stipulate that they use suppliers capable of demonstrating certification to high tier levels
in the Chain of Custody certification process and have been independently certified by
the BRE Framework Standard for Responsible Sourcing (BES 6001) or ISO 14001.
We engage with our supply chain using the tools from the Supply Chain Sustainability
School to raise awareness of environmental and climate-related issues and how we can
collectively achieve best practice.
We take waste management very seriously and the segregation of all waste materials is
paramount in reducing the amount of waste taken to landfill. This is managed by having
the following procedures in place:
• Target benchmarks for resource efficiency set in accordance with best practice.
• Procedures and commitments to minimise non-hazardous construction waste at
design stage.
• Procedures for minimising hazardous waste.
• Monitoring, measuring and reporting of hazardous and non-hazardous site waste
production according to the defined waste groups.
• Diversion of waste from landfill should adhere strictly to the principles of the waste
hierarchy of reduce; reuse; recycle; recover.
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Sustainability Pillars
Sustainability Targets
TCFD
SASB

SASB code/criteria Our approach
IF-HB-160a.4
CONTINUED
Our site operations report their fuel consumption by type of plant and machinery on a
monthly basis so we can identify and target any inefficiencies within our construction
activities. In response to capturing this data we replaced our entire fleet of forklift
trucks with newer, more efficient models, which incorporate start-stop technology and
telematics reporting for further data capture.
We have also begun using hybrid generators, which store excess power within batteries
that can be used once sufficient charge has been reached. This aims to eliminate waste
power and reduce our site fuel consumption.
We also have a number of initiatives ongoing in order to reduce the environmental
impact of our sites, with further details on pages 70 to 71.
Workforce health and safety
Code/SASB criteria Our approach
IF-HB-320a.1
(1) Total recordable
incident rate (“TRIR”);
and (2) fatality rate for
(a) direct employees
and (b) contract
employees
We measure health and safety performance using an Annual Injury Incidence Rate
(“AIIR”) metric. Our AIIR for reportable injuries per 100,000 employees and contractors
was 166 in 2024 (2023: 303). The industry average for the house building sector was 183
(2023: 239) (Source: Home Builders Federation).
In the year we reported three RIDDOR incidents (2023: six RIDDOR incidents). Further
details set out on page 82.
There were no fatalities.
Notes: Reportable injuries are aligned to the UK’s Reporting of Injuries, Diseases and Dangerous
Occurrences Regulations (“RIDDOR”). The figure reported is the consolidated figure for all direct employees
and contractors. AIIR measures RIDDORs per 100,000 employees and is the UK equivalent to TRIR.
Design for resource efficiency
Code/SASB criteria Our approach
IF-HB-410a.1
(1) Number of homes
that obtained a certified
HERS® Index Score and
(2) average score
The Energy Performance Certificate (“EPC”) is the UK equivalent to the HERS Index.
Of our homes, 96.1% achieve an EPC rating of B or higher due to efficient design and
build characteristics in each of our standardised house types (2023: 95.0%).
IF-HB-410a.2
Percentage of installed
water fixtures certified
to WaterSense®
specifications
WaterSense is not applicable in the UK.
All our homes are fitted with dual-flush toilets, low-flow taps and showers and water
meters. They are designed to achieve an internal water use of less than 110 litres per
person per day; the specification for sanitary ware and fittings to be used throughout
the homes has been modified to suit this requirement.
This is 12% lower than the maximum allowance specified by building regulations,
saving both natural resources and our customers money on their water bills. From July
2023, we have replaced our existing shower specification with an enhanced product
generating savings of 10 litres per person per day.
We continue to collaborate with our supply chain to identify innovative products that
reduce the water consumption of our homes.
MJ Gleeson plc Annual Report & Accounts 202496
Sustainability Accounting Standards Board
(SASB)
CONTINUED

SASB code/criteria Our approach
IF-HB-410a.3
Number of homes
delivered certified to
a third-party multi-
attribute green building
standard
All of our homes are subject to UK building regulations, which include standards for
energy and water efficiency as detailed in criteria IF-HB-410a.1 and IF-HB-410a.2.
There are no widely-adopted green building standards that outline specification or
sustainability credentials of homes in the UK.
The historic Code for Sustainable Homes was withdrawn by the Government with the
view that these requirements would be embedded into the latest building regulations.
IF-HB-410a.4
Description of risks
and opportunities
related to incorporating
resource efficiency
into home design,
and how benefits are
communicated to
customers
Throughout the design stage of our homes, we apply a ‘fabric first’ approach to energy
efficiency by bringing together a house type range and specification designed to reduce
the consumption of energy by the homeowner. An energy consultant is appointed
on every site to provide site and plot-specific energy ratings. Testing regimes and
certification is issued to assist in the control of the quality of construction, which in turn
reduces the carbon emissions of each home by ensuring we build a thermally-efficient,
well-insulated building with low heat losses.
In order to further improve on building regulation compliance, the following are also
incorporated into the design of our homes:
• energy-efficient boiler or air source heat pump with efficient cylinder (thermal store);
• time and temperature zone control for boiler systems;
• air permeability rating of five or better; and
• natural/positive input ventilation.
Reviews are carried out to monitor forthcoming changes to building regulations
and consider optional extras that can be offered to customers in line with trends
and expectations. These often lead to updates in specification and design, allowing
improvements to be made where practicable. Any proposed changes are carefully
considered as we balance the impact of changes with the need to keep our homes
affordable, which is fundamental to our sustainable business strategy.
As part of our shift to ASHP, we have also changed other gas appliances such as ovens
and hobs to fully electrify our homes. This transition to a fully electrified home ensures
that our homes are net-zero ready. During the year, we sold 44 homes heated using an
ASHP. We have engaged with customers and external consultants to complete trials
on the in-use performance of the heating system to ensure it works efficiently and
effectively in our homes.
Smart meters are provided as standard where available, so that our customers can easily
keep track of their energy usage and efficiencies.
We use sustainable materials where possible, such as introducing concrete bricks to our
build material specification. Concrete bricks have significantly lower embodied carbon
emissions compared to a traditional kiln-fired clay brick allowing us to reduce our scope
3 emissions. More details can be found on page 70.
These benefits are communicated to customers as part of the handover process, in
our new home handbooks and our Gleeson first-time buyer podcast. This explains to
customers what to expect when they become homeowners, how to get the most out of
their new home and minimise their running costs.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 97
Sustainability Pillars
Sustainability Targets
TCFD
SASB

Community impact of new developments
SASB code/criteria Our approach
IF-HB-410b.1
Description of how
proximity and access to
infrastructure, services,
and economic centres
affect site selection and
development decisions
We always consider matters such as access and proximity to existing infrastructure and
services, as well as economic and employment centres when selecting our sites. We aim
to bring forward developments which are in close proximity to existing services, with
good access to services and facilities. This often comes hand-in-hand with our objective
to develop brownfield sites, in areas of deprivation which often have a high provision of
surrounding rental properties, as these target site typologies are already well served.
Where access to facilities is more limited, we work with consultants and the local
authority to identify mitigation measures that might be taken to improve services
and access. Often this will form part of a Transport Assessment and Travel Plan which
might identify improvements to local public transport infrastructure to improve the
sustainability of the site, or ways in which other sustainable (non-car) transport methods
can be promoted.
Notes: The UK Government’s National Planning Policy Framework (“NPPF”) also requires consideration of
the opportunities presented by existing or planned investment in infrastructure.
IF-HB-410b.2
Number of (1) lots and
(2) homes delivered on
infill sites
At 30 June 2024, 88% of our developments were infill sites (2023: 88%).
In the year to 30 June 2024, we completed the sale of 1,621 (2023: 1,556) homes on infill
sites representing 91% (2023: 90%) of total homes sold.
Notes: Infill sites are sites served by existing infrastructure such as roads, power lines, sewerage and water,
and other necessary facilities.
IF-HB-410b.3
(1) Number of homes
delivered in compact
developments and (2)
average density
We consider all of our sites to be cluster developments, which meet the definition of a
“compact development”. As a result, we delivered 1,772 homes on such developments in
the year to 30 June 2024 (2023: 1,723 homes).
Gleeson Homes typically builds low-density developments delivering on average 100–150
homes per site. The average density of our developments is 14 homes per net acre with
some developments having a density as low as 11 homes per net acre.
Notes: A cluster development is defined as a development that “produces very attractive and marketable
communities and makes it easier for developers to preserve environmentally sensitive lands such as
wetlands and forests by allowing lots to be grouped on certain portions of a site, rather than spread
uniformly across a site, so that other areas of the site may remain undisturbed as open space”.
MJ Gleeson plc Annual Report & Accounts 202498
Sustainability Accounting Standards Board
(SASB)
CONTINUED

Climate change adaptation
SASB code/criteria Our approach
IF-HB-420a.1
Number of lots located
in 100-year flood zones
In the year to 30 June 2024, we acquired 919 plots in regions within flood zone 3. This
accounted for 20% of plots acquired in the year (2023: 640 plots acquired, 16% of plots
acquired).
The total number of pipeline plots within areas of flood zone 3 at 30 June 2024 was
3,041 (16%) (2023: 2,499 pipeline plots, 14% of total pipeline).
In the year to 30 June 2024, we had 249 home sales within areas of flood zone 3. This
accounted for 14% of our total annual completions (2023: 182 home sales, 11% of total
completions).
Notes: As per the Environment Agency, flood zone definitions are set out below:
• Flood Zone 1 – land assessed as having a less than 1 in 1,000 annual probability of river or sea flooding
(<0.1%)
• Flood Zone 2 – land assessed as having between a 1 in 100 and 1 in 1,000 annual probability of river
flooding (1–0.1%), or between a 1 in 200 and 1 in 1,000 annual probability of sea flooding (0.5–0.1%) in
any year
• Flood Zone 3 – land assessed as having a 1 in 100 or greater annual probability of river flooding (>1%), or
a 1 in 200 or greater annual probability of flooding from the sea (>0.5%) in any year
These flood zones refer to the probability of river and sea flooding, ignoring the presence of defences.
IF-HB-420a.2
Description of climate
change risk exposure
analysis, degree of
systematic portfolio
exposure, and strategies
for mitigating risks
Climate risk has been identified as a principal external risk for the Group as set out
on page 43. The Group risk register is formally reviewed by the Audit Committee at
the majority of its scheduled meetings, including any changes to risk ratings and any
mitigations.
The Group has identified climate risk as having a medium level of residual risk. This
is assessed based on the physical aspects of climate change and the impact on
our business strategy as well as the transition risks associated with climate-related
advancements such as emerging technologies, government policy and regulation.
An environmental risk register is maintained to identify the key risks associated with
our sustainability themes “Communities, Environment and People” and managed by the
Group Sustainability Manager. The risk register review is a standing item on the agenda
of the Sustainability Committee to ensure focus is applied to developing mitigating
actions of these risks.
Climate-related risks are identified and reported to the Committee and considered for
further analysis, which forms part of our TCFD reporting.
Further analysis of the climate risks we have identified are reported within our
disclosures in accordance to TCFD on pages 86 to 93.
Activity metrics
SASB code/criteria Our approach
IF-HB-000.A
Number of
controlled lots
At 30 June 2024, our owned land pipeline stood at 7,420 plots (2023: 7,674 plots).
IF-HB-000.B
Number of homes
delivered
In the year to 30 June 2024, we completed 1,772 homes (2023: 1,723 homes).
Notes: Completions mean all legally completed sales to customers during the year.
IF-HB-000.C
Number of active selling
communities
In the year to 30 June 2024, we were actively selling from an average of 65 sales sites
(2023: 68 active sales sites).
Notes: Active sales sites are sites which are actively selling homes.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 99
Sustainability Pillars
Sustainability Targets
TCFD
SASB

In accordance with the requirements of section
172 (1) (a) to (f) of the Companies Act 2006 a
director of a company must act in the way they
consider, in good faith, most likely to promote
the success of the company for the benefit of
its members as a whole, and in doing so, have
regard, amongst other matters, to:
a. the likely consequences of any decision in
the long term;
b. the interests of the company’s employees;
c. the need to foster the company’s business
relationships with suppliers, customers and
others;
d. the impact of the company’s operations on
the community and the environment;
e. the desirability of the company maintaining
a reputation for high standards of business
conduct; and
f. the need to act fairly between the members
of the company.
The Board of Directors can confirm that for
the year ended 30 June 2024 it has acted in
good faith to promote the Company’s long-
term success for the benefit of its members
as a whole whilst having due regard to the
matters set out in section 172(1)(a) to (f) of the
Companies Act 2006.
Board decision making
To make informed decisions, and support
the long-term sustainable success of the
business, the Board considers the differing
needs and priorities of all relevant stakeholders
understanding that these will evolve over time.
Effective communication and interaction is
therefore critical to ensure that the business
is both “doing the right thing” and aligned to
stakeholder values.
The Board undertakes significant levels of
engagement with relevant stakeholders and has
considered feedback and responses from this
as well as the need to maintain a reputation for
high standards of business conduct and to act
fairly between the members of the Company.
Details of our engagement with respective
stakeholders and key examples of principal
decisions, which we define as those that are
both material to the Group and are significant
to any of our stakeholder groups, made by the
Board during the year are disclosed below and
in the Strategic Report.
Our key stakeholders include:
• Shareholders
• Employees
• Customers
• Suppliers and subcontractors
• Banks
• Local authorities
• Government and regulators
MJ Gleeson plc Annual Report & Accounts 2024100
Section 172 Statement
Debra, Systems Trainer,
Gleeson Homes

Decision
Discussion topics with,
and feedback from, stakeholders
Action taken by the Board as a result
of stakeholder feedback
Ensure
compliance with
the Department
for Levelling Up,
Housing and
Communities’
self-remediation
terms
Engagement with government departments,
landlords, management companies and
residents in fulfilling our contractual
obligations under the self-remediation
terms, which commit developers to
remediating mid-rise and high-rise buildings
with life-critical fire-safety defects.
The Board received and reviewed regular
reports on progress of actions to comply
with the self-remediation terms, approving
a Board policy that sets out its commitment
and responsibilities.
The Board is committed to remediating
life-critical fire-safety issues as quickly as
possible for all buildings in which the Group
had some involvement in developing over
the last 30 years.
Development of
Partnerships
Directors considered the implications
of this strategic decision on current and
future customers as well as employees and
shareholders, and considered key input from
legal and financial advisers given both the
size and nature of the strategy.
The Board approved the partnership
strategy and subsequently agreed the terms
of the first partnership agreement entered
into in the period.
Setting our
transition plan
to net zero and
submission of
targets to the
SBTi
Engagement with relevant employees
across the business, external consultants
and suppliers were all considered in setting
out our transition plan and ensuring robust
targets were submitted to the Science
Based Targets initiative (SBTi) for validation.
The Board reviewed and approved the
transition plan and submission to the SBTi.
This marks an important milestone for the
Group, demonstrating our commitment to
direct climate action.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 101
Alex, Petersmiths Park, Ollerton,
Nottinghamshire

Key examples as to how the Board has regard for the s172 factors can be found in the table below:
Factor
considered
How this factor has been
considered in the year
Actions taken by
the Board as a result
Long-term
consequences
of any
decisions
• The Group undertakes future planning
up to seven years in critical areas and
develops a strategy which will enable it
to deliver its long-term objectives.
• The Group invests in information
technology and cyber security, which
will ensure it is able to meet new
technological demands and protect the
business against cyber incidents.
• The Group considers Board, Executive
and management succession planning
and the development of its pool of talent
throughout the business.
• The Group undertakes projections of our
greenhouse gas emissions in order to set
out a pathway to near term and net zero
emissions targets.
• Extensive analysis and forecasts were
reviewed and presentations from key
professional advisors received by the Board
to support the Group’s strategic plans and
development.
• Continued investment in and development
of information technology to improve the
customer journey, increase productivity,
streamline processes and mitigate the risk of
cyber incidents.
• Development of succession planning
strategies and early talent pathways to grow
future talent for the long-term benefit of the
business.
• Review and approval of targets for
submission to the Science Based Targets
initiative.
Interests
of our
employees
• The Group commissions an independent
annual employee engagement survey
called Your Voice.
• The Group conducts an annual pay and
benefits benchmarking exercise.
• Directors carry out regular site and
office visits and undertake roadshows
to communicate with all employees,
including interactive question and
answer sessions.
• An open-door culture is reinforced.
• Review and response to the findings and
actions arising from the Your Voice surveys.
• Investment in recruitment, training and
development including the Gleeson
Leadership Programme, and graduate and
apprenticeship schemes.
• Gleesave platform giving colleagues access
to savings and discounts from third parties.
• Provision of a Share Incentive Plan using
an online platform to enable employees to
actively manage their shareholding within
the business.
• Introduced a new personal development
structure involving enhanced career
discussions.
• Operation of “Gleestar”, a monthly employee
recognition scheme.
• Achievement of the Investors in People Gold
accreditation.
MJ Gleeson plc Annual Report & Accounts 2024102
Section 172 Statement
CONTINUED

Factor
considered
How this factor has been
considered in the year
Actions taken by
the Board as a result
Interests of
our suppliers,
customers
and others
• Attention is focused on our customers
and prioritising the customer journey.
• The Group conducts supplier and
subcontractor roadshows.
• The Group holds open discussions with
our supply chain about productivity,
quality and health and safety.
• Customer feedback is obtained through
surveys conducted by a third party.
• Target to be a five-star builder across all
divisions.
• Became an early signatory to the New
Homes Quality Code.
• Accelerated payment runs and made
improvements to our purchase-to-pay
process.
• Signed-up to the Government’s First Homes
scheme.
• Set ambitious targets for people,
environment and communities as part
of our sustainability goals. This included
actions for improving customer satisfaction
and restoring our five-star customer
recommendation score.
Impact on our
community
and
environment
• Tracking progress against sustainability
targets set in the year.
• Preparing the business for building
regulation changes.
• Striving to reduce the Group’s impact on
the environment.
• Organising Gleeson’s inaugural
charity gala.
• Developed new sustainability policies and
procedures.
• Set ambitious sustainability targets for
the short and medium term, including the
reduction of carbon emissions.
• Committed to setting Science Based Targets
for both near-term and long-term carbon
emissions.
• Installation of air source heat pumps and EV
charging points in new homes.
• Delegated sustainability targets to senior
management and linked to Executive
reward.
Maintaining
a reputation
for high
standards
of business
conduct
• The Group ensures adherence to the
highest standards of conduct.
• Our employees are paid at least the
Real Living Wage and we ask our
subcontractors to do the same.
• The Group achieved accreditation from
the Fair Tax Foundation for paying its
fair share of taxes, for the fourth year
running.
• Zero tolerance on violations of human
rights, slavery, bullying and harassment.
• Responsibility for overseeing compliance
is delegated to senior management.
• Compulsory online compliance training
modules undertaken across the business,
including Whistleblowing, Bullying
and Harassment, Modern Slavery and
Anti-Bribery and Corruption.
• Group Human Rights policy.
• Due diligence checks are completed on
our supply chain to ensure they uphold our
standards.
• Regular reporting on governance and
compliance matters to the Audit Committee.
Need to act
fairly between
members of
the Company
• The Company has one class of shares in
issue so all shareholders benefit from the
same rights as set out in the Company’s
Articles of Association.
• Regular engagement with major
shareholders by Executive Directors through
combination of personal contact, formal
presentations and roadshows.
• Chair and SID undertake an annual
engagement programme.
• Availability of all Directors to shareholders at
the AGM.
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 103

The following table summarises our approach to internal and external stakeholder engagement to comply with the
Companies Act 2006 requirements regarding non-financial reporting:
Statement Ways we engage Read more
Employees
We are committed to ensuring
that all of our colleagues
and stakeholders are treated
fairly and equitably. We have
a culture that values passion,
collaboration and respect.
• Employee policies on diversity, recruitment,
equality and all significant life events
Page 121
• Anti-Harassment and Bullying Policy, Health and
Safety Policy, Equal Opportunities Policy
www.mjgleesonplc.com
• Approach to employee relations and the
involvement of our Workforce Representative
Page 137
• Health and safety reporting and improving the
safety and welfare of colleagues and visitors to
our sites and offices
Pages 61 and 82
• Commitment to employing local people,
training and developing all of our colleagues,
especially apprentices, raising awareness
about mental health and promoting women in
construction
Pages 62 to 67
• Gender pay reporting Pages 64 and 137; and
www.mjgleesonplc.com
Anti-bribery and
corruption
We are committed to the
highest standards of ethics,
honesty and integrity and
expect the same from all
parties we engage with.
• Whistleblowing Policy and monitoring of
malpractice reporting
Page 129; and
www.mjgleesonplc.com
• Approach to anti-bribery and corruption Page 130
• Anti-Bribery Policy, Anti-Money Laundering
Policy, Corporate Criminal Offence Policy
www.mjgleesonplc.com
• Reporting of registers of gifts and hospitality
given or received by Directors and employees
of the Group
Page 130
Human rights and social
matters
We are committed to
upholding human rights across
our business and with all our
stakeholders. Our employee
policies cover all aspects
of human rights and our
grievance and fair treatment
at work policies ensure anyone
connected with our business
can speak up about concerns
without fear of retribution.
• Human Rights Policy, Anti-Slavery and Human
Trafficking Policy
Page 130; and
www.mjgleesonplc.com
• Payment terms and performance in relation to
payment practices
gov.uk; and
www.mjgleesonplc.com
• Accredited by the Real Living Wage
Foundation, paying employees the real
Living Wage or higher and expecting our
subcontractors to do the same
Page 67
• Data Protection Policy www.mjgleesonplc.com
MJ Gleeson plc Annual Report & Accounts 2024104
Non-financial and
Sustainability Information Statement

Statement Ways we engage Read more
Environmental matters
and community
We are committed to creating
more sustainable ways of
undertaking our operations
to conserve energy, reduce
waste and minimise our impact
on the environment. We also
invest in the communities, local
areas and the supply chain
around our development sites.
• Monitoring and reporting of carbon emissions
(scope 1, 2 and 3) related to our homes
Pages 68 to 74
• Submission of Science Based Targets for
validation
Pages 68 and 72
• Focus on more efficient and more sustainable
materials
Pages 70 to 71
• Sustainable Procurement Policy, Timber
Sourcing Policy Climate and Environmental
Policy, Waste Policy, Packaging Policy
www.mjgleesonplc.com
• Investment in the communities, schools and
areas in which we operate
Pages 54 to 55
• Biodiversity Policy Pages 75 to 76
Other information
Additional non-financial
information required under the
Companies Act.
• Our Business Model Pages 26 to 27
• Principal risks affecting the Group and
mitigating actions undertaken
Pages 38 to 43
• Sustainability and operational key performance
indicators
Pages 32 to 33
Climate and
sustainability
We are committed to
monitoring our climate-related
risks and opportunities. Our
Sustainability Committee
assesses and manages climate-
related risks and opportunities.
Our approach to climate and
sustainability is set out in our
TCFD statement.
• Our Business Strategy Pages 28 to 31
• Risk Management Pages 38 to 43
• Task Force on Climate-related Financial
Disclosures statement (TCFD)
Pages 86 to 93
• Sustainability Committee Report Pages 132 to 134
Strategic Report approval statement
The Strategic Report, contained in pages 02 to 105 has
been approved by the Board of Directors and is signed on
its behalf by:
Graham Prothero
Chief Executive Officer
17 September 2024
Strategic Report
MJ Gleeson plc Annual Report & Accounts 2024 105

Corporate
Governance
106 MJ Gleeson plc Annual Report & Accounts 2024
Renmore, Springfield Meadows,
Bolsover, Derbyshire

Corporate Governance
Chairman’s Introduction 108
Corporate Governance
Framework 110
Board of Directors 112
Corporate Governance Report 114
Nomination Committee Report 120
Audit Committee Report 124
Sustainability Committee Report 132
Remuneration Committee Report 136
Implementation of the
Remuneration Policy 139
Annual Report on Remuneration 142
Directors’ Report 154
Statement of Directors’
Responsibilities 158
MJ Gleeson plc Annual Report & Accounts 2024 107
Corporate Governance

I am pleased to introduce our Governance
Report for the year ended 30 June 2024 which
sets out the Group’s governance framework
and how the Board, and its Committees,
have discharged their duties and applied the
principles of good corporate governance in
support of the Group’s strategy and deliver
long-term sustainable success for the benefit of
all our stakeholders.
It remains central to the delivery of our strategy
that the culture and values running throughout
the business are maintained as these underpin
our focus on delivering low-cost, quality homes,
where they are needed for the people who need
them most. I am therefore extremely proud of all
colleagues throughout the Group for their hard
work in what has continued to be a challenging
market backdrop.
We remain committed to addressing
environmental, social and governance matters,
recognising the strategic benefits of doing
this, with sustainability a core focus for the
Board and wider business. Our commitment to
Science Based Targets is a clear demonstration
of our intention to deliver positive action on
decarbonisation of our operations, supply chain
and the homes that we build. Details of our
progress on delivering against this commitment
are found in the Strategic Report and
Sustainability Committee Report on pages 132
to 134.
Effective governance requires a culture of open
and honest communication, together with
mutual trust and respect between colleagues,
which I am pleased to confirm underpins our
Board discussions and interaction, with all
Directors providing constructive challenge and
debate. Furthermore, the Board’s composition
provides an appropriate balance of skills,
experience, independence, and knowledge
required to take the business forward and deliver
sustainable value.
An externally facilitated review of the Board
and its Committees, supported by an internal
self-assessment, was completed during the
year. The conclusions from this evaluation
were both positive and constructive. We have
evaluated and acted as appropriate on all
recommendations. This is discussed later in the
Nomination Committee Report.
Effective governance requires
a culture of open and honest
communication, together
with mutual trust and respect
between colleagues, which I am
pleased to confirm underpins
our Board discussions and
interaction, with all Directors
providing constructive challenge
and debate.”
James Thomson
Chairman
MJ Gleeson plc Annual Report & Accounts 2024108
Chairman’s Introduction

Finally, I would like to thank the Board and
management colleagues for their contributions
to the governance of the Company and look
forward to welcoming shareholders to the AGM
in November.
Culture and people
The Board continues to promote and implement
our Vision, Mission and Values, which are more
fully described on pages 03 and 62. The results
of our latest employee engagement survey, Your
Voice, confirmed that employee engagement
remains extremely positive with continuing high
levels of overall satisfaction.
The Board has, collectively and individually,
participated in a number of site visits this year
and received presentations from, and engaged
with, colleagues at all levels throughout the
business. We recognise the hard work and
commitment of our colleagues to support the
strategic growth of the business.
The Board is also supportive of the work that
has been, and is being, undertaken to recognise,
nurture and develop talent within the business,
with our leadership training programmes and
development pathways in place to grow future
talent for the long-term success of the business.
Diversity
The Board promotes diversity. The proportion
of women on the Board is 43%, and the position
of Senior Independent Director is held by Fiona
Goldsmith. Current Board female representation
satisfies two of the three diversity targets set
by the Financial Conduct Authority. The third
target, to have at least one Board member from
an ethnic minority background, will form part of
the Board’s recruitment and succession planning
for future years.
The Board is also committed to ensuring that
the Group provides a diverse and inclusive
working environment with details of our
initiatives and activities more fully set out in the
Strategic Report and Nomination Committee
Report. As at 30 June 2024, the proportion of
women in employment was 32%.
Our commitment to engaging
with stakeholders
The Board embraces the ethos behind the
requirements of Section 172 of the Companies
Act and information on how we engage with
our stakeholders is set out in our Section 172
Statement on pages 100 to 103.
Strategy
The Board held a strategy meeting in June 2024
to consider and build upon strategic priorities
for the short, medium and long term against
the current challenges faced in the sector,
receiving presentations from, and discussions
with, professional advisers. Throughout the
year we have also held deep dive sessions
on key strategic and operational topics with
senior management to deepen the Board’s
understanding of these areas.
Code compliance
Implementation of the 2018 UK
Corporate Governance Code
During the period under review, the Company
was subject to the 2018 edition of the UK
Corporate Governance Code (“the Code”) issued
by the Financial Reporting Council (“FRC”). The
Board and its Committees are responsible for
ensuring that, wherever possible, compliance
with the Code is achieved. This is demonstrated
throughout this Governance Report with details
of how the Code principles and provisions have
been applied disclosed on page 111.
James Thomson
Chairman
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024 109
Corporate Governance

The Board
The Board is responsible to shareholders for the direction, management, performance, and long-term success of the
Group.
It sets the Group’s strategy and objectives and oversees and monitors internal controls (in conjunction with the
Audit Committee), risk management, principal opportunities and risks, governance and viability of the Group.
Committee terms of reference can be found on the Company’s website at www.mjgleesonplc.com
Board Committee
Nomination
Committee
Audit
Committee
Sustainability
Committee
Remuneration
Committee
James Thomson
Committee Chair
Fiona Goldsmith
Committee Chair
Elaine Bailey
Committee Chair
Nicola Bruce
Committee Chair
Key responsibilities
Board and Committee
structure, size and
composition.
Board, Committee and
senior management
appointments.
Board and senior
management succession
and development plans.
Oversight of Equality,
Diversity and Inclusion.
Review the independence
of Non-Executive
Directors.
Review of employee
engagement.
Key responsibilities
Monitor integrity of the
financial statements.
Financial and narrative
reporting.
Review significant
accounting judgements.
Oversight of the
relationship with the
external auditor.
Monitor effectiveness
of the Group’s internal
controls and risk
management systems.
Monitor effectiveness of
the internal audit function.
Review procedures
for detecting fraud,
preventing bribery and
ensuring appropriate
whistleblowing procedures
are in place.
Key responsibilities
Determine and monitor
performance against
appropriate short,
medium and long-term
sustainability targets.
Ensure that the Group’s
sustainability policy
remains fit for purpose
and aligns with the
Group’s approach to
sustainability.
Advise the Audit
Committee on
sustainability risks.
Assist the Board to ensure
that existing and emerging
environmental and
sustainability regulatory
requirements are met.
Key responsibilities
Ensure that remuneration
policy and practices align
to the Group’s long-term
sustainable success.
Set the remuneration
of the Chair, Executive
Directors, Company
Secretary and senior
management.
Make recommendations to
the Board on the design
and application of share
incentive schemes.
Read more
on pages 120 to 123
Read more
on pages 124 to 131
Read more
on pages 132 to 134
Read more
on pages 136 to 138
Executive Leadership Team
The Executive Leadership Team, led by the Chief Executive Officer, is responsible for the day-to-day execution of
business strategy, the management of the Group’s two core business units, management of HR matters including
people, culture, talent and development, and the oversight of legal and regulatory matters. They discuss and
consider all important matters that are raised to the Board, or respective Committee of the Board.
The Executive Leadership Team comprises the Executive Directors, the Chief Executive of Gleeson Homes, the
Managing Director of Gleeson Land, the Company Secretary and the Group HR Director.
MJ Gleeson plc Annual Report & Accounts 2024110
Corporate Governance Framework

Section of the Code How we have applied the Code
Board leadership
and Company
purpose
See pages
112 to 113
The Group is led by an effective and entrepreneurial Board, which promotes the long-
term success of the Group and engages with its shareholders and other stakeholders.
The Board has established the Group’s purpose and strategy and is satisfied that these
are aligned with the Group’s culture and values.
The Board has established and oversees an effective governance and risk framework.
The Board promotes effective engagement with the workforce, with open lines of
communication where employees can raise matters of both concern and opportunity.
Division of
responsibilities
See page 114
The Chairman leads the Board, which includes an appropriate combination of Executive
Directors and Non-Executive Directors. Board relations are constructive and Board
members are able to demonstrate objective judgement.
There is a clear division of responsibility between the leadership of the Board (the
Chair of the Board) and the Executive leadership of the Group’s business (the Chief
Executive Officer and the Chief Financial Officer). The Non-Executive Directors provide
constructive challenge, strategic guidance and advice, and have sufficient time to meet
their Board responsibilities.
There are relevant policies and processes in place for the Board to receive timely and
clear information, and function effectively and efficiently.
Composition,
succession and
evaluation
See pages
120 to 123
Board appointments are subject to a formal, rigorous and transparent procedure, based
on objective criteria that promotes diversity. A comprehensive and tailored induction
programme is in place for new Directors joining the Board, led by the Chairman,
Company Secretary and Executive Directors.
The Nomination Committee oversees an effective succession plan, which takes into
consideration a desired combination of skills, experience, knowledge and diversity of the
Board. The Board is subject to an annual evaluation that considers Group and individual
Director performance.
Audit, risk and
internal control
See pages
124 to 131
The Board has established formal and transparent policies and procedures to ensure the
independence and effectiveness of internal and external audit functions, and satisfies
itself on the integrity of financial and narrative statements.
The Board presents a fair, balanced and understandable assessment of the Group’s
position and prospects.
The Board has established procedures to manage risk, oversee the internal control
framework and determine the nature and extent of the principal risks of the Group to
achieve its strategic objectives.
Remuneration
See pages
136 to 153
The Group has designed the remuneration policies and practices to support the Group’s
strategy and promote long-term sustainable success.
Executive remuneration is aligned to the Group’s purpose and values and is clearly linked
to the successful delivery of our sustainable strategy.
There is a formal and transparent procedure for developing the Executive remuneration
policy and determining Director and senior management remuneration. The
Remuneration Committee is able to exercise independent judgement and discretion
when authorising remuneration outcomes, taking into account Group and individual
performance.
MJ Gleeson plc Annual Report & Accounts 2024 111
Corporate Governance

James Thomson
MA, ACA
Graham Prothero
MA, FCA
Stefan Allanson
ACMA, FCT
Fiona Goldsmith
FCA
Christopher Mills Elaine Bailey Nicola Bruce
MA, FCMA
Leanne Johnson
LLB
Chairman Chief Executive
Officer
Chief Financial
Officer
Non-Executive
Director, Senior
Independent
Director and
Workforce
Representative
Non-Executive
Director
(non-independent
as a significant
shareholder
representative)
Independent Non-
Executive Director
Independent Non-
Executive Director
Head of Legal and
Company Secretary*
Committee membership Committee membership Committee membership Committee membership Committee membership Committee membership Committee membership Appointed as Company
Secretary in March 2020,
Leanne is a qualified
solicitor and is Head of
Legal for the Company.
Leanne trained at Irwin
Mitchell and was Legal
Counsel for Keepmoat
Homes before joining
MJ Gleeson plc.
Leanne is also a graduate
Chartered Governance
Professional.
Key strengths
Housebuilding and
construction. Corporate
governance. Legal.
Regulatory and
compliance. IT.
*Interim cover was in place
during part of the year.
N
S S
A
N R
S
A N R
R
A N
Appointment to the Board
James was appointed to the
Board in June 2019 as Chief
Executive Officer, and in
January 2023 as Chairman.
Background and
experience
James was previously Chief
Executive of Keepmoat
Homes and Group Finance
Director and Chief
Operating Officer of DTZ
(now part of Cushman &
Wakefield). He qualified as a
Chartered Accountant with
PricewaterhouseCoopers
LLP and spent ten years in
investment banking.
Key strengths
Housebuilding and
construction. Public
limited companies.
Health and safety.
Strategy development.
Organisational and cultural
change. Acquisitions and
mergers.
External appointments
A local authority councillor
for the City of London,
Deputy Chair of the City of
London Police Authority
Board, Non-Executive
Director of the Association
of Police and Crime
Commissioners, Non-
Executive Board member
of the Serious Fraud Office,
Board Member of the
City Bridge Foundation,
Governor of the City of
London School.
Appointment to the Board
Graham was appointed to
the Board in January 2023.
Background and
experience
Graham has extensive
industry experience and
was previously Chief
Operating Officer at
Vistry Group plc and Chief
Executive of Galliford Try
plc. Graham is a Fellow of
the Institute of Chartered
Accountants and was
previously a partner at
Ernst and Young LLP.
Key strengths
Housebuilding and
construction. Acquisitions
and mergers. Strategy
development. Business
growth. Risk management.
Business continuity.
Operations.
External appointments
Graham is currently the
Senior Independent
Director and Chair of
the Audit Committee of
Marshalls plc, and on the
Board of The Jigsaw Trust.
Appointment to the Board
Stefan was appointed to
the Board in July 2015.
Background and
experience
Stefan was previously
Deputy Chief Financial
Officer of Keepmoat
Homes. He qualified as
an accountant in 1994,
following which he held
senior finance roles at
Honda Motor Co Limited,
BTP plc, The Skills Market
Limited, The Vita Company
Limited and Tianhe
Chemicals.
Key strengths
Housebuilding and
construction. Public
limited companies.
Accounting and finance. IT.
Business continuity. Risk
management. Strategy
development. Commercial.
External appointments
Stefan is currently a Non-
Executive Director and
Chair of the Audit & Risk
Committee of Norcros plc.
Appointment to the Board
Fiona was appointed to the
Board in October 2019.
Background and
experience
Fiona previously held
Executive finance roles
at First Choice Holidays
plc and Land Securities
Group plc. Fiona was also
Non-Executive Director
at Walker Greenbank. She
qualified as an accountant
with KPMG.
Key strengths
Accounting, finance and
audit. Risk management.
Corporate governance.
Acquisitions and mergers.
Compliance and regulation.
Business turnaround.
Strategic Development.
External appointments
Non-Executive Director
and Chair of the Audit and
Risk Committee of KCOM
Group Limited.
Appointment to the Board
Christopher was
appointed to the Board in
January 2009.
Background and
experience
Christopher is the
founder of Harwood
Capital Management
Group and, previously,
Chief Investment Officer
of J O Hambro Capital
Management Limited with
an extensive background
in investment management.
Key strengths
Public limited companies.
Accounting, finance
and audit. Acquisitions
and mergers. Strategy
development. Risk
management. Business
development.
External appointments
Managing Director
of Harwood Capital
Management Group, Chief
Executive Officer of North
Atlantic Smaller Companies
Investment Trust plc, and a
Non-Executive Director of
several publicly quoted and
private companies.
Appointment to the Board
Elaine was appointed to
the Board in March 2021.
Background and
experience
Elaine was previously
Chief Executive Officer of
the Hyde Group housing
association and held a
number of senior roles at
Serco. Elaine has extensive
experience in housing,
engineering, construction
and government services.
Elaine is a chartered
member of the Institution
of Structural Engineers.
Key strengths
Housebuilding and
construction. Strategy
development. Health and
safety. Risk management.
Business development.
Commercial.
External appointments
Non-Executive roles at
Residential Secure Income
plc, McCarthy & Stone
(Shared Ownership)
Limited, Andium Homes,
and Trustee for The
Greenslade Family
Foundation.
Appointment to the Board
Nicola was appointed to
the Board in March 2023.
Background and
experience
Nicola has extensive
experience in strategy and
business development
and has previously held
senior appointments in a
range of private and listed
companies. Nicola is an
experienced Remuneration
Committee Chair, including
in the building materials
and social housing sectors.
Key strengths
Strategy development.
Business development.
Corporate governance.
Acquisitions and mergers.
Public limited companies.
External appointments
Senior Independent
Director and Remuneration
Committee Chair of Anchor
Hanover Group. Non-
Executive Director and
Remuneration Committee
Chair of Stelrad Group
plc and Ibstock plc.
Non-Executive Director
at OFWAT.
MJ Gleeson plc Annual Report & Accounts 2024112
Board of Directors

James Thomson
MA, ACA
Graham Prothero
MA, FCA
Stefan Allanson
ACMA, FCT
Fiona Goldsmith
FCA
Christopher Mills Elaine Bailey Nicola Bruce
MA, FCMA
Leanne Johnson
LLB
Chairman Chief Executive
Officer
Chief Financial
Officer
Non-Executive
Director, Senior
Independent
Director and
Workforce
Representative
Non-Executive
Director
(non-independent
as a significant
shareholder
representative)
Independent Non-
Executive Director
Independent Non-
Executive Director
Head of Legal and
Company Secretary*
Committee membership Committee membership Committee membership Committee membership Committee membership Committee membership Committee membership Appointed as Company
Secretary in March 2020,
Leanne is a qualified
solicitor and is Head of
Legal for the Company.
Leanne trained at Irwin
Mitchell and was Legal
Counsel for Keepmoat
Homes before joining
MJ Gleeson plc.
Leanne is also a graduate
Chartered Governance
Professional.
Key strengths
Housebuilding and
construction. Corporate
governance. Legal.
Regulatory and
compliance. IT.
*Interim cover was in place
during part of the year.
N
S S
A
N R
S
A N R
R
A N
Appointment to the Board
James was appointed to the
Board in June 2019 as Chief
Executive Officer, and in
January 2023 as Chairman.
Background and
experience
James was previously Chief
Executive of Keepmoat
Homes and Group Finance
Director and Chief
Operating Officer of DTZ
(now part of Cushman &
Wakefield). He qualified as a
Chartered Accountant with
PricewaterhouseCoopers
LLP and spent ten years in
investment banking.
Key strengths
Housebuilding and
construction. Public
limited companies.
Health and safety.
Strategy development.
Organisational and cultural
change. Acquisitions and
mergers.
External appointments
A local authority councillor
for the City of London,
Deputy Chair of the City of
London Police Authority
Board, Non-Executive
Director of the Association
of Police and Crime
Commissioners, Non-
Executive Board member
of the Serious Fraud Office,
Board Member of the
City Bridge Foundation,
Governor of the City of
London School.
Appointment to the Board
Graham was appointed to
the Board in January 2023.
Background and
experience
Graham has extensive
industry experience and
was previously Chief
Operating Officer at
Vistry Group plc and Chief
Executive of Galliford Try
plc. Graham is a Fellow of
the Institute of Chartered
Accountants and was
previously a partner at
Ernst and Young LLP.
Key strengths
Housebuilding and
construction. Acquisitions
and mergers. Strategy
development. Business
growth. Risk management.
Business continuity.
Operations.
External appointments
Graham is currently the
Senior Independent
Director and Chair of
the Audit Committee of
Marshalls plc, and on the
Board of The Jigsaw Trust.
Appointment to the Board
Stefan was appointed to
the Board in July 2015.
Background and
experience
Stefan was previously
Deputy Chief Financial
Officer of Keepmoat
Homes. He qualified as
an accountant in 1994,
following which he held
senior finance roles at
Honda Motor Co Limited,
BTP plc, The Skills Market
Limited, The Vita Company
Limited and Tianhe
Chemicals.
Key strengths
Housebuilding and
construction. Public
limited companies.
Accounting and finance. IT.
Business continuity. Risk
management. Strategy
development. Commercial.
External appointments
Stefan is currently a Non-
Executive Director and
Chair of the Audit & Risk
Committee of Norcros plc.
Appointment to the Board
Fiona was appointed to the
Board in October 2019.
Background and
experience
Fiona previously held
Executive finance roles
at First Choice Holidays
plc and Land Securities
Group plc. Fiona was also
Non-Executive Director
at Walker Greenbank. She
qualified as an accountant
with KPMG.
Key strengths
Accounting, finance and
audit. Risk management.
Corporate governance.
Acquisitions and mergers.
Compliance and regulation.
Business turnaround.
Strategic Development.
External appointments
Non-Executive Director
and Chair of the Audit and
Risk Committee of KCOM
Group Limited.
Appointment to the Board
Christopher was
appointed to the Board in
January 2009.
Background and
experience
Christopher is the
founder of Harwood
Capital Management
Group and, previously,
Chief Investment Officer
of J O Hambro Capital
Management Limited with
an extensive background
in investment management.
Key strengths
Public limited companies.
Accounting, finance
and audit. Acquisitions
and mergers. Strategy
development. Risk
management. Business
development.
External appointments
Managing Director
of Harwood Capital
Management Group, Chief
Executive Officer of North
Atlantic Smaller Companies
Investment Trust plc, and a
Non-Executive Director of
several publicly quoted and
private companies.
Appointment to the Board
Elaine was appointed to
the Board in March 2021.
Background and
experience
Elaine was previously
Chief Executive Officer of
the Hyde Group housing
association and held a
number of senior roles at
Serco. Elaine has extensive
experience in housing,
engineering, construction
and government services.
Elaine is a chartered
member of the Institution
of Structural Engineers.
Key strengths
Housebuilding and
construction. Strategy
development. Health and
safety. Risk management.
Business development.
Commercial.
External appointments
Non-Executive roles at
Residential Secure Income
plc, McCarthy & Stone
(Shared Ownership)
Limited, Andium Homes,
and Trustee for The
Greenslade Family
Foundation.
Appointment to the Board
Nicola was appointed to
the Board in March 2023.
Background and
experience
Nicola has extensive
experience in strategy and
business development
and has previously held
senior appointments in a
range of private and listed
companies. Nicola is an
experienced Remuneration
Committee Chair, including
in the building materials
and social housing sectors.
Key strengths
Strategy development.
Business development.
Corporate governance.
Acquisitions and mergers.
Public limited companies.
External appointments
Senior Independent
Director and Remuneration
Committee Chair of Anchor
Hanover Group. Non-
Executive Director and
Remuneration Committee
Chair of Stelrad Group
plc and Ibstock plc.
Non-Executive Director
at OFWAT.
A
Audit Committee
N
Nomination Committee
R
Remuneration Committee
S
Sustainability Committee
Committee Chair
Key:
MJ Gleeson plc Annual Report & Accounts 2024 113
Corporate Governance

Division of responsibilities
There is a clear and effective division of responsibilities
between Board members. The Chair is responsible for
the overall effectiveness of the Board and, in doing
so, promotes the highest standards of integrity and
corporate governance. The Chair is responsible for
setting the Board’s agenda, ensuring that there is
adequate and appropriate time for each item, and for
promoting effective discussion, challenge and debate to
facilitate the contribution of all Board members in the
decision-making process. The Chief Executive Officer
leads the business in delivering the Group’s overall
strategy and works closely with the Chair and the Chief
Financial Officer. The Non-Executive Directors provide
constructive challenge and strategic guidance and hold
management to account. To ensure that the Directors
maintain control over strategic, financial, operational and
compliance matters, the Board meets regularly during
the year and has formally adopted a schedule of matters
that are reserved to it for decision.
Board balance and composition
The Board considers that it has a suitable balance of
skills, knowledge and experience in order to discharge
its duties effectively. This includes a combination of
backgrounds and experiences, which enable it to
function effectively and to have a dialogue that is both
constructive and challenging.
Board meetings
There were six scheduled Board meetings held during
the year, together with a review of the Group’s strategy.
Detailed papers are circulated in advance of meetings
and provide reports on the Group’s current trading
performance, its financial position and achievement
against its budget and forecasts, and against prior
year. Agenda items include updates on health and
safety, operational performance, risk management,
governance, and corporate strategy. Members of the
senior management team are invited to update the Board
on their responsibilities both at formal Board meetings
and at separate ‘deep dive’ meetings on key strategic
and operational matters. Information, including the latest
financial and trading performance, is circulated to all
Directors between meetings. Minutes of all meetings
of the Board, and its Committees, are taken by the
Company Secretary, who records decisions taken and
any queries and unresolved concerns raised.
Matters reserved for the Board
Certain matters are reserved for the Board, or its
Committees, including:
• To determine the Board’s structure and composition,
including Board appointments, removals and
succession planning.
• Agree the Group’s strategy, business plan and
financial policy.
• Approve banking and financing arrangements.
• Approve the interim and annual financial statements
and circulars.
• Agree and oversee risk management and internal
control policy.
• Agree major capital expenditure, material investments
or the acquisition or disposal of land.
• Entering into, and amending, pension arrangements.
• Approve contractual arrangements that fall outside
the authority delegated to Executive Directors.
• Approve dividend policy and annual dividend
payments.
• Pledging security over assets and providing Parent
Company guarantees.
In addition, the Board receives updates on sustainability,
governance, regulatory and legal matters to assist it
in maintaining compliance with existing and emerging
legislative requirements and best practice. The Board has
established the following Board Committees to assist it
in meeting its responsibilities, which meet regularly and
have formal written terms of reference:
Nomination Committee
Page 120
Audit Committee
Page 124
Sustainability Committee
Page 132
Remuneration Committee
Page 136
These Committees play an important governance
role through the work they carry out to fulfil the
responsibilities delegated by the Board.
Board independence
The Group recognises the importance of having a well-
functioning Board that can exercise objective judgement
and hold management to account. The independence
of Non-Executive Directors is kept under review and the
Board is satisfied that three Non-Executive Directors are
considered independent, which represents at least half
of the Board, excluding the Chair, in compliance with the
requirements of the Code.
MJ Gleeson plc Annual Report & Accounts 2024114
Corporate Governance Report

Board activities
Topic Key activities in financial year ended 30 June 2024
Financial and risk
• Approved the Annual Report and Accounts and interim financial statements.
• Considered the Group’s long-term viability and approved the going concern
assessment.
• Reviewed monthly business updates and trading performance.
• Approved the budget and plan for financial year ending 30 June 2025 and the
medium-term targets for financial years ending 30 June 2026 to 30 June 2031.
• Recommended the payment of a final dividend in November 2023 and approved the
payment of the interim dividend in April 2024.
• Monitored the impact of legislative changes to the Defective Premises Act, and
the financial implications of remedial works to buildings pursuant to the DLUHC’s
self-remediation terms.
• Approved the Group’s tax strategy for financial year ended 30 June 2024.
• Approved Group insurance policies for financial year ended 30 June 2025.
Controls and
governance
• Development of the Group’s risk management maturity and control environment.
• Appointment of an external provider to undertake the Board performance evaluation.
• Reviewed and approved an updated Modern Slavery Statement.
• Reviewed cyber risk across the Group.
• Reviewed legal and regulatory updates.
Strategy
• Monitored progress against the Group’s strategic priorities.
• Reviewed and approved the Group’s sustainability targets.
• Undertook a strategy meeting to review the business plans for Gleeson Homes and
Gleeson Land.
• Approved Gleeson Homes strategic development of partnerships and other multi-
unit sales opportunities.
People and
employee
engagement
• Undertook regular workforce engagement via the Executive Directors and senior
management.
• Review of results from, and plan to address matters raised in, the employee
engagement survey ‘Your Voice’.
• Oversight, via the Nomination Committee, of development of policies on equality,
equity and inclusion.
• Attended employee roadshows, hosted by the Executive Directors, giving employees
an insight into the Group’s performance and strategy.
• Workforce Representative engaged with the Group HR Director.
• Board members undertook site and office visits to engage with our colleagues.
Sustainability
• Approved submission of a robust and verifiable carbon reduction plan that meets the
Science Based Target initiative criteria and recommendations.
• Oversight of sustainability-led Group policies.
• Reviewed progress against sustainability targets and actions undertaken.
• Reviewed the Group’s sustainable business strategy.
• Implementation of the sustainability targets that are linked to Executive
remuneration.
MJ Gleeson plc Annual Report & Accounts 2024 115
Corporate Governance

Topic Key activities in financial year ended 30 June 2024
Shareholder
engagement
• Engaged with major shareholders via the Chair and Senior Independent Shareholder.
• Presented full and half-year results to investors and analysts.
• Reviewed monthly investor relations reports and annual shareholder body reports.
• Released regular business updates via the RNS.
• Invited and responded to questions received ahead of the 2023 AGM.
Attendance at scheduled Board and Committee meetings:
Board Audit Remuneration Nomination Sustainability
Scheduled: 6 4 5 1 3
James Thomson 6 n/a n/a 1 n/a
Graham Prothero 6 n/a n/a n/a 3
Stefan Allanson 6 n/a n/a n/a 3
Fiona Goldsmith 6 4 5 1 n/a
Christopher Mills 6 n/a n/a n/a n/a
Elaine Bailey 6 4 5 1 3
Nicola Bruce 6 4 5 1 n/a
Key responsibilities
Chairman
• Ensuring the effective running of the Board.
• Promoting the highest standards of integrity and corporate governance throughout
the Group.
• Chairing Board meetings and setting agendas.
• Ensuring that the Board as a whole plays a full and constructive part in the
development and determination of the Group’s strategy and overall commercial
objectives.
• Ensuring that the Board receives accurate, timely and clear information on:
a. the Group’s performance;
b. the issues, challenges and opportunities facing the Group; and
c. matters reserved to it for decision.
• Ensuring compliance with the Board’s approved procedures, including the schedule
of matters reserved to the Board and each Committee’s terms of reference.
• Engaging with the Board outside of formal meetings on a group or individual basis,
as required.
• Initiating change and succession planning in Board appointments to build and
maintain a highly effective Board.
• Ensuring effective communication between the Group and its shareholders and
ensuring that members of the Board develop an understanding of the views of the
major stakeholders.
• Ensuring that there is a properly constructed induction programme for new Directors.
• Ensuring that the performance of the Board as a whole, its Committees, and
individual Directors is formally, and rigorously, evaluated at least once a year.
MJ Gleeson plc Annual Report & Accounts 2024116
Corporate Governance Report
CONTINUED

Key responsibilities
Chief Executive
Officer
• Diligently performing such duties and exercising such powers as may, from time to
time, be assigned by the Board for the successful running of the Group’s business.
• Proposing and developing the Group’s strategy and overall commercial objectives in
close consultation with the Chairman and the Board.
• Maintaining relationships with major stakeholders.
• Ensuring effective dialogue with the Chairman on the important and strategic issues
facing the Group.
• Ensuring that the Executive Directors give appropriate priority to providing reports
to the Board, which contain accurate, timely and clear information.
• Ensuring that the Executive Directors comply with the Board’s approved procedures,
including the schedule of matters reserved to the Board and each Committee’s terms
of reference, and providing input on appropriate changes to the same.
• Keeping the Board alerted to forthcoming complex, contentious or sensitive issues
affecting the Group.
• Providing information and advice on succession planning to the Chairman, the
Nomination Committee, and to members of the Board, particularly in respect of
Executive Directors and senior management.
• Setting the Group’s culture and values from the top.
Chief Financial
Officer
• Devising and implementing the Group’s financial strategy and policies.
• Managing the finance, tax, IT, legal, internal audit, and treasury functions.
• Monitoring the Group’s investor relations activities.
• Developing budgets and financial plans.
• Principal owner of the Group’s risk register.
• Managing the Group’s insurance strategy and policies.
• Managing the Group’s relationship with the external auditors.
• Devising and implementing the Group’s sustainability strategy, policies and actions.
Senior Independent
Director
• Chairing Board and Nomination Committee meetings in the absence of the Chairman.
• Leading the annual evaluation of the Chairman’s performance.
• Leading the succession planning process for the Chairman.
• Acting as a sounding board for the Chairman on Board and Nomination Committee
matters.
• Being available to shareholders, or other stakeholders, if they have concerns about
the Chairman, Chief Executive Officer or Chief Financial Officer, and to intervene in
any circumstances arising from such concerns.
• Intervening in, and leading on, settlement discussions relating to any disagreements
between the Chief Executive Officer and the Chairman.
• Calling a meeting of the Non-Executive Directors if, in their reasonable opinion, it is
necessary in relation to any of the matters above or otherwise.
MJ Gleeson plc Annual Report & Accounts 2024 117
Corporate Governance

Key responsibilities
Non-Executive
Directors
• Effectively scrutinising and holding to account the performance of the Executive
Directors.
• Evaluating and appraising the performance of the Executive Directors and senior
management against agreed targets, and agreeing remuneration in line with the
remuneration policy.
• Monitoring the financial information, risk management and control processes of the
Group to make sure that they are sufficiently robust.
• Ensuring a rigorous process for the appointment and removal of Executive Directors.
Company Secretary
• Supporting the Chairman and Chief Executive Officer in fulfilling their duties,
especially in respect of Board agendas, induction, training and the evaluation of
Board and Committee effectiveness.
• Available to all Directors for advice and support.
• Keeping the Board regularly updated on governance matters and best practice.
• Ensuring Group policies and procedures, including those related to conflicts of
interest, are maintained and updated on a regular basis.
• Attending and maintaining a record of the matters discussed and approved at Board
and Committee meetings.
Code compliance statement
The Company has complied with all principles of the
Code for the year ended 30 June 2024 and, except for
Provision 9 as explained opposite, all its provisions.
The Code recognises that good governance can be
achieved by other means and the Board believes the
approach taken is the most appropriate for the Group
and its shareholders, whilst remaining consistent with the
spirit of the Code.
Provision 9
The Chairman of the Board, James Thomson, was
previously the Chief Executive Officer, and, therefore,
is not considered to have been independent on
appointment. The Senior Independent Director undertook
a series of consultation meetings with major shareholders
prior to James’ appointment and gained overwhelming
support. The Board’s reasons for appointing James to the
role of Chairman were published on 12 October 2022 and
made available via the Regulatory News Service and on
the Company’s website and it continues to support his
appointment.
MJ Gleeson plc Annual Report & Accounts 2024118
Corporate Governance Report
CONTINUED

Risk management and internal control
The Directors acknowledge their responsibility for the
Group’s risk management procedures and systems of
internal controls and for reviewing their effectiveness.
Further details on the Group’s risk management
procedures and systems of internal controls, and how the
Board and Audit Committee review their effectiveness,
are included in the Audit Committee Report on pages 124
to 131 and in the Strategic Report on pages 02 to 105.
It should be recognised that all such systems and
procedures are designed to manage, rather than
eliminate, the risk of failure to achieve business objectives
and can only provide reasonable, rather than absolute,
assurance against material misstatement or loss. Risk
management and internal control within the Group’s
operating functions is delegated to senior management,
with the Board retaining ultimate responsibility.
During the year being reported, and in making this
statement, the Board carried out a robust assessment
of the principal risks and uncertainties facing the Group,
including those that would threaten the Group’s business
model, future performance, solvency or liquidity. The
Board is of the view that there are adequate processes
for identifying, evaluating and managing the Group’s
principal risks. These processes take the form of a formal
risk management policy supported by financial and
management controls, which are operated Group-wide
and are subject to both internal review by the Chief
Financial Officer and Group Internal Audit, and external
review as part of the statutory audit carried out by the
external auditors.
Viability statement
In accordance with the Code, the Directors have assessed
the viability of the Company and the Group over a period
longer than the 12 months required by the going concern
principle. This takes account of the current position and
circumstances of the Group, and the potential impact of
its principal risks.
The Directors conducted their assessment for a period
of three years to 30 June 2027, which is in line with the
Group’s financial budget and plan approved by the Board
in July 2024. It is also aligned to the operational period
of a number of Gleeson Homes’ developments. This
has enabled a meaningful assessment of viability to be
undertaken, utilising detailed Board-approved financial
budgets that incorporate individual site cash flow
forecasts.
The Directors have considered sensitivities from the
impact of a severe, but plausible, downturn in the
housing and land markets. For Gleeson Homes, this
included the impact of a downturn in both volumes
and selling prices. For Gleeson Land, the Directors have
considered the impact of delays to the completion of
land sales combined with a reduction in land values.
Further details can be found in note 1 of the financial
statements on page 177.
Additionally, the Directors have considered the measures
that would need to be taken to mitigate the impact of
these sensitivities, including the ability of the Group
to curtail expenditure on new land purchases, new site
starts, reduce overheads and cut discretionary spend.
This would include reducing future dividend payments in
response to a severe, but plausible, downturn.
A core principle of the Group is to maintain a cautious
approach to debt funding. Following the refinancing
undertaken last year, the Group has a committed bank
facility of £135m available until October 2026, with
two further uncommitted one-year extension options
provided by two banks. The facility was undrawn at the
year end and the Group had a cash balance of £12.9m
(30 June 2023: £5.2m net cash).
Based on these facilities, the Group continues to have
a high level of liquidity including under the severe, but
plausible, scenario, to continue in operation, meet its
liabilities as they fall due and remain in compliance with
its financial covenants over the assessed period. The
mitigating actions required do not disrupt the Group’s
ability to grow over the long term.
Based on the results of this assessment, the Directors
have a reasonable expectation that the Company and
the Group will be able to continue in operation and meet
its liabilities as they fall due over the three-year viability
period.
Assessing the Group’s prospects beyond the assessed
period, the Directors consider that the demand for
affordable, quality new homes will remain strong
fundamentally due to market under-supply. The Group
maintains a well-capitalised balance sheet and operates
a sustainable business model that will continue to deliver
long-term growth.
MJ Gleeson plc Annual Report & Accounts 2024 119
Corporate Governance

Committee members
James Thomson (Chair)
Fiona Goldsmith
Elaine Bailey
Nicola Bruce
Dear shareholder,
I am pleased to present the Nomination
Committee Report for the year ended
30June 2024.
Operation of the Committee
The Committee comprises the Chairman and
three independent Non-Executive Directors.
There were no changes to the Committee
during the year. The Chief Executive Officer,
Chief Financial Officer, Group HR Director and
Company Secretary attend meetings at the
invitation of the Committee.
During the year, the Committee, formally, met
once to consider a range of matters.
Activities during the year
The Committee’s main activities included:
• Board and senior management development
and succession planning.
• Oversight of the Company’s talent
development programme.
• Development of the Company’s Equality,
Diversity, and Inclusion agenda.
• An annual review of the Committee’s terms
of reference.
• The appointment of an external assessor to
undertake a Board evaluation, supplemented
by an internal evaluation, and review
offindings.
During the year the Board undertook
an external evaluation of both Board
and Committee performance. The
findings are outlined in this report
and we will monitor progress against
all of its recommendations over the
coming year.”
James Thomson
Chairman
KEY ACHIEVEMENTS FOR 2024
• External Board and Committee evaluation
undertaken by a third party assessor.
• Executive and senior management development
and succession planning.
• Oversight of the Company’s developing Equality,
Diversity, and Inclusion strategy.
AREAS OF FOCUS FOR 2025
• Continued focus on, and monitoring of, the
Company’s strategy on Equality, Diversity, and
Inclusion.
• Executive and senior management development
and succession planning to meet medium and
long-term requirements.
MJ Gleeson plc Annual Report & Accounts 2024120
Nomination Committee Report

Re-election of Directors
In accordance with the requirements of the 2018 UK
Corporate Governance Code all Directors will retire
and offer themselves for re-election at the AGM in
November 2024.
Diversity and inclusion
The Board Diversity Policy, which was reviewed during
the year, sets the framework to ensure that candidates
for Board appointments are considered on merit against
objective criteria, with due regard to the benefits that
can arise from diversity of background, gender, ethnicity,
skills and knowledge which does not place any candidate
at a disadvantage.
We believe that the composition and quality of the Board
should be in keeping with the size and geographical
spread of the Group, its sector, culture, and status as
a listed company. We understand that a diverse Board
with a range of views enhances decision making, which
is beneficial to the Group’s long-term success and in the
interests of the Company’s stakeholders.
While the Board does not currently set specific targets
for boardroom diversity, it is compliant with two of the
three targets set out in the Listing Rules with the number
of women on the Board representing over 40% and Fiona
Goldsmith being the Senior Independent Director.
The Board is aware that it does not currently meet the
target that at least one member of the Board is from a
minority ethnic background and will keep its composition
under review ensuring that all future appointments, which
will continue to be made on merit, have due regard to
this target.
Numerical diversity data as at 30 June 2024 in the format
required by the Listing Rules is set out on page 122.
Length of service on Board
James Thomson
5 years
Graham Prothero
1 year
Stefan Allanson
9 years
Fiona Goldsmith
5 years
Christopher Mills
15 years
Elaine Bailey
3 years
Nicola Bruce
1 year
Board attendance
100%
Gender representation Board independence
Female 3
Male 4
Independent 3
Non-independent 3
Chairman 1
MJ Gleeson plc Annual Report & Accounts 2024 121
Corporate Governance

Gender diversity
Number
of Board
members
Percentage of
the Board
Number
of senior
positions on
the Board
(CEO, CFO,
SID, and Chair)
Number in
Executive
management
1
Percentage
of Executive
management
1
Men 4 57% 3 4 67%
Women 3 43% 1 2 33%
Not specified/prefer not to say – 0% – – 0%
1
The Company is treating the Executive Leadership Team as ‘executive management’ for the purpose of this data set. The Executive
Leadership Team consists of the Executive Directors, the Chief Executive of Gleeson Homes, Managing Director of Gleeson Land, Company
Secretary and Group HR Director.
Ethnic background
Number
of Board
members
Percentage of
the Board
Number
of senior
positions on
the Board
(CEO, CFO,
SID, and Chair)
Number in
Executive
management
1
Percentage
of Executive
management
1
White British or other white 7 100% 4 6 100%
Minority ethnic background – 0% – – 0%
Not specified/prefer not to say – 0% – – 0%
1
The Company is treating the Executive Leadership Team as ‘Executive management’ for the purpose of this data set. The Executive
Leadership Team consists of the Executive Directors, the Chief Executive of Gleeson Homes, Managing Director of Gleeson Land, Company
Secretary and Group HR Director.
The Group also implements an equality and diversity policy in respect of its wider workforce, with further details set
out on page 63.
Nomination Committee priorities in 2024
Priorities Work carried out Outcome
Priority 1
Embark upon a Board Evaluation
undertaken by a third-party assessor
Bvalco was appointed to undertake
an external Board evaluation
process, which was completed by
the end of the 2023 calendar year.
The report and its findings were
reviewed by the Board, which has
taken action to address its findings
and recommendations.
Priority 2
Consider diversity initiatives for both
gender and ethnicity
The Committee received and
reviewed details of the Company’s
developing programme on equality,
diversity, and inclusion.
Continued development and
implementation of the programme
by the Company and oversight from
the Committee.
Board appointment process
1. Information obtained through Board evaluation and
succession planning is used to identify gaps in skills,
experience, independence, and knowledge.
2. The recruitment process is commenced, assisted by
external consultants who help determine the desired
objective criteria. A longlist of candidates is prepared
for the Nomination Committee to review, and, from
this, a shortlist of candidates is selected for interview.
3. Interviews with the Chairman, Non-Executive
Directors, Executive Directors, and Company
Secretary (all held separately).
4. Nomination Committee recommends a candidate to
the Board for approval.
MJ Gleeson plc Annual Report & Accounts 2024122
Nomination Committee Report
CONTINUED

Succession planning
We recognise that succession planning is an important
contributor to the Group’s long-term sustainable
success. For the Board, this is monitored regularly
and considered in detail during the Board’s annual
performanceevaluation.
Board inductions
Following appointment to the Board, new Directors
receive a comprehensive and tailored induction
programme. The induction programme facilitates their
understanding of the Group and the key drivers of
business performance and provides an opportunity
for new Directors to meet key members of the senior
management team and undertake site visits.
How this supports a diverse pipeline
The Board appointment process, details of which are set
out above, identifies a recruitment need by looking at
the tenure of each individual Director, the background,
knowledge and skills of each Director, and Board
composition, including its gender and ethnicity, as
awhole.
This process enables the Nomination Committee to
develop and implement plans for the short, medium,
and long term, which supports a diverse pipeline of
potentialcandidates.
External advisers
The Nomination Committee uses external advisers, where
required, to assist with the recruitment process.
Board performance evaluation
Process
Last year we announced that we had appointed
Bvalco, an independent specialist providing bespoke,
independent and objective board reviews, to undertake
an external Board evaluation, with the process
commencing in September 2023. Following agreement
of the scope with the Chairman, who was supported by
the Company Secretary, the evaluation included one to
one meetings with Board members and members of the
management team, a review of Board and Committee
papers, and observation of Board and Committee
meetings. The findings and recommendations were
presented to the Board for its review and consideration.
In addition, and to supplement the external evaluation,
the Board undertook an internal review of its own
effectiveness and that of its Committees. This involved
the completion of detailed questionnaires for the Board
and each of its Committees and individual discussions
between the Chairman and the Directors.
Fiona Goldsmith, in her role as Senior Independent
Director, conducted an evaluation of the Chairman’s
performance in conjunction with the other Non-Executive
Directors and with input from the Executive Directors.
Outcome
The findings and recommendations from these
evaluations were reviewed and discussed by the Board
and it was concluded that the Board, its Committees, and
the Chairman continue to perform effectively, with there
being no significant issues of concern and all Directors
providing constructive contribution and challenge. Action
has been, and continues to be, taken to address the
findings and recommendations including:
• scheduling of deep dive sessions on key strategic
and operational issues to deepen the Board’s
understanding;
• continued development of papers and its annual
agenda to ensure that the Board balances its time
appropriately between strategy and oversight of
strategy implementation and operational matters;
• recognition of diversity and inclusion as a key issue
with it being on the Nomination Committee’s agenda
and as part of Board and senior management
succession; and
• holding more Board meetings at regional offices,
which enables the Board to engage with colleagues
throughout the business.
Progress against all observations and recommendations
will be monitored during 2025 as an item on the Board
agenda.
James Thomson
Chair of the Nomination Committee
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024 123
Corporate Governance

Committee members
Fiona Goldsmith (Chair)
Elaine Bailey
Nicola Bruce
The Committee fulfils a key role
in supporting the Board to ensure
that effective systems of risk
management and control continue
to be maintained and developed in
readiness for the changes under the
2024 Corporate Governance Code.”
Fiona Goldsmith
Chair of the Audit Committee
KEY ACHIEVEMENTS FOR 2024 AREAS OF FOCUS FOR 2025
• Close monitoring of costs to complete in order
to assess the integrity of profit and margin
recognition and valuation of work in progress.
• Monitoring of the revision to the Corporate
Governance Code.
• Recommending to the Board the approval of the
Group’s Risk Management Policy and Internal
Audit Policy.
• Review of initial findings of the risk and control
assessments carried out and remediating actions
to be taken.
• Approval of the Group Internal Audit plan
and review of internal audit findings and
implementation of actions arising.
• Monitoring the Group’s exposure to the Building
Safety Act, progress to date, and adequacy of
provisions, including consideration of legacy
issues arising in the year.
• Review of the Group’s cyber risk and IT risk and
controls.
• Further work to enhance the Group’s risk
management and controls including embedding a
strong ‘controls culture’ within the business.
• Further development of the Group internal Audit
plan and resources.
• Continued focus on commercial processes, cost
management, profit and margin recognition.
• Ongoing assurance over the financial controls, tax
compliance and risk management processes of
the Group.
• Resilience and security of key business systems
against cyber risks and other threats.
MJ Gleeson plc Annual Report & Accounts 2024124
Audit Committee Report

Dear shareholder,
I am pleased to introduce the Audit Committee Report for the financial year ended 30June 2024.
Operation of the Committee
All members of the Committee are independent Non-Executive Directors. The Board is satisfied that the membership
of the Audit Committee meets the requirement for relevant and recent financial experience. The biographies and
professional qualifications of the members are shown on pages 112 to 113.
The Chief Executive Officer, Chief Financial Officer, Company Secretary and other senior management are invited to
attend meetings, along with the Group’s internal and external auditors, when required. The Committee also met with
the Group’s internal and external auditors without the presence of Executive Directors or senior management on
several occasions throughout the year.
Committee meetings
The Committee is required, in accordance with its terms of reference, to meet at least three times a year. During the
year, the Committee formally met four times to discharge its duties.
Audit Committee activities in 2024:
Activity Work carried out Outcome
Financial reporting
– fair, balanced and
understandable
The committee reviewed the integrity of this Annual
Report and Accounts and formal announcements
made during the year relating to the Group’s financial
performance. At the request of the Board, the
Committee considered whether the 2024 Annual Report
and Accounts taken as a whole is fair, balanced and
understandable and whether it provides the necessary
information for shareholders to assess the Company’s
performance, business model and strategy.
The Committee was
satisfied that, taken as a
whole, the 2024 Annual
Report and Accounts
is fair, balanced and
understandable and
provides sufficient
information for
shareholders to assess the
Company’s and Group’s
performance, business
model and strategy.
Risk management
and internal
controls
The Committee reviewed and approved the Risk
Management Policy and Internal Audit Policy. The focus
in the year has been on improving the maturity of our
risk management framework and mitigating controls.
Management presented the functional risk registers,
which identify the operational and compliance risks and
controls for each functional area of the business, together
with the risk and controls matrices, which set out the
financial reporting controls. These have been developed in
conjunction with third-party review and support.
A summary of principal Group risks and any changes
during the year is set out in Risk Management on
pages 38 to 43.
The Committee and the
Board fully understand
and manage the balance
of risks in the business.
The Committee supports
the Group in moving
to an enhanced risk
management and control
framework in readiness for
changes to the Corporate
Governance Code.
MJ Gleeson plc Annual Report & Accounts 2024 125
Corporate Governance

Activity Work carried out Outcome
Group taxes
The Committee received regular updates on Group tax
matters. These cover all aspects of compliance, including
VAT, Corporation Tax, Residential Property Developers
Tax, Construction Industry Scheme, and employment
taxes, including off-payroll working arrangements.
The Committee oversaw the Group’s submission of an
unqualified Senior Accounting Officer certificate.
The Committee reviewed the Group’s Tax Strategy
statement for the year to 30 June 2024 and
recommended its approval to the Board. A copy of the
Tax Strategy statement can be found on the Company’s
website www.mjgleesonplc.com
The Committee satisfied
itself that the processes
and controls associated
with Group taxes remain
robust.
Legacy matters and
Building Safety
The Committee received updates on progress to date
with works to remediate buildings directly identified in
respect of the DLUHC Self-Remediation Terms and the
Responsible Actors Scheme.
The Committee received and reviewed reports on
claims associated with the Legacy businesses, being
the contracting and engineering businesses sold more
than ten years ago. This includes those buildings
indirectly impacted by the changes brought about by
the enactment of the Building Safety Act 2022 and the
Government’s Self-Remediation Terms.
The Committee remains
satisfied that the Group
is complying with its
obligations under the
Self-Remediation Terms,
and, in conjunction with
the Chief Financial Officer,
continues to monitor the
status of claims and any
remaining liabilities.
Cyber security
The Committee received reports in the year on the
Group’s cyber risk management, including key risks and
mitigating actions.
The Committee remains
satisfied that the Group is
managing cyber security
risk in a proportionate and
effective manner.
Internal audit
The Committee set the internal audit plan for the financial
year ended 30 June 2025 at its meeting in September
2024. As covered under “Internal audit”, the Committee
received and reviewed reports from the internal auditor
throughout the year on internal audits conducted across
the business.
The Committee remains
satisfied with the
effectiveness of the internal
audit function.
External audit
The Committee received and reviewed the external
auditors’ Group audit plan at its meeting in February
2024. Following completion of the audit of the Group,
the external auditors presented their findings to the
Committee in September 2024.
The Committee remains
satisfied with the
effectiveness of the
external auditors and the
audit process.
Other activities
During the year, the Committee also reviewed reports on IT and systems, corporate disclosures and MAR, GDPR,
creditrisk, Corporate Criminal Offence, anti-bribery, and malpractice monitoring.
MJ Gleeson plc Annual Report & Accounts 2024126
Audit Committee Report
CONTINUED

Financial reporting and significant judgements
The significant financial reporting matters and areas of significant judgement considered by the Committee during the
year are those that present a risk of material misstatement to the Group’s financial statements, being:
Area Work carried out Outcome
Margin recognition
The allocation of inventories to cost of sales on the sale
of individual homes is dependent on estimates of total
build costs and future selling prices for each site as a
whole. These estimates, therefore, impact on the timing
and amount of profit margin recognised on sales of
individual homes.
The Committee monitors the effectiveness of internal
controls exercised over the key processes employed
by the Group in site development activities and the
forecasting of future costs, revenue and profit.
The Committee receives regular reports regarding sales
of homes and the costs, and possible future costs,
relating to individual sites. The Committee reviewed the
assumptions applied by management, supporting the
profit margin recognised on the sale of individual homes,
and concluded that they remain appropriate.
The Committee satisfied
itself that the associated
processes and controls
have continued to operate
effectively across the
Group and the assumptions
applied by management
in relation to profit margin
recognition are appropriate.
Carrying value of
land and work in
progress
The most significant asset carried by the Group is
inventory, which includes land and work in progress. The
Group carries inventories at the lower of cost and net
realisable value, which is dependent on estimates of total
build or land promotion costs and future selling prices.
There is, therefore, a risk that land and work in progress
is held at a value in excess of the lower of cost and net
realisable value.
The Committee monitors the effectiveness of internal
controls exercised over the key processes employed
by the Group in site development activities and the
forecasting of future costs, revenue and profit.
The Committee also receives regular reports on the
carrying value of land and work in progress in Gleeson
Homes and Gleeson Land. The Committee reviewed these
reports and debated them with the internal auditor and
with management.
The Committee satisfied
itself that the carrying
value of land and work
in progress remains
appropriate.
The Committee satisfied
itself that the associated
processes and controls
have continued to operate
effectively across the
Group and the assumptions
applied by management
in relation to profit
recognition are appropriate.
Building safety
The Committee reviewed, challenged and agreed the
basis on which the Group’s review and assessment of
buildings over 11 metres, in which the Group played a part
in developing, was carried out. The Committee considered
the assessment of costs associated with life-critical fire-
safety remediation in respect of any such buildings and
the findings from independent experts. More details can
be found in note 18 to the financial statements.
The Committee satisfied
itself that the processes
undertaken by the
Group in respect of the
identification, assessment
and estimation of life-
critical fire-safety
remediation costs
were robust, and the
provisions recognised were
appropriate.
MJ Gleeson plc Annual Report & Accounts 2024 127
Corporate Governance

Area Work carried out Outcome
Climate change and
environmental risk
The Committee reviewed the risk of climate change
impacting the Group as part of the risk register review
during its regular meetings.
Climate change has the potential to impact the Group
through restricted land availability, disrupted build
programmes, material and labour shortages and increased
costs. This could impact the carrying value of assets,
including land held in inventory, or require specific
provisions to be made.
The Committee satisfied
itself that no provisions
or impairment of assets
should have been
recognised in these
financial statements as a
result of climate change
or environmental risks,
and that this remains
appropriate.
Going concern and
viability reporting
The Committee examined the financial forecasts for the
Group including the impact of a severe, but plausible,
downturn in the housing and land markets. These were
examined by the Committee in conjunction with its review
of this Annual Report and Accounts. The Committee
satisfied itself and, subsequently, the Board, that the
going concern basis of preparation continues to be
appropriate in the context of the Group’s banking and
liquidity position. Further details can be found in note 1 of
the financial statements on page 177.
In accordance with the provisions of the Code, the
Committee considered the time period over which it could
reasonably assess the Group’s ability to continue to trade,
taking into account the Group’s financial budget period
and operational forecasts. It concluded that this should
remain a three-year period, as explained in the viability
statement on page 119. The Committee received detailed
financial analysis based on the Group’s latest budgets and
plan with a severe, but plausible, scenario applied over the
three-year period and determined there was a reasonable
expectation that the Group will be able to continue in
operation, meet its liabilities as they fall due and maintain
compliance with its banking covenants.
The Committee satisfied
itself that, based on
the financial modelling
undertaken, the Company
and Group have adequate
resources to continue
in operation for the
foreseeable future and
operate in compliance
with the Group’s bank
facilities. The Committee
recommended statements
to this effect to the Board
to approve for inclusion
in this Annual Report and
Accounts.
MJ Gleeson plc Annual Report & Accounts 2024128
Audit Committee Report
CONTINUED

Effectiveness of internal controls and
risk management systems
The Committee is responsible for reviewing and
monitoring the effectiveness of internal controls and
risk management systems on behalf of the Board. The
Group’s system of internal control includes the following
processes:
• The Board has established defined lines of authority
to ensure that significant decisions are taken at an
appropriate level.
• The Board and management meet regularly to
monitor performance against key performance
indicators, which include cash management and
financial and operational measures. A variety of
financial and non-financial reports are produced to
facilitate this review process.
• The Group employs individuals of appropriate calibre
and provides any training that is necessary to enable
them to perform their role effectively. Key objectives
and opportunities for improvement are identified
through performance and development reviews.
• Each division has defined procedures and controls
to identify and minimise business, operational and
financial risks. These procedures include segregation
of duties, provision of regular performance
information and reports, approval procedures for
transactions and the maintenance of proper records.
The Group’s programme of insurance covers the
major risks to the Group’s assets and business and is
reviewed annually.
• Authorities are in place that require divisional
management to refer all significant decisions that
exceed prescribed limits to either the Executive
Directors or the Board for approval.
Regular reviews are undertaken in order to identify any
changes in procedure or controls that may be required in
the light of changing circumstances.
The effectiveness of the overall internal control
framework and risk management process is monitored
by both the Audit Committee and the Board. The Risk
Management section on pages 38 to 43 sets out details
of the principal risks that the business faces and how it
manages these risks.
The Committee has satisfied itself that an appropriate
system of internal controls and risk management
processes have been maintained throughout the year to
safeguard shareholder interests as well as the Group’s
assets in accordance with the requirements of the Code.
Whistleblowing arrangements
The Group has in place a formal whistleblowing policy, an
internal whistleblowing mailbox monitored by the Head
of Legal and Company Secretary, and an independent
external whistleblowing helpline. These enable all
employees of the Group to, confidentially, report any
malpractice or matters of concern they have regarding
the actions of employees, management or Directors,
and any unlawful behaviour or breaches of the Group’s
policies or practices, without fear of recrimination.
The policy includes a process for proportionate and
independent investigation of any reports received. This
may involve an informal review, an internal inquiry, or a
more formal investigation. Whenever possible, feedback
is given to the whistleblower on the outcome of any
investigation.
The Head of Legal and Company Secretary maintains a
register of reports received through both internal and
external processes, which is reviewed by the Committee
at least every six months.
Employee awareness of the Group’s whistleblowing
policy is maintained through the induction process,
newsletters, posters and reminders that “if you see
something, say something”. Employees also undertake
a mandatory online course, which is designed to raise
awareness of reportable issues or incidents upon joining,
which is repeated every 12 months.
MJ Gleeson plc Annual Report & Accounts 2024 129
Corporate Governance

Anti-bribery and corruption policy
The Group values its long-standing reputation for ethical
behaviour and integrity. Conducting its business with the
highest ethical standards and a zero-tolerance approach
to all forms of corruption is central to these values, the
Group’s image and reputation. The Group policy sets
out the standards expected of all employees in relation
to anti-bribery and corruption and the Board has overall
responsibility for ensuring this policy complies with the
Group’s legal and ethical obligations and that everyone
in the organisation complies with it. This policy is also
relevant for third parties who supply goods or perform
services for, or on behalf of, the Group. We require
those parties to adhere to this policy or have in place
equivalent policies and procedures to combat bribery
and corruption.
All employees also undertake a mandatory online
training course, which is designed to raise awareness of
bribery and corruption offences and penalties for both
individuals and the Group.
The Committee reviews a report on the registers of
gifts and hospitality given or received by Directors and
employees of the Group at least every six months. No
incidents of bribery or corruption involving the Group or
its employees were reported to the Committee during
the year.
Human rights and modern slavery
In accordance with section 54(1) of the Modern Slavery
Act 2015, the Board reviews, approves and publishes
the Group’s Modern Slavery Statement on an annual
basis. Modern slavery risk is overseen by the modern
slavery focus group, led by the Chief Financial Officer
and Head of Legal and Company Secretary. Risks are
regularly assessed, with the Group’s highest-risk area,
being its supply chain, regularly audited. To ensure there
is a full understanding of modern slavery risk throughout
the business, all employees receive online training on
spotting the signs of slavery within the workplace and
are actively encouraged to raise concerns through the
whistleblowing lines.
Internal audit
The Committee is responsible for reviewing and
approving the annual internal audit plan. This continues
to cover a broad scope of activities across the Group
focused on areas of risk and management judgement.
During the year, the Committee received reports from
the internal auditor on the findings of internal audits
conducted throughout the business, together with
proposed recommendations to rectify any issues
identified. These reports covered a range of areas
including:
• costs to complete on selected Gleeson Homes sites;
• the carrying value of land and work in progress in
Gleeson Homes and Gleeson Land;
• operational and compliance controls including the
onboarding of new suppliers and subcontractors.
The findings of these reports were actively debated
by the Committee with the internal auditor and with
management. The Committee monitored the follow up on
actions identified.
The Committee reviewed the effectiveness of the internal
audit function and concluded that it has operated
effectively and provided a suitable level of independent
scrutiny across the operations of the Group.
MJ Gleeson plc Annual Report & Accounts 2024130
Audit Committee Report
CONTINUED

External audit
PricewaterhouseCoopers LLP were first appointed
as auditors to the Group in December 2016 following
a competitive audit tender, and were most recently
reappointed following approval by shareholders at the
AGM on 16 November 2023.
In February 2024, the auditors presented their Group
audit plan to the Committee, identifying their assessment
of key risks in the Group’s financial reporting. For the
2024 financial year, as in prior years, the primary risks
identified were in relation to the carrying value of land
and work in progress in Gleeson Homes, work in progress
in Gleeson Land and the building safety provision.
Consistent with the prior year, the carrying value of
investments in subsidiaries was also identified as a
primary risk in relation to the Company only.
The Committee formulates and oversees the Group’s
policy on monitoring external auditors’ objectivity and
independence in relation to non-audit services and is
responsible for the approval of all audit and non-audit
fees for services provided by the Company’s auditors.
As a result of the EU Audit Reforms Regulations (as
amended 11 June 2016), and the FRC’s revised ethical
standard (as revised December 2019), the auditors are
excluded from undertaking a range of work on behalf
of the Group to ensure that the nature of non-audit
services performed, or fee income earned relative to
the audit fees, do not compromise, and are not seen to
compromise, the auditors’ independence, objectivity or
integrity.
For the year to 30 June 2024, there were no non-audit
fees paid to the external auditors. Details of the audit
fees incurred are disclosed in note 4 to the financial
statements.
The Committee assesses the performance and
effectiveness of the external auditors on an annual basis.
When making their assessment, the Committee considers
feedback from the Chief Financial Officer and other
senior finance management, the auditors’ fulfilment of
the agreed audit plan, and the auditors’ objectivity and
independence during the process. The Committee also
holds private meetings with the auditors on an annual
basis. Matters discussed include the auditors’ assessment
of business risks and management activity thereon,
the transparency and openness of interactions with
management and confirmation that there has been no
restriction in scope placed on them by management.
The Committee concluded that the audit
process had been conducted robustly and
PricewaterhouseCoopersLLP’s performance, as auditors
to the Company, was considered to be satisfactory.
As the auditors have indicated their willingness to
continue in office, a resolution that they be reappointed
will be proposed at the next AGM of the Company
on 15 November 2024. Under the mandatory rotation
of engagement partner rules a new partner will be
appointed at this time.
Under current regulations, the Company is not due to
re-tender its audit until 2026; however, the Committee
will continue to monitor the performance of the external
auditors during this time and make recommendations
accordingly.
Fiona Goldsmith
Chair of the Audit Committee
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024 131
Corporate Governance

Committee members
Elaine Bailey (Chair)
Graham Prothero
Stefan Allanson
Dear shareholder,
I am pleased to introduce our Sustainability
Committee Report for the financial year ended
30 June 2024 which sets out the progress
that we have made against our sustainability
objectives.
Operation of the Committee
The Committee comprises the Chair, the Chief
Executive Officer and the Chief Financial
Officer. Other members of the Board, senior
management and external advisers are invited
to attend for all, or part of, any meeting as and
when required.
Committee meetings
The Committee is required, in accordance with
its terms of reference, to meet at least three
times per year. During the year, the Committee
met on four occasions, of which three were
scheduled meetings.
The Group has undertaken a
significant body of work in refining
its carbon emissions strategy and
submitting its targets to the Science
Based Targets initiative. We look
forward to having these targets
ratified in the coming year.”
Elaine Bailey
Chair of the Sustainability Committee
KEY ACHIEVEMENTS FOR 2024
• Approval of the submission of near-term and
net zero targets to the SBTi following the
development of a robust and verifiable carbon
reduction plan in line with SBTi criteria.
• Review of progress against 2024 sustainability
targets and setting of 2025 targets.
• Approval of the Group’s water strategy.
• Oversight and review of the Group’s climate-
related reporting and disclosures, and climate risk
scenario modelling for TCFD.
• Review of the Group’s environmental risks and
mitigating actions.
AREAS OF FOCUS FOR 2025
• Monitor progress against 2025 sustainability
targets and actions.
• Monitor the validation of targets submitted to the
SBTi and support the delivery of carbon reduction
initiatives.
• Review the need for a revised materiality
assessment.
• Determine the impact of implementing ISO
management systems.
MJ Gleeson plc Annual Report & Accounts 2024132
Sustainability Committee Report

Activities during the year
During the year, the Committee dealt with the following
key matters:
• Reviewing and recommending to the Board approval
of the submission of a robust and verifiable carbon
reduction plan that meets the SBTi criteria and
recommendations.
• Reviewing progress against 2024 sustainability
targets and actions.
• Agreeing new sustainability targets and actions
for 2025.
• Reviewing the Group’s environmental risk register.
• Conducting a sustainability deep dive for the Board.
• Reviewing sustainability related policies.
• Agreeing further steps for the Group in respect of:
– submitting near-term and net-zero targets across
scopes 1, 2 & 3 for validation by the SBTi;
– enhancing employee engagement;
– enhancing the customer experience;
– reviewing the Group’s new water strategy;
– agreeing a range of climate-related scenarios and
reviewing their impact on the Group; and
– reviewing climate-related disclosures in
accordance with the Task Force on Climate-
related Financial Disclosures (“TCFD”) and the
Sustainability Accounting Standards Board
(“SASB”).
Our aims
Our aim is to ensure that the Group continues to meet its
obligations and targets for sustainability, ensuring that
all material issues are identified, monitored and reported
on. The Group’s approach to sustainability is centred
around communities, people and the environment. The
Committee reviews all aspects of these areas, with a
particular focus on the environmental impact of the
Group’s activities.
The potential impacts of climate change affect not only
our business, but also the communities in which we build.
These impacts include both ‘transitional’ risks such as
changes to government policy and regulations, and the
physical impacts arising from changing weather, flooding
and water stress.
For these reasons we committed to setting Science
Based Targets, which sets our intention to reduce near-
term emissions by 2032, and to achieve net zero by
2050. These are supported by a plan to achieve these
reductions for scope 1, 2 and 3 emissions. Further details
on our carbon emissions and carbon reduction plans can
be found on pages 68 to 74.
We set sustainability targets and actions that can be
quantified and that are, ideally, within the tenure of
those who are measured against them. This enables
sustainability targets to be linked to performance and
remuneration effectively and drives purposeful outcomes,
which help to drive the business towards achieving its
sustainable business strategy.
We also consider wider environmental issues and
monitor environmental risks, both current and emerging,
and these are set out in our reporting under TCFD. We
seek to provide clarity and leadership in our reporting
on sustainability, sharing the Group’s targets and
performance, including where we have not achieved
targets and any areas for improvement. We believe that
our stakeholders value this honesty in our reporting.
MJ Gleeson plc Annual Report & Accounts 2024 133
Corporate Governance

Sustainability Committee activities in 2024
Activity Work carried out Outcome
Carbon emissions
The continuation of our scope 3 emissions evaluation
for embodied and in-use carbon has significantly
improved the accuracy of our carbon data and
understanding through the refresh of house types and
the accuracy of Environmental Product Declaration
(EPD) data through One Click LCA. Additionally,
limited assurance of our greenhouse gas emissions
(GHG) data has been obtained on both our baseline
and current year GHG emissions.
The Committee has continued to review the progress
made on our carbon emissions reduction plan and
the viability of achieving long-term carbon reduction
targets, which will be validated by the SBTi.
The detailed validation of
scope 3 emissions has enabled
us to more robustly develop
our medium and long-term
carbon reduction pathway.
Based on the projected plans,
the Committee recommended
to the Board to submit our
targets for validation by
the SBTi.
Sustainability
targets
The Committee received updates on progress against
the 2024 sustainability targets published in last
year’s Annual Report. The Committee challenged
where progress was falling short of the targets set
and the corrective actions being taken. Progress
against our published 2024 targets can be found on
pages 82 to 84.
The Committee reviewed and approved the targets
and actions for 2025. These can be found on page 85.
The Committee was satisfied
with progress against the
2024 targets with all four
overarching targets being met.
The Committee approved the
targets and actions proposed
for 2025.
Environmental risk
register
The Committee reviewed the environmental risk
register. This assesses both the inherent and mitigated
risks of the environmental issues relevant to the Group.
Group risks, including those related to climate change
and sustainability, informed by the environmental
risk register, are monitored by the Audit Committee
and the Board as set out in Risk Management on
pages 38 to 43.
The Committee and the Board
fully understand and manage
the balance of environmental
risks in the business.
Climate-related
disclosures
The Committee reviewed draft and final disclosures
for inclusion in this Annual Report and Accounts,
including those based on the recommendations of the
TCFD, which can be found on pages 86 to 93, and the
relevant SASB Industry Standards, which can be found
on pages 94 to 99.
The Committee approved the
disclosures for inclusion in this
Annual Report and Accounts.
Elaine Bailey
Chair of the Sustainability Committee
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024134
Sustainability Committee Report
CONTINUED

We remain committed to addressing
environmental, social and governance
matters, recognising the strategic benefits
of doing this, with sustainability a core
focus for the Board and wider business.
Our commitment to Science Based Targets
is a clear demonstration of our intention to
deliver positive action on decarbonisation
of our operations, supply chain and the
homes that we build.”
Toni, Petersmiths Park, Ollerton,
Nottinghamshire
Corporate Governance
MJ Gleeson plc Annual Report & Accounts 2024 135

Committee members
Nicola Bruce (Chair)
Elaine Bailey
Fiona Goldsmith
Dear shareholder,
I am pleased to present the Directors’
Remuneration Report for 2024, describing the
key decisions made on Directors’ remuneration
during the year and how we intend to apply the
Directors’ Remuneration Policy (the “Policy”)
during the year ending 30 June 2025.
We have no proposals to amend the Policy this
year, which was approved by shareholders at
the AGM on 18 November 2022 (with 97.53% of
votes cast in favour). A summary of the Policy is
set out on pages 139 to 141 and it can be found
in full in the 2022 Annual Report and Accounts,
which is available on the Company’s website
www.mjgleesonplc.com
Pay and performance
outcomesfor 2024
Results for the year
The Group has delivered results for the year in
line with market expectations. Gleeson Homes
completed the sale of 1,772 homes during
the year, as compared to 1,723 homes during
2023. Whilst gross margin reduced in the year
to 24.1%, this reduction was offset by savings
in administrative costs resulting in Gleeson
Homes’ operating profit of £30.3m. As reported
elsewhere, Gleeson Land sold four sites during
the year and ended the year with a portfolio of
71sites with the potential to deliver 16,911 plots
for housing development.
The Committee continued to apply
the Group’s Remuneration Policy as
intended during the year and will,
over the coming year, carry out a
robust review of this Policy to ensure
it continues to meet with stakeholder
expectations.”
Nicola Bruce
Chair of the Remuneration Committee
KEY ACHIEVEMENTS FOR 2024
• Reviewing, assessing and approving annual bonus
and LTIP outcomes for 2024.
• Approving salary increases for Executive
Directors and senior management for 2025.
• Approving performance targets for annual bonus
and LTIP awards for Executive Directors and
senior management for 2024.
• Reviewing proposals for workforce remuneration
in support of the Group’s ambitious growth
agenda.
AREAS OF FOCUS FOR 2025
• Setting targets for Executive remuneration that
align to the Group’s business strategy.
• Reviewing the Directors’ Remuneration Policy for
the purpose of setting a new policy for approval
by shareholders at the 2025 AGM.
• Engaging with shareholders on Executive
remuneration and Remuneration Policy
development.
• Reviewing wider workforce remuneration and
related policies.
MJ Gleeson plc Annual Report & Accounts 2024136
Remuneration Committee Report

Annual bonus
In line with our policy, Graham Prothero and Stefan
Allanson were awarded annual bonus opportunities of
150% and 125% of salary respectively for the year ended
30 June 2024. Their bonuses were based on Group profit
before tax with regard to 75% of the potential award, and
strategic performance for 25% of the potential award.
The Group achieved profit before tax (pre-exceptional
items) of £24.8m for the year ended 30 June 2024 which,
although in line with market expectations, was below the
threshold target and, hence, the profit-related element of
the bonus awards lapsed in full.
The Executive Directors’ strategic performance objectives
were based on specific and measurable targets relating
to customer satisfaction, increasing our forward order
book and Gleeson Land sites, and the submission of a
robust and verifiable carbon reduction plan meeting the
SBTi criteria and recommendations.
Based on performance against the strategic performance
objectives, Graham Prothero and Stefan Allanson each
earned a bonus equal to 15.5% of their maximum bonus
potential (equivalent to 23.3% of salary and 19.4% of
salary respectively). Full disclosure of performance
against their strategic objectives is set out on pages 143
to 144.
The Committee is conscious of the sensitivity of paying
bonuses when financial targets have not been achieved
and has reflected on this very carefully. In particular, the
Committee noted the importance of enhanced levels
of customer satisfaction as well as the significance of
having a verifiable carbon reduction plan for our external
stakeholders. The Committee considers that delivery of
these important objectives is integral to supporting our
growth ambitions. After careful reflection, the Committee
therefore concluded that the formulaic bonus outcome
of 15.5% of maximum is an appropriate reflection of the
commitment and performance of our Executive Directors
in challenging market conditions. No discretion was
applied to adjust the bonus outcomes either upwards or
downwards.
2021 LTIP
Stefan Allanson and James Thomson were each granted
an LTIP award in 2021 equal to 150% of salary. The
awards were subject to performance targets based
on EPS regarding 50% of the award and relative Total
Shareholder Return (“TSR”) for 50% of the award.
These awards will lapse in full based on performance
against the EPS and relative TSR targets. The Committee
determined that it was not appropriate to adjust the
formulaic vesting outcome for these awards in light of
the Group’s performance.
Reward for our employees
All of our employees contribute to the Group’s success
and, when making decisions in respect of the Executive
Directors, the Committee considers the reward
arrangements for, and views of, the wider workforce.
The Group was the first major housebuilder to be
accredited by the Living Wage foundation. Other
housebuilders have now followed our lead and the Group
believes that all employees in all sectors should be paid
the Real Living Wage or higher. The only exception is for
apprentices, where the Group continues to pay in line
with or above the Government’s guidelines.
With effect from 1 July 2024 an average salary increase of
3% was awarded to the wider workforce. Salary increases
were tapered with higher increases, in percentage salary
terms, awarded to lower paid employees.
We support employee share ownership and operate a
tax-efficient all employee Share Incentive Plan so that our
employees may share in the Group’s success.
We recognise the benefits of engagement with
our employees and our Non-Executive Workforce
Representative, Fiona Goldsmith, engages directly
with employees on a range of topics of interest to
them including Directors’ remuneration. Workforce
engagement activities during the year included site
and office visits, reviewing the results of the Group’s
employee engagement survey and discussions with
senior management and staff on business performance
and matters of concern.
Gender pay reporting
The Group’s median ‘gender role gap’ is 7.6% in favour of
men, versus the 2023 national median of 7.7% in favour of
men. Whilst the legislation describes this as a ‘gender pay
gap’, the Group unequivocally has an equal pay policy
and pays men and women who occupy the same role,
the same.
The gap arises as a result, therefore, of men and women
occupying different roles in the business, which leads to
a gap between the median paid male versus the median
paid female. This is in no way indicative of an imbalance
or unequal pay and the Group continues to develop and
encourage more women into the industry including into
more senior roles. We welcomed Samantha Knight to the
role of Group HR Director in February 2024. Samantha
has worked in the construction industry for 17years and
throughout that time has championed diversity and
inclusion within the sector, including mentoring many
women to progress their careers.
Details of our equal pay policy and further details on our
gender pay report, are set out in the Group’s Gender Pay
Report, which can be found at www.mjgleesonplc.com
MJ Gleeson plc Annual Report & Accounts 2024 137
Corporate Governance

Remuneration in 2025
An overview of how we intend to apply the Directors’
Remuneration Policy during the year ending 30 June
2025 is set out on page 141.
Review of annual bonus
performancemetrics
In accordance with our Remuneration Policy, we will
continue to reflect the importance of financial performance
in the 2025 bonus metrics with 75% of the annual award to
be based on Group profit before tax and the remaining 25%
of the award based on strategic objectives.
Building on the 2024 strategic objectives, we will again
allocate 10% of the award to achieving a 5-star customer
satisfaction score for Gleeson Homes. Crucial to our growth
agenda, in 2025 we will allocate 10% of the award to the
number of sales sites opened in the year. Finally, we will
extend our commitment to our environmental performance,
by allocating 5% of the award to achieving validation of our
near-term and net zero targets by the SBTi.
In summary, the relative weightings for the 2025 annual
bonus plan are as follows:
• Group profit before tax (75%);
• Improving customer satisfaction (10%);
• Sales site openings (10%); and
• Environmental targets (5%).
Furthermore, the Committee will explicitly consider a
reduction in the bonus outcome if health and safety
standards have been unsatisfactory in the year or if there
has been a major safety failure. This includes where
there has been a material deterioration in the Group’s
Reportable Incident Rate, taking into account prior year
performance and industry average.
The Committee considers that the approach to 2025
performance metrics is appropriate, noting that:
• A significant proportion (75%) of the award continues
to be based on stretching Group profit before tax
performance targets.
• Our strategic targets, which underpin our growth and
sustainability objectives, will be specific, measurable
and sufficiently stretching such that Executive
Directors are appropriately incentivised and rewarded
for delivering key strategic priorities during 2025.
• Health and safety performance will explicitly be
considered by the Committee when determining the
final bonus outcome.
The Group profit before tax and strategic performance
targets are considered commercially sensitive and will
be fully disclosed in next year’s Directors’ Remuneration
Report.
Remuneration Policy review
The current Remuneration Policy was approved by
shareholders at the AGM on 18 November 2022 and
is now approaching the end of its three year term.
During the coming year, the Committee will conduct
a comprehensive review of the Policy and incentive
arrangements to ensure these remain closely aligned
with the Group’s strategy, values and culture. The
Committee will seek consultation with the Group’s major
shareholders on any proposed material changes.
Conclusion
I trust the information presented in this report enables
our shareholders to understand both how we have
operated our Directors’ Remuneration Policy during the
year and our rationale for decision making. We believe
that the Policy operated as intended and consider that
the remuneration received by the Executive Directors
during the year was appropriate taking into account
Group and personal performance, and the experience of
all stakeholders. The Remuneration Committee did not
apply any discretion to the Executive Directors’ reward
outcomes in respect of the year ended 30 June 2024.
I will be available at the AGM to respond to any questions
and discuss any aspects of the Annual Report on
Remuneration or the Committee’s activities.
Nicola Bruce
Chair of the Remuneration Committee
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024138
Remuneration Committee Report
CONTINUED

Executive Directors
Set out below is a summary of the key elements of the Remuneration Policy for Executive Directors, together with how
the Policy is intended to be implemented for the year ending 30 June 2025.
Key features
Implementation for year
ending 30 June 2025
Base salary
Normally reviewed annually taking into
account a number of factors including (but not
limited to):
• Personal performance
• Group performance
• Inflation and earnings forecasts
• State of the marketplace generally
• Pay and conditions elsewhere in the Group
The Executive Directors were each awarded
a 2% salary increase with effect from 1 July
2024. This compares to an average salary
increase of 3% for the wider workforce.
Salary from 1 July 2024:
• Graham Prothero: £567,324
• Stefan Allanson: £352,781
Benefits
Provision of cash benefits and benefits in kind
including (but not limited to):
• Company car or cash equivalent
• Private fuel
• Private medical insurance – family cover
• Life insurance
• Permanent health insurance
• Annual health check
In line with benefits provided in the year
ended 30 June 2024.
Pension
Contribution to the Group’s defined pension
scheme, personal pension arrangements for the
Executive Director or cash alternative.
The maximum contribution or pension
allowance is aligned with the level available to
the majority of the wider workforce (currently
6.5% of salary).
Pension contribution or cash pension
allowance equal to 6.5% of salary for both
Graham Prothero and Stefan Allanson.
MJ Gleeson plc Annual Report & Accounts 2024 139
Corporate Governance
Implementation of the Remuneration Policy
for the year ending 30 June 2025

Key features
Implementation for year
ending 30 June 2025
Annual bonus
Maximum opportunity of up to 150% of salary in
respect of a financial year.
Performance metrics are determined
annually, reflecting the Group’s strategy and
key performance indicators. A minimum of
50% of the bonus will be based on financial
performance metrics.
The Committee has the discretion to override
the formulaic outturn of the bonus to determine
the appropriate vesting level where it believes
the outcome is not truly reflective of underlying
performance during the performance period
and to ensure fairness to both shareholders and
the Executive Directors.
Executive Directors are required to defer one-
third of any bonus earned into shares for a
two-year period.
Malus and clawback provisions apply.
The maximum opportunity for Graham
Prothero and Stefan Allanson will be 150% of
salary and 125% of salary, respectively.
75% of the award will be based on PBT
performance, 10% based on customer
experience, 10% based on sales site
openings and 5% based on validation by
the SBTi of a robust and verifiable carbon
reduction plan by 30 June 2025.
The Committee will explicitly consider
a reduction in the bonus outcome if
health and safety standards have been
unsatisfactory in the year or if there
has been a major safety failure. This
includes where there has been a material
deterioration in the Group’s Reportable
Incident Rate, taking into account prior year
performance and industry average.
Performance targets are considered
commercially sensitive and will be
fully disclosed in next year’s Directors’
Remuneration Report.
LTIP
Normal maximum LTIP opportunity of up to
150% of salary in respect of a financial year.
Performance metrics are determined annually,
reflecting the Group’s strategy and key
performance indicators.
The Committee has the discretion to override
the formulaic outturn of the LTIP to determine
the appropriate vesting level where it believes
the outcome is not truly reflective of underlying
performance during the performance period
and to ensure fairness to both shareholders and
the Executive Directors.
Awards will be subject to a two-year holding
period following the end of the performance
period.
Malus and clawback provisions apply.
The maximum opportunity for both Graham
Prothero and Stefan Allanson will be 150%
of salary.
50% of the award will be based on EPS
performance and 50% will be based on
relative TSR performance measured over
a period of three financial years ending
30June 2027.
Details of the EPS and relative TSR
performance targets are set out below.
MJ Gleeson plc Annual Report & Accounts 2024140
Implementation of the Remuneration Policy
for the year ending 30 June 2025 CONTINUED

2024 LTIP awards
The targets for the 2024 LTIP awards are set out below. The EPS targets have been set taking into account our
ambitious internal plan alongside relevant external benchmarks. The Committee considers that the targets are
appropriately stretching against these reference points, and balance the need to set challenging targets whilst
motivating our Executive Directors to deliver long-term sustained performance in difficult economic conditions.
Threshold (20%) of
award vests
Maximum (100%) of
award vests
2
EPS for the year ending 30 June 2027 45.0 pence 59.5 pence
Relative TSR
1
Median Upper quartile
1
To be compared against a group of listed housebuilders comprising Barratt, Bellway, Berkeley, Crest Nicholson, Persimmon, Springfield
Properties, Taylor Wimpey and Vistry Group. Should a housebuilder be removed from the comparator group as a result of ceasing to be
listed or otherwise, then such housebuilder may be replaced by another housebuilder, or the basis for measuring TSR may change from a
housebuilder comparator group to a broader pan-sectoral comparator group.
2
Straight-line vesting between threshold and maximum performance.
The Committee has discretion to amend the vesting outcome where it considers that it is not a fair reflection of
business performance. In particular, the Committee will consider whether there have been any “windfall gains” when
determining the vesting outcome, taking into account a number of factors, including:
• share price performance over the performance period on an absolute basis and relative basis against peer
companies;
• underlying financial performance of the Group during the performance period; and
• the impact of any significant events during the performance period on the Group’s share price or market as
a whole.
Non-Executive Directors
Set out below is a summary of the key elements of the Remuneration Policy for Non-Executive Directors, together
with how the Policy is intended to be implemented for the year ending 30 June 2025.
Key features
Implementation for year
ending 30 June 2025
Fees and benefits
Fees may include a basic fee and additional
fees for further responsibilities (e.g. chairing
Board Committees or acting as Senior
Independent Director).
Non-Executive Directors may be eligible to
receive benefits linked to the performance
of their duties, including, but not limited
to, the use of secretarial support and
travel costs.
The Chairman’s fee increased by 2% with
effect from 1 July 2024. His fee from
that date is £153,000 which is inclusive
of a £10,500 fee for him chairing the
Nomination Committee.
The basic fee for the Non-Executive
Directors increased by 2% with effect
from 1 July 2024. There was no increase
to the additional fees for chairing Board
Committees and the Senior Independent
Director. The Non-Executive Director fees
effective from 1 July 2024 are therefore
as follows:
• Basic fee: £53,055
• Additional fee for Chairing a Board
Committee: £10,500
• Additional fee for the Senior
Independent Director: £10,000
MJ Gleeson plc Annual Report & Accounts 2024 141
Corporate Governance

The Remuneration Committee’s Annual Report on Remuneration for the year
ended 30 June 2024 is set out below.
The auditors are required to report on the following information, up to, and including, the Directors’ shareholdings and
share interests on page 146.
Single total figure of remuneration for each Director for the years ended
30 June 2024 and 30 June 2023 (audited)
2024 2023
Fixed pay Variable pay Fixed pay Variable pay
Salary
& fees
£000
Benefits
£000
Pension
£000
Subtotal
£000
Annual
bonus
£000
Value
of LTIP
awards
£000
Subtotal
£000
Total
£000
Salary
& fees
£000
Benefits
£000
Pension
£000
Subtotal
£000
Annual
bonus
£000
Value
of LTIP
awards
£000
Subtotal
£000
Total
£000
Chairman
James
Thomson
1
150 – – 150 – – – 150 75 – – 75 – – – 75
Dermot
Gleeson
2
– – – – – – – – 64 1 – 65 – – – 65
Executive Directors
Graham
Prothero
3
556 18 36 610 129 – 129 739 270 32 18 320 102 – 102 422
Stefan
Allanson 346 20 22 388 67 – 67 455 336 19 22 377 15 – 15 392
James
Thomson
1
– – – – – – – – 257 14 17 288 15 – 15 303
Non-Executive Directors
Elaine
Bailey 63 – – 63 – – – 63 69 – – 69 – – – 69
Nicola
Bruce
4
63 – – 63 – – – 63 17 – – 17 – – – 17
Fiona
Goldsmith 73 – – 73 – – – 73 71 – – 71 – – – 71
Christopher
Mills 52 – – 52 – – – 52 50 – – 50 – – – 50
Total 1,303 38 58 1,399 196 – 196 1,595 1,209 66 57 1,332 132 – 132 1,464
1
James Thomson stepped down as Chief Executive Officer on 31 December 2022 and was appointed as Non-Executive Chairman on
1January 2023.
2
Dermot Gleeson stepped down as Non-Executive Chairman on 31 December 2022.
3
Graham Prothero was appointed as Chief Executive Officer on 1 January 2023.
4
Nicola Bruce was appointed to the Board on 24 March 2023.
MJ Gleeson plc Annual Report & Accounts 2024142
Annual Report on Remuneration

Notes to the single total figure of remuneration (audited)
Salary and fees
Details of annual salaries for Executive Directors for the years ended 30 June 2024 and 30 June 2023 are set
out below.
Salary from
1 July 2023
£
Salary from
1 January 2023
£
Salary from
1 July 2022
£
Graham Prothero 556,200 540,000 –
Stefan Allanson 345,865 335,790 335,790
James Thomson – – 512,500
Details of fees for Non-Executive Directors for the years ended 30 June 2024 and 30 June 2023 are set out below.
Fees from
1 July 2023
£
Fees from
1 January 2023
£
Fees from
1 July 2022
£
Chairman 150,000
1
150,000
1
128,000
Non-Executive Director fee 52,015 50,500 50,500
Fee for chairing a Committee 10,500 10,500 10,500
Fee for Senior Independent Director 10,000 10,000 10,000
1
Includes a fee of £10,500 for chairing the Nomination Committee.
Taxable benefits provided to Executive Directors
The main benefits available to the Executive Directors during the year ended 30 June 2024 (and their associated
values) were: car allowance of £13,000 for Graham Prothero, £13,000 for Stefan Allanson; car fuel of £2,000 for
Graham Prothero and £4,000 for Stefan Allanson; private medical insurance of £2,000 for Graham Prothero and
£2,000 for Stefan Allanson; and matching shares granted under the HMRC tax-qualifying all-employee scheme of
£600 for Graham Prothero and £600 for Stefan Allanson.
Pension
During the year ended 30 June 2024, the Executive Directors received cash in lieu of pension contributions of 6.5% of
salary. This is aligned to the level available to the majority of the wider workforce.
Determination of annual bonus
Graham Prothero was awarded a maximum bonus opportunity of 150% of salary and Stefan Allanson was awarded a
maximum bonus opportunity of 125% of salary. Their bonuses were based on Group profit before tax for 75% of the
award and performance against strategic targets for 25% of the award.
Profit performance
The Group achieved profit before tax (pre-exceptional items) of £24.8m for the year ended 30 June 2024. This was
below the threshold target and the profit-related element of the bonus award lapsed in full.
Target
Profit
measure
£m
Bonus achievable
as percentage of
maximum
1
Threshold 32.96 20%
Target 34.69 50%
Maximum 36.48 100%
1
Straight-line vesting between points.
MJ Gleeson plc Annual Report & Accounts 2024 143
Corporate Governance

Strategic performance
Performance against the strategic objectives for the year ended 30 June 2024 is detailed below.
Objective Performance Weighting Outcome
Customer experience
Every Gleeson Homes region to achieve scores
of at least 90% from customer surveys, which is
equivalent to a 5-star rating, as measured by an
independent survey company.
Achieved over 90% in every
Gleeson Homes region
10% 10%
Increasing forward order book and
Gleeson Land sites
Target ranges for Gleeson Homes forward order
book and for forecast profit on Gleeson Land
sites having a resolution to grant or with planning
consent as at 30 June 2024 together with Gleeson
Land securing six new land promotion/option
agreements in 2024.
Achieved 5% of the target 10% 0.5%
Sustainability/Environmental
Submission of a robust and verifiable science-
based carbon reduction plan by 30 June 2024
that, in the professional opinion of our carbon
reduction advisers, meets the SBTi criteria and
recommendations and should therefore achieve
validation by SBTi.
A carbon reduction plan that,
in the professional opinion of
the Group’s third party advisers
meets the SBTi criteria and
recommendations, was submitted
prior to 30 June 2024.
5% 5%
Total
25% 15.5%
The Committee is conscious of the sensitivity of paying bonuses when financial targets have not been achieved and
has reflected on this very carefully. In particular, the Committee noted the importance of enhanced levels of customer
satisfaction as well as the significance of having a verifiable carbon reduction plan for our external stakeholders. The
Committee considers that the delivery of these important objectives is integral to supporting our growth ambitions.
After careful reflection, the Committee therefore concluded that the formulaic bonus outcome of 15.5% of maximum
is an appropriate reflection of the commitment and performance of the Executive Directors in challenging market
conditions and no discretion was applied either upwards or downwards.
Bonus outcome
The total bonus outcome for each Executive Director is therefore:
Bonus payable
% maximum £000
Graham Prothero 15.5% 129
Stefan Allanson 15.5% 67
In accordance with the Remuneration Policy, one-third of the bonus payable is deferred into shares for two years.
MJ Gleeson plc Annual Report & Accounts 2024144
Annual Report on Remuneration
CONTINUED

2021 LTIP
The 2021 LTIP awards were subject to performance targets based on EPS (as regards 50% of the award) and relative
TSR (as regards 50% of the award).
Details of the performance targets and performance outcome are set out in the table below.
Three-year performance period ended 30 June 2024
EPS for the year
ended 30 June 2024 Relative TSR
1
Total
Threshold – 20% vesting 82.0 pence Median 20%
Maximum – 100% vesting 93.0 pence Upper quartile 100%
Actual performance 33.1 pence Below median
Outcome 0% vesting 0% vesting
Total vesting outcome 0% vesting
1
Compared against a group of listed housebuilders comprising Barratt Developments, Bellway, Berkeley, Crest Nicholson, Galliford Try,
Persimmon, Redrow, Taylor Wimpey and Vistry Group.
The Committee considered and determined that it was not appropriate to apply discretion to adjust the formulaic
vesting outcome for the Executive Directors’ 2021 LTIP awards.
LTIP awards granted in the year ended 30 June 2024 (audited)
LTIP awards equal to 150% of salary were granted to both Graham Prothero and Stefan Allanson on
25September 2023.
The awards are based on the achievement of EPS performance (as regards 50% of the awards) and relative TSR
performance (as regards 50% of the awards) measured over a period of three financial years ending 30 June 2026.
Following the end of the performance period, the Committee will determine whether the performance targets have
been satisfied. Eligible awards will vest following a two-year holding period after the end of the performance period.
The Committee has discretion to amend the vesting outcome where it considers that it is not a fair reflection of
business performance. In particular, the Committee will consider whether there have been any ‘windfall gains’ when
determining the vesting outcome taking into account a number of factors, including:
• share price performance over the performance period on an absolute basis and relative basis against peer companies;
• underlying financial performance of the Group during the performance period; and
• the impact of any significant events during the performance period on the Group’s share price or market as
a whole.
Details of the awards are as follows:
Director
Number of
shares granted
Face value at grant
£000
Graham Prothero 195,845 834
1
Stefan Allanson 121,783 519
1
1
Calculated based on the mid-market closing share price as at the date preceding the date of grant (22 September 2023: £4.26).
Threshold
(20%) of award
vests
Maximum (100%) of
award vests
2
EPS for the year ending 30 June 2026 61.5p 70p
Relative TSR
1
Median Upper quartile
1
To be compared against a group of listed housebuilders comprising Barratt Developments, Bellway, Berkeley, Crest Nicholson, Persimmon,
Redrow, Taylor Wimpey and Vistry Group.
2
Straight-line vesting between threshold and maximum performance.
Payment made to former Directors and payments for loss of office (audited)
No payments were made to former Directors and no payments for loss of office were made during the year ended
30June 2024.
MJ Gleeson plc Annual Report & Accounts 2024 145
Corporate Governance

Directors’ shareholdings and share interests (audited)
Shareholding guideline
The Group operates within-employment and post-employment shareholding guidelines for the Executive Directors.
The within-employment shareholding guideline requires Executive Directors to build up and retain a holding in shares
equivalent to 200% of salary. As at 30 June 2024, Graham Prothero and Stefan Allanson held shares equivalent to
58.7% of salary and 265.2% of salary respectively (calculated using the mid-market closing share price on 30 June
2024 of £5.15). The Executive Directors will continue to build up their shareholdings through shares acquired under
vested deferred bonus awards and LTIP awards and through the purchase of shares.
Share interests
The interests of the Directors serving during the year, and of their connected persons in the ordinary share capital of
the Company as at 30 June 2024 (or the date that they stepped down from the Board if earlier), are as shown below:
Director Scheme
Owned
outright
Unvested
and
subject to
performance
Unvested
and not
subject to
performance
Vested and
exercised
Total as at
30 June 2024
Chairman
James Thomson
1
Shares 76,924 – – – 76,924
LTIP 2019
3
– – 25,733 – 25,733
LTIP 2021
4
– 94,441 – – 94,441
Deferred bonus
share award 2022 – – 35,195 – 35,195
Deferred bonus
share award 2023 – – 1,224 – 1,224
Executive Directors
Graham Prothero Shares 58,520 – 142
2
– 58,662
LTIP 2022 – 296,053 – – 296,053
LTIP 2023 – 195,845 – 195,845
Deferred bonus
share award 2023 8,550 – 8,550
Stefan Allanson Shares 157,110 – 344
2
– 157,454
LTIP 2019
3
– – 16,211 – 16,211
LTIP 2021
4
– 59,498 – – 59,498
LTIP 2022 – 127,839 – – 127,839
LTIP 2023 – 121,783 – – 121,783
Deferred bonus
share
award 2022 – – 21,488 – 21,488
Deferred bonus
share award 2023 1,296 1,296
Non-Executive Directors
Elaine Bailey Shares – – – – –
Nicola Bruce Shares 2,018 – – – 2,018
Fiona Goldsmith Shares 32,000 – – – 32,000
Christopher Mills
5
Shares 6,555,000 – – – 6,555,000
1
James Thomson stepped down as Chief Executive Officer on 31 December 2022 and was appointed as Non-Executive Chairman on 1 January
2023. His LTIP awards continued to vest in accordance with their normal vesting timetable, subject to the achievement of the relevant
performance metrics, and be prorated for time served as Chief Executive Officer during the relevant vesting periods.
2
Matching shares granted under the HMRC tax-qualifying all-employee scheme that have not yet vested.
3
In July 2022, the Committee approved that 27.4% of the 2019 LTIP awards will vest following Committee assessment of the outcome of the
performance targets. The 2019 LTIP awards will ordinarily vest and become capable of exercise following the end of the two year holding
period in September 2024.
4
The 2021 LTIP awards have lapsed in full following the Committee’s assessment of the outcome of the performance targets.
5
Shares are held by funds managed by Harwood Capital LLP of which Christopher Mills is a Member/Director.
MJ Gleeson plc Annual Report & Accounts 2024146
Annual Report on Remuneration
CONTINUED

As at the date of this report the total interests held by James Thomson were 76,924 shares, Graham Prothero were
58,769 shares, Stefan Allanson were 157,561 shares, Christopher Mills were 6,355,000 shares, Fiona Goldsmith were
32,000 shares and Nicola Bruce 2,018 shares. The Company has not been advised of any other changes to the
interests of Directors and their connected persons to those set out in the table above.
LTIP awards
Additional details of the outstanding LTIP awards held by Executive Directors serving during the year are set
out below.
Executive Director Scheme
30 June
2023
Granted
during
year
Vested and
exercised
during year
Lapsed
during
year
Share
price at
grant
date
Total interests
outstanding
at 30 June
2024
End of
performance
period
Graham Prothero LTIP 2022 296,053 – – £4.56 296,053 30/06/25
LTIP 2023 – 195,845 £4.26 195,845 30/06/26
Stefan Allanson LTIP 2019
1
16,211 – – – £8.00 16,211 30/06/22
LTIP 2020
2
76,704 – – 76,704 £6.16 – 30/06/23
LTIP 2021
3
59,498 – – – £8.14 59,498 30/06/24
LTIP 2022 127,839 – – – £3.94 127,839 30/06/25
LTIP 2023 – 121,783 – – £4.26 121,783 30/06/26
James Thomson LTIP 2019
1
25,733 – – – £8.00 25,733 30/06/22
LTIP 2020
2
121,753 – – 121,753 £6.16 - 30/06/23
LTIP 2021
3
94,441 – – – £8.14 94,441 30/06/24
1
In July 2022, the Committee approved that 27.4% of the 2019 LTIP awards will vest following Committee assessment of the outcome of the
performance targets. The 2019 LTIP awards will ordinarily vest and become capable of exercise following the end of the two-year holding
period in September 2024.
2
The 2020 LTIP awards lapsed in full following the Committee’s assessment of the outcome of the performance targets.
3
The 2021 LTIP awards have lapsed in full following the Committee’s assessment of the outcome of the performance targets.
MJ Gleeson plc Annual Report & Accounts 2024 147
Corporate Governance

TSR performance
We have compared the Company’s TSR performance over the last ten years with the TSR for the FTSE SmallCap
Index, of which the Company is a member, and a comparator index of listed housebuilders. The peer group consists
of a group of listed housebuilders comprising Barratt Developments, Bellway, Berkeley, Crest Nicholson, Persimmon,
Redrow, Taylor Wimpey and Vistry Group.
MJ Gleeson plc TSR comparison to index and peer group 1 July 2014 to 30 June 2024:
Jul 14 Jul 23Jul 22Jul 21Jul 20Jul 19Jul 18Jul 17Jul 16Jul 15
Jul 24
0
50
100
150
200
250
300
350
MJ Gleeson plc Housebuilders FTSE SmallCap
Chief Executive Officer’s remuneration 2015 to 2024
Year Chief Executive Officer
Single figure
of total
remuneration
£000
Annual bonus
paid against
maximum
opportunity
LTIP awards
vesting against
maximum
opportunity
2024 Graham Prothero 739 15.5% n/a
2023 Graham Prothero (appointed 1 January 2023) 422 25.1% n/a
2023 James Thomson (stepped down 31 December 2022) 303 3.7% n/a
2022 James Thomson 1,292 89% 27%
2021 James Thomson 1,173 99% n/a
2020 James Thomson 769 45% n/a
2019 James Thomson (appointed 10 June 2019) 31 – n/a
2019 Jolyon Harrison (stepped down 10 June 2019) 2,482 – 100%
2018 Jolyon Harrison 3,056 100% 100%
2017 Jolyon Harrison 2,816 100% 100%
2016 Jolyon Harrison 873 100% n/a
2015 Jolyon Harrison 2,917 100% 100%
MJ Gleeson plc Annual Report & Accounts 2024148
Annual Report on Remuneration
CONTINUED

Annual percentage change in remuneration of Directors and employees
The table below sets out the annual percentage change in each of the Directors’ remuneration compared to the
average employee remuneration.
2023 to 2024 2022 to 2023 2021 to 2022 2020 to 2021
Salary &
fees Benefits Bonus
Salary &
fees Benefits Bonus
Salary &
fees Benefits Bonus
Salary &
fees
1
Benefits Bonus
Chairman
James
Thomson
2
- n/a n/a n/a – – – – – – – –
Dermot
Gleeson
3
n/a n/a n/a n/a – – 2.4% – – 7.6% (9.1%) –
Executive Directors
Graham
Prothero
4
3.0% (43.8%) 26.5% n/a n/a n/a – – – – – –
Stefan
Allanson
5
3.0% 5.3% 346.7% 4% 5.6% (95.7%) 2.5% 5.9% (8.4%) 7.6% (4.9%) n/a
James
Thomson
2
n/a n/a n/a n/a n/a n/a 2.5% 9.5% (7.9%) 9.1% (11.5%) 142.6%
Non-Executive Directors
Elaine
Bailey
6
(9.0%) - - 11.0% – – n/a – – n/a – –
Nicola
Bruce
7
275.3% - - n/a – – – – – – – –
Fiona
Goldsmith
8
2.1% - - 20.3% – – 2.2% – – n/a – –
Christopher
Mills 3.0% - - 4.1% – – 2.6% – – 7.6% – –
Average
employee
9
4.1% 8.1% (6.8%) 5.1% 15.5% (53.7%) 4.1% 12.2% 0.2% 2.2% 9.3% 49.9%
1
The Board agreed to a 30% reduction in salary and fees for the period 6 April 2020 to 30 June 2020 in response to the Covid-19 pandemic.
As such, the table above shows an increase in salaries and fees between years ended 30 June 2020 and 30 June 2021. With the exception of
James Thomson, there were no increases to salaries or fees during the years ended 30 June 2020 and 30 June 2021.
2
James Thomson was appointed as Chief Executive Officer on 10 June 2019. He then stepped down as Chief Executive Officer on 31 December
2022 and was appointed as Non-Executive Chairman on 1 January 2023. Therefore, the percentage change in remuneration for 2022 to 2023
is not applicable.
3
Dermot Gleeson stepped down as Non-Executive Chairman on 31 December 2022 and therefore the percentage change in remuneration for
2022 to 2023 and 2023 to 2024 is not applicable.
4
Graham Prothero was appointed as Chief Executive Officer on 1 January 2023 and therefore the percentage change in remuneration for 2022
to 2023 and 2023 is not applicable. The decrease in benefits relates to one-off relocation costs in the year of joining.
5
Stefan Allanson did not receive a bonus in respect of the year ended 30 June 2020.
6
Elaine Bailey was appointed to the Board on 1 March 2021 and therefore the percentage change in remuneration for 2020 to 2021 and 2021 to
2022 is not applicable. The increase in 2023 was in respect of additional committee chair responsibilities.
7
Nicola Bruce was appointed to the Board on 24 March 2023 and therefore the percentage change in remuneration for 2022 to 2023 is not
applicable.
8
Fiona Goldsmith was appointed to the Board on 1 October 2019 and therefore the annual percentage change in remuneration for 2020 to
2021 is not applicable. The increase in 2023 was in respect of additional responsibilities as Senior Independent Director.
9
The annual percentage change of the average remuneration of the Group’s salaried employees, calculated on a full-time equivalent basis.
MJ Gleeson plc Annual Report & Accounts 2024 149
Corporate Governance

Chief Executive Officer pay ratio
The table below sets out the Chief Executive Officer’s total remuneration as a ratio against the full-time equivalent
remuneration of the 25th, 50th (median) and 75th percentile employees.
Year Method
25th percentile
pay ratio
Median pay
ratio
75th percentile
pay ratio
2024 Option B 27:1 16:1 8:1
2023 Option B 29:1 15:1 11:1
2022 Option B 44:1 37:1 20:1
2021 Option B 64:1 40:1 17:1
2020 Option B 28:1 20:1 12:1
Option B methodology was selected on the basis that it is an efficient and robust approach. The remuneration
figures for the employee at each quartile were determined as at the final day of the relevant financial year. Sensitivity
analysis has been performed around the 25th, 50th and 75th percentile employees to ensure that they are reasonably
representative, including reviewing the employees either side of the identified individuals to ensure their full year’s
remuneration is reasonable. No assumptions or estimates were used and no adjustments to pay were made.
A substantial proportion of the Chief Executive Officer’s total remuneration is performance related and delivered in
shares. The ratios will therefore depend significantly on the Chief Executive Officer’s annual bonus and LTIP outcomes
and may fluctuate year to year.
The pay ratios for the 25th and 75th percentiles have decreased this year as a result of employee pay increases being
above the rate of increase for the Chief Executive Officer. The median pay ratio has, however, increased as a result of a
reduction in bonus and benefits for the median employee this year versus the previous year.
The Board believes that the median pay ratio is consistent with the Group’s wider policies on employee pay, reward
and progression. The Committee has reviewed the remuneration policies and practices for the wider workforce in
conjunction with considering how the Remuneration Policy should be implemented. The Committee is satisfied that
there is a good level of alignment in relation to pay policies throughout the Group and that the median pay ratio is
consistent with the Group’s wider policies on employee pay, reward and progression.
Total pay and benefits used to calculate the ratios
The table below shows the employee percentile pay and benefits used to determine the above pay ratios and the
salary component for each figure.
£000
Chief
Executive
Officer
1
25th
percentile Median
75th
percentile
2024
Total pay and benefits
2
739 27 45 90
Salary component 556 25 34 65
2023
Total pay and benefits
2
725 25 50 65
Salary component 527 23 33 50
2022
Total pay and benefits
2
1,292 29 35 65
Salary component 513 25 33 50
2021
Total pay and benefits
2
1,173 18 30 68
Salary component 500 18 25 60
1
The Chief Executive Officer’s remuneration is the total single figure remuneration for the relevant financial year as disclosed on page 142. For
2023, this is the aggregate of Graham Prothero’s and James Thomson’s single figure remuneration.
2
The employee percentile pay and benefits have been calculated based on the amount paid or receivable for the financial year. The
calculations are on the same basis as required for the Chief Executive Officer’s remuneration for total single figure purposes.
MJ Gleeson plc Annual Report & Accounts 2024150
Annual Report on Remuneration
CONTINUED

Relative importance of spend on pay
Set out below is the amount spent on remuneration for all employees of the Group (including the Executive Directors)
and the total amounts paid in distributions to shareholders over the year.
2024
£m
2023
£m
Difference
in spend
£m
Difference as
percentage
Remuneration for all employees 47.4 49.5 (2.1) (4.2%)
Total distributions paid 7.6 9.9 (2.3) (23.2%)
Terms of engagement
The Chief Executive Officer’s service agreement is on a rolling basis and requires 12 months’ notice of termination
on either side. The Chief Financial Officer’s service agreement is on a rolling basis and requires six months’ notice of
termination from the Chief Financial Officer and 12 months’ notice of termination from the Company. The dates of the
Executive Directors’ service agreements are as follows:
Date of service
agreement
Graham Prothero 27 April 2022
Stefan Allanson 29 June 2015
All Non-Executive Directors are engaged for an initial period of three years, which, thereafter, may be extended on an
annual basis, subject to re-election at each AGM. The appointment of the Chairman may be terminated by either side
on three months’ notice and the appointment of the other Non-Executive Directors may be terminated on either side
on one month’s notice. The dates of each Non-Executive Director’s original appointment are as follows:
Date of original
appointment
Expiry of current
term
1
James Thomson 1 January 2023 31 December 2025
Nicola Bruce 24 March 2023 23 March 2026
Elaine Bailey 1 March 2021 28 February 2025
Fiona Goldsmith 1 October 2019 30 September 2024
Christopher Mills 1 January 2009 30 September 2024
1
Subject to re-election at the 2024 AGM.
The Remuneration Committee
The Committee comprises Nicola Bruce as Chair, Elaine Bailey and Fiona Goldsmith, each of whom are independent
and have no day-to-day involvement in running the business. Potential conflicts which arise from cross-directorships
are managed by the Company Secretary and the Board.
Biographical details of the Committee members are shown on pages 112 to 113, and details of their attendance at
scheduled meetings of the Committee during the year ended 30 June 2024 are shown on page 116.
Role and responsibilities of the Remuneration Committee
The Committee’s primary purpose is to make recommendations to the Board on the Group’s framework for Executive
Directors and senior management remuneration. The Board has also delegated responsibility to the Committee for
determining the remuneration, benefits and contractual arrangements of the Chairman and the Executive Directors.
No individual is involved in deciding their own remuneration.
MJ Gleeson plc Annual Report & Accounts 2024 151
Corporate Governance

The Committee has written terms of reference available
on the Company’s website, www.mjgleesonplc.com, and
its responsibilities include:
• recommending to the Board the policy for Executive
Directors and senior management remuneration;
• agreeing the remuneration of the Chairman of
the Board;
• agreeing the terms and conditions of employment
for Executive Directors, including their annual
remuneration and pension arrangements, and
reviewing such provisions for senior management;
• agreeing the measures and targets for any
performance-related bonus and share schemes;
• ensuring that, on termination, contractual terms and
payments made are fair both to the Company and the
individual so that failure is not rewarded;
• engaging with shareholders on Executive Directors
and senior management remuneration;
• reviewing wider workforce remuneration and related
policies; and
• agreeing the terms of reference of any remuneration
consultants that it appoints.
Activities during the year
The Committee met on eight occasions during the year,
five of which were scheduled meetings. Papers were
circulated in advance of each meeting for all matters
considered. The main activities undertaken by the
Committee during the year included:
• reviewing the fee for James Thomson as Non-
Executive Chairman;
• approving performance targets for annual bonus and
LTIP awards for the Executive Directors and senior
management for the year ended 30 June 2024;
• approving the annual bonus and LTIP outcomes of the
Executive Directors and senior management for the
year ended 30 June 2024 and assessing the fairness
of these outcomes;
• approving salary increases for the Executive Directors
and senior management with effect from 1 July 2024;
• reviewing potential performance metrics and targets
for annual bonus and LTIP awards for the Executive
Directors and senior management to be granted in
respect of the year ending 30 June 2025; and
• reviewing the results of external benchmarking for key
roles, and proposals for staff pay and bonuses.
How the Committee addressed the factors in Provision 40 of the 2018 UK
Corporate Governance Code when determining the Policy
Our Directors’ Remuneration Policy is designed to support an effective pay-for-performance culture, which enables
the Company to attract, retain and motivate Executive Directors who have the necessary experience and expertise to
deliver the Group’s objectives and strategy. The Policy has been determined based on the following principles, taking
into account Provision 40 of the 2018 UK Corporate Governance Code.
Clarity and
simplicity
Ensure that the remuneration packages are simple and transparent, and take into
account remuneration and related policies for the wider workforce. Performance
targets are set in line with Group budgets and plans and are reviewed and tested by the
Committee.
Risk
To promote long-term sustainable performance through sufficiently stretching
performance targets, whilst ensuring that the incentive framework does not encourage
Executive Directors to take inappropriate business risks (including environmental,
financial, social, health, safety and governance risks).
Predictability
Detailed information on the potential values that may be earned through the
remuneration arrangements are set out in the Directors’ Remuneration Policy available
within the 2022 Annual Report and Accounts.
Proportionality
To ensure that the total remuneration delivered is fair and reflects the Group and
individual performance, the Committee has the discretion to override formulaic outturns
where it believes the outcome is not truly reflective of underlying performance during
the performance period and to ensure fairness to both shareholders and participants.
Alignment to
culture
When determining the Policy, the Committee is clear about making decisions to drive
the appropriate behaviours and ensure alignment with the Group’s culture and long-term
strategy.
MJ Gleeson plc Annual Report & Accounts 2024152
Annual Report on Remuneration
CONTINUED

Remuneration Committee – support and advice
The Committee is supported by the Group HR Director and the Head of Legal and Company Secretary.
The Company took advice from Deloitte LLP, who were appointed by the Committee in July 2019 following a tender
process. Deloitte LLP is a founder member of the Remuneration Consultants Group and, as such, voluntarily operates
under its Code of Conduct in relation to Executive remuneration in the UK. The Committee is satisfied that the
appointment of Deloitte LLP is in accordance with the Company’s policy on the provision of non-audit services to
the Group and that the external advice received is objective and independent. The fees paid to Deloitte LLP for their
services to the Committee during the year, based on time and expenses, amounted to £50,675. Deloitte LLP also
provided advice to the Company during the year in relation to share plans.
Statement of voting at the Annual General Meeting and shareholder engagement
The following table sets out actual voting in respect of the resolutions to approve the Remuneration Policy and Annual
Report on Remuneration at the Company’s AGM.
Votes in favour Votes against
No. % No. %
Total votes
cast
Votes
withheld
2023 AGM: Approval of the Annual
Report on Remuneration 41,628,309 96.47 1,523,062 3.53 43,151,371 193,871
2022 AGM: Approval of the
Directors’ Remuneration Policy 42,575,196 97.53 1,079,604 2.47 43,654,800 650
The Committee consults with major shareholders and their representative bodies on remuneration matters, particularly
if any material changes are proposed to the Directors’ Remuneration Policy.
Approved by the Board and signed on its behalf by:
Nicola Bruce
Chair of the Remuneration Committee
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024 153
Corporate Governance

Statutory, regulatory, and
otherinformation
This section contains the remaining matters on which the
Directors are required to report each year that do not
appear elsewhere in the Annual Report.
Strategic Report
We present a review of the business during the year to
30 June 2024 and of the position of the Group at the end
of the financial year together with a description of the
principal risks and uncertainties faced by the Group in
the Strategic Report on pages 02 to 105.
Business review
The review of the development and performance of the
business during the year, any significant events up to the
date of this Report, and the future outlook of the Group
are set out in the Chairman’s Statement on pages 04 to
05, the Chief Executive’s Statement on pages 12 to 17 and
the Business Reviews on pages 18 to 21.
The Group’s sustainable business strategy is set out in the
Strategic Report on pages 28 to 31. The key performance
indicators are set out in the Strategic Report on pages 32
to 33.
The Group’s policy in respect of financial risk
management and financial instruments, details of credit
risk, capital risk management, liquidity risk and interest
rate risk are given in note 15 to the financial statements.
Dividends
The Company may, by ordinary resolution, declare a
dividend to be paid to shareholders, but no dividend shall
exceed the amount recommended by the Board. The
Board may also agree to pay interim dividends when the
financial position of the Company, in the opinion of the
Board, justifies it.
During the year, the Company paid a final dividend of
9.0p (approved by shareholders at the Annual General
Meeting on 16 November 2023) for the financial year
ended 30 June 2023 and an interim dividend in respect
of the financial year ended 30 June 2024 to shareholders
of 4.0p per share.
The Board proposes to pay, subject to shareholder
approval at the 2024 Annual General Meeting (“AGM”),
a final dividend of 7.0p per share on 22 November 2024
to shareholders on the register at the close of business
on 25 October 2024. The total dividend for the year to
30 June 2024 will be 11.0p.
Dividend policy
The current year dividend represents a dividend cover of
3.0 times. The Board intends to maintain an earnings to
dividend cover ratio of between three and five times.
Qualifying third-party indemnity
Directors risk personal liability under civil and criminal
law for many aspects of the Company’s main business
decisions. As a consequence, the Directors could face a
range of penalties including fines and/or imprisonment.
In keeping with normal market practice, the Company
believes that it is prudent, and in the best interests of the
Company, to protect the individuals concerned from the
consequences of innocent error or omission.
The Company obtains Directors’ and Officers’ liability
insurance in order to indemnify Directors and other
senior officers of the Company and its subsidiaries.
This insurance policy does not provide cover where the
Director or officer has acted fraudulently or dishonestly.
In addition, subject to the provisions of and to the extent
permitted by relevant statutes, under the Articles of
Association (“Articles”), the Directors and other officers
are indemnified out of the assets of the Company against
liabilities incurred by them in the course of carrying
out their duties or the exercise of their powers. A deed
of indemnity was approved by the Board in November
2020. These qualifying indemnity provisions were in place
throughout the year and up to the date of approval of
these financial statements,
MJ Gleeson plc Annual Report & Accounts 2024154
Directors’ Report

Substantial shareholdings
The Company’s major shareholders with voting rights representing 3% or more as at 30 June 2024 and the
subsequent position at 31 August 2024 are shown below:
As at 30 June 2024 As at 31 August 2024
Number of
shares
% of voting
rights
Number of
shares
% of voting
rights
Funds managed by Harwood Capital LLP 6,555,000 11.2% 6,355,000 10.9%
Black Rock 5,544,855 9.5% 5,534,901 9.5%
Schroder Investment Management 3,450,000 5.9% 3,750,000 6.4%
Aberforth Partners 2,405,028 4.1% 2,405,028 4.1%
Martin Currie Investment Management 1,979,500 3.4% 1,789,500 3.1%
Governance statement
The Disclosure Guidance and Transparency Rules require
certain information to be included in a governance
statement in the Directors’ Report. Information that
fulfils these requirements, including how the Group
has complied with the UK Corporate Governance Code
and our internal control and risk management systems,
can be found in the Corporate Governance section on
pages114 to 119.
Political donations
The Company made no political donations in the year or
in the previous year.
Directors and Directors’ interests
The Directors of the Company, as of the date of
this Report, and during the year, together with their
biographical details, are shown on pages 112 to 113.
Details of any related party transactions with Directors
of the Company are disclosed in note 27 to the financial
statements.
The beneficial interests of the Directors and their
connected persons in the shares of the Company at
30 June 2024 are disclosed in the Annual Report on
Remuneration on pages 142 to 153. Details of the interests
of the Executive Directors in share options and awards of
shares can be found on page 146 within the same report.
Environmental policies and disclosures
Details of our focus on sustainability and the environment
can be found in the Strategic Report (pages 02 to 105),
the Sustainability Committee Report on pages 132 to 134,
and our reports under the Task Force on Climate-related
Financial Disclosures (“TCFD”) and the Sustainability
Accounting Standards Board, as set out on pages 86 to
93 and 94 to 99 respectively.
Employment policies
We are committed to ensuring that all employees,
potential recruits, and other stakeholders are treated
fairly and equitably. The principles of equality and
diversity are important to us and advancement is based
upon individual skills and aptitude irrespective of race,
gender identity, sexual orientation, disability, age, religion
or beliefs or any other protected characteristics.
Our policy for selection and promotion is based on an
assessment of an individual’s ability and experiences; we
consider all applicants on their merits and have processes
and procedures in place to ensure that individuals with
disabilities are given fair consideration.
Every effort is made to retain and support employees
who become disabled whilst in the employment of
the Group.
We are committed to developing our employees so they
can maximise their career potential, and our aim is to
provide rewarding career opportunities in an environment
in which equality of opportunity is paramount. We seek
to improve employee retention by providing benefits that
employees value, including a Group stakeholder pension
(including life assurance arrangements), private medical
insurance and income replacement arrangements.
Employee share scheme
Employee share ownership continues to be encouraged
through participation in the Group Share Purchase Plan
(the “SIP”) under which the Company contributes one
share for every three shares purchased.
Employee involvement
Our people are at the heart of our business and are
involved in decision making across the business in a
variety of ways. More details on employee engagement
can be found on pages 83 and 102.
MJ Gleeson plc Annual Report & Accounts 2024 155
Corporate Governance

Stakeholder engagement
Details regarding our stakeholder engagement, including
suppliers, customers, local authorities and shareholders,
and the effect on the principal decisions made in the
year, can be found on pages 102 and 103.
Shareholder additional information
The Company is required to disclose certain additional
information where not covered elsewhere in this
AnnualReport:
Share capital
The Company has one class of share in issue, being
ordinary shares with a nominal value of 2 pence each,
with no right to fixed income.
At 30 June 2024, the Company had issued share capital
of 58,381,973 ordinary shares, with a nominal value of
£1.2m. Further details are given in note 23 to the financial
statements.
Rights and obligations attaching to shares
Subject to the Companies Act 2006 and other
shareholders’ rights, any share may be issued with such
rights and restrictions as the Company may by ordinary
resolution decide or, if no such resolution has been
passed or so far as the resolution does not make specific
provision, as the Board of the Company may decide.
Subject to the Companies Act 2006, the Articles and any
resolution of the Company, the Board may deal with any
unissued shares as it may decide.
Amendment to the Articles of Association
Any amendments to the Articles may be made in
accordance with the provisions of the Companies Act
2006 by way of special resolution.
Voting
Under and subject to the provisions of the Articles and
subject to any special rights or restrictions as to voting
attached to any shares, on a show of hands, every
shareholder present in person at a general meeting of
shareholders shall have one vote and on a poll every
shareholder who is present in person or by proxy shall
have one vote for every share of which they are the
holder. Under the Companies Act 2006, shareholders are
entitled to appoint a proxy to exercise all or any of their
rights to attend and to speak and vote on their behalf at
a general meeting or class meeting.
Voting on all resolutions proposed at the 2024 AGM
will be conducted by way of a poll rather than a show
of hands.
Restrictions on voting
A shareholder shall not be entitled to vote at any general
meeting or class meeting in respect of any shares held by
them unless all calls and other sums presently payable by
them in respect of that share have been paid.
Variation of rights
The Articles specify that the special rights attached
to any class of shares may, either with the consent in
writing of holders of three-fourths of the issued shares
of that class, or with the sanction of a special resolution
passed at a separate meeting of such holders (but not
otherwise), be modified or abrogated.
Transfer of shares
Under and subject to the restrictions in the Articles,
any shareholder may transfer all or any of their shares
in certificated form by transfer, in writing, in any usual
form or in any other form which the Board may approve.
The Board may, save in certain circumstances, refuse to
register any transfer of a certificated share not fully paid
up. The Board may also refuse to register any transfer of
certificated shares unless it is:
• in respect of only one class of shares;
• in favour of no more than four transferees;
• duly stamped or exempt from stamp duty;
• delivered to the office or at such other place as the
Board may decide for registration; and
• accompanied by the certificate for the shares to be
transferred and such other evidence (if any) as the
Board may reasonably require to show the right of the
intending transferor to transfer the shares.
Authority to purchase own shares
At the 2023 AGM, shareholders gave the Company
authority to purchase up to the nominal value of £116,763
of its own ordinary shares, representing approximately
10% of its issued ordinary share capital. No purchases
have been made pursuant to this authority and a
resolution will be put to shareholders at the 2024 AGM to
renew the authority for a further period of one year.
Repurchase of shares
Subject to the provisions of the Companies Act and to
any rights conferred on the holders of any class of shares,
the Company may purchase all or any of its shares of any
class, including any redeemable shares.
MJ Gleeson plc Annual Report & Accounts 2024156
Directors’ Report
CONTINUED

Appointment of Directors
In accordance with the Articles, Directors can be
appointed or removed by the Board, or by Shareholders
at a general meeting. The Directors shall not, unless
otherwise determined by an ordinary resolution of the
Company, be less than three or more than 15 in number.
As required by the UK Corporate Governance Code, all
Directors will retire and offer themselves for re-election at
the 2024 AGM. The Board considers that the contribution
of each of the Directors standing for election is important
to the Company’s long-term sustainable success.
Powers of the Directors
The business of the Company shall be managed by
the Board, which may exercise all the powers of the
Company, subject to the provisions of the Articles and
any ordinary resolution of the Company. The Articles
specify that the Board may exercise all the powers of the
Company to borrow money and to mortgage or charge
all or any part of its undertakings, property and assets
and uncalled capital and to issue debentures and other
securities, subject to the provisions of the Articles.
Takeovers and significant agreements
The Company is party to the following significant
agreements that take effect, alter, or terminate on
a change of control of the Company following a
takeover bid:
• the Company’s share schemes and plans;
• the Company’s payment guarantee bonds except with
prior written consent from the bond provider; and
• the Group’s revolving credit facility whereby upon
a “change of control” all amounts become due and
payable.
Information rights
Beneficial owners of shares who have been nominated by
the registered holder of those shares to enjoy information
rights under Section 146 of the Companies Act 2006 are
required to direct all communications to the registered
holder of their shares, rather than to the Company’s
registrars or to the Company directly.
Disclosure of information to auditors
The Directors who held office at the date of approval
of this Directors’ Report confirm that, so far as they
are each aware, there is no relevant audit information
of which the Company’s auditors are unaware, and the
Directors have taken all the steps that they ought to
have taken as Directors to make themselves aware of
any relevant audit information and to establish that the
Company’s auditors are aware of that information.
This confirmation is given and should be interpreted in
accordance with the provisions of s418 of the Companies
Act 2006.
Independent auditors
As set out on page 131, the auditors,
PricewaterhouseCoopers LLP, have indicated their
willingness to continue in office, and a resolution that
they be reappointed will be proposed at the next AGM on
15 November 2024.
Annual General Meeting
The Notice of AGM to be held on 15 November 2024,
together with details of the Resolutions to be considered,
will be sent out in a separate circular. Full details of the
deadlines for exercising voting rights in respect of the
resolutions to be considered at the AGM will be set out in
the Notice of the AGM.
By order of the Board
Stefan Allanson
Director
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024 157
Corporate Governance

The Directors are responsible for preparing the Annual
Report and Accounts and the financial statements in
accordance with applicable law and regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the
Directors have prepared the Group and Company
financial statements in accordance with UK-adopted
international accounting standards.
Under company law, Directors must not approve the
financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of
the Group and Company and of the profit or loss of
the Group for that period. In preparing the financial
statements, the Directors are required to:
• select suitable accounting policies and then apply
them consistently;
• state whether applicable UK-adopted international
accounting standards have been followed, subject to
any material departures disclosed and explained in
the financial statements;
• make judgements and accounting estimates that are
reasonable and prudent; and
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Group and Company will continue in business.
The Directors are responsible for safeguarding the
assets of the Group and Company and hence for taking
reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors are also responsible for keeping adequate
accounting records that are sufficient to show and
explain the Group’s and Company’s transactions and
disclose with reasonable accuracy at any time the
financial position of the Group and Company and
enable them to ensure that the financial statements and
the Annual Report on Remuneration comply with the
Companies Act 2006.
The Directors are responsible for the maintenance
and integrity of the Company’s website. Legislation in
the United Kingdom governing the preparation and
dissemination of financial statements may differ from
legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report and
Accounts and the financial statements, taken as a whole,
is fair, balanced and understandable and provides the
information necessary for shareholders to assess the
Group’s and Company’s position and performance,
business model and strategy.
Each of the Directors, whose names and functions are
listed in the Governance Report, confirm that, to the best
of their knowledge:
• the Group and Company financial statements, which
have been prepared in accordance with UK-adopted
international accounting standards, give a true and
fair view of the assets, liabilities and financial position
of the Group and Company, and of the profit of the
Group; and
• the Strategic Report includes a fair review of the
development and performance of the business
and the position of the Group and Company,
together with a description of the principal risks and
uncertainties that it faces.
In the case of each Director in office at the date the
Directors’ report is approved:
• so far as the Director is aware, there is no relevant
audit information of which the Group’s and
Company’s auditors are unaware; and
• they have taken all the steps that they ought to have
taken as a Director in order to make themselves aware
of any relevant audit information and to establish that
the Group’s and Company’s auditors are aware of that
information.
By order of the Board
Graham Prothero Stefan Allanson
Director Director
17 September 2024 17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024158
Statement of Directors’ Responsibilities
in Respect of the Financial Statements

We are committed to developing our
employees so they can maximise their
career potential, and our aim is to
provide rewarding career opportunities
in an environment in which equality of
opportunity is paramount. We seek to
improve employee retention by providing
benefits that employees value.”
MJ Gleeson plc Annual Report & Accounts 2024 159
Corporate Governance
Cork, Saxon Grange,
Boston, Lincolnshire

Financial
Statements
160 MJ Gleeson plc Annual Report & Accounts 2024
Dalkey, The Woodlands,
Bearpark, County Durham

Financial Statements
Independent Auditors’ Report 162
Consolidated Income Statement 172
Consolidated Statement of
Comprehensive Income 172
Statements of Financial Position 173
Statements of Changes in Equity 174
Statements of Cash Flows 176
Notes to the Financial Statements 177
MJ Gleeson plc Annual Report & Accounts 2024 161
Financial Statements

Independent auditors’ report to the
members of MJ Gleeson plc
Report on the audit of the financial statements
Opinion
In our opinion, MJ Gleeson plc’s group financial statements and company financial statements (the
“financial statements”):
 give a true and fair view of the state of the group’s and of the company’s affairs as at 30 June 2024
and of the group’s profit and the group’s and company’s cash flows for the year then ended;
 have been properly prepared in accordance with UK-adopted international accounting standards
as applied in accordance with the provisions of the Companies Act 2006; and
 have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report and Accounts 2024 (the
“Annual Report”), which comprise: the Statements of Financial Position as at 30 June 2024; the
Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the
Statements of Changes in Equity and the Statements of Cash Flows for the year then ended; and the
notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Our opinion is consistent with our reporting to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and
applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’
responsibilities for the audit of the financial statements section of our report. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the group in accordance with the ethical requirements that are relevant
to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, as
applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s
Ethical Standard were not provided.
We have provided no non-audit services to the company or its controlled undertakings in the period
under audit.
MJ Gleeson plc Annual Report & Accounts 2024162
Independent auditors’ report to the
members of MJ Gleeson plc

Our audit approach
Overview
Audit scope
 The reporting units where we performed audit work accounted for 100% of the Group's profit
before tax and 100% of the Group's total assets.
 Enquiries have been made of management regarding their risk assessment and governance process
in place to address climate risk impacts, with no risk of material misstatement identified in this
respect.
Key audit matters
 Carrying value of land and work in progress (group)
 Valuation of building safety provisioning (group)
 Carrying value of investments (parent)
Materiality
 Overall group materiality: £1,240,000 (2023: £1,577,150) based on 5% of profit before tax (2023:
profit before tax before exceptionals).
 Overall company materiality: £1,178,000 (2023: £1,498,150) based on 1% of total assets.
 Performance materiality: £930,000 (2023: £1,182,750) (group) and £883,500 (2023: £1,123,613)
(company).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most
significance in the audit of the financial statements of the current period and include the most
significant assessed risks of material misstatement (whether or not due to fraud) identified by the
auditors, including those which had the greatest effect on: the overall audit strategy; the allocation
of resources in the audit; and directing the efforts of the engagement team. These matters, and any
comments we make on the results of our procedures thereon, were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
MJ Gleeson plc Annual Report & Accounts 2024 163
Financial Statements

The key audit matters below are consistent with last year.
Key audit matter How our audit addressed the key audit matter
Carrying value of land and work in progress
(group)
Refer to Notes 1 and 3 (of the financial
statements). We focused upon this area
because the value of the Group's land and
work in progress represent a significant
proportion of assets in the Group Statement
of Financial Position. Determining the
recoverable amount of land and work in
progress requires a high degree of
estimation. For work in progress in Gleeson
Homes (the house building division), the key
judgements include forecasting future costs to
complete and selling prices which can be
affected by market conditions and
unexpected events. In Gleeson Land (the
land promotion division), the valuation of work
in progress requires judgement regarding the
future viability of each project. Based upon
this assessment, it may be necessary to
record provisions to determine the final
carrying value of work in progress for each
site.
For land and work in progress in Gleeson Homes, we: assessed the
adequacy of controls over allocation of costs to sites, through testing of
controls over the allocation of materials and labour costs to the correct
sites; visited a sample of 8 active sites to confirm the existence and
condition of the work in progress and compared this to the total WIP at
year end for the relevant sites; attended a sample of valuation
meetings to observe and test the controls in operation and also key
judgments being made; tested a sample of land additions in the year;
tested a sample of WIP additions in the year; assessed management’s
ability to accurately forecast revenue, by comparing revenue per the
latest valuation sheets, available as at year end, to the actual revenue
achieved for that site in the year; assessed management’s ability to
forecast cost of sales and gross margin, investigating any unexpected
variances between the forecast and the figure actually achieved;
considered the monthly margin by site to ensure that there was
consistent margin recognition throughout the year, and explanations
were obtained for any unusual trends; performed additional margin
review over sites completed in the year and those active over both
FY24 and FY23; agreed margin taken through FY24 to the margin as
per the latest valuation sheet; performed substantive testing over the
costs to complete in the year end valuation for a sample of sites.
Certain costs to complete categories were tested on a risk basis, with
supporting documentation obtained for the relevant costs to complete;
performed inquiries with management for the cost accruals for
additional costs on sites in which homes have been substantially sold
and corroborated this with supporting documentation obtained for the
relevant costs; substantively tested managements provision for
abortive site costs; tested a sample of journals transferring costs from
WIP to Cost of Sales upon plot sale; analysed standing stock levels
and low margin sites; performed detailed testing over specific and
general contingencies; assessed changes in build rates against
changes in costs to complete, including preliminary costs; and
assessed the impact of climate change on land and work in progress.
For work in progress in Gleeson Land, we: tested a sample of costs
incurred during the year; tested the transfer from work in progress to
cost of sales for all those sites sold during the year; discussed and
challenged the status of a sample of projects with management and
corroborated explanations received, as necessary; assessed the
group's provisioning methodology; recalculated the provision made by
management against year-end work in progress by applying the
Group’s provisioning methodology and challenged and corroborated as
necessary; and reviewed the disclosures in the annual accounts in
respect of this critical accounting estimate. Based on the procedures
performed we did not identify any material adjustments to the carrying
value of the Group’s land and work in progress at year end.
Valuation of building safety provisioning
(group)
Refer to Notes 1 and 18 (of the financial
statements). Under the ‘Department for
Levelling Up’ Pledge, Gleeson are
responsible for remediating any life critical fire
safety defects in building over 11 metres
which were developed by Gleeson Homes in
the past 30 years. There are 17 buildings in
scope resulting in a provision of £12.4m. The
key assumptions are the potential cost of
investigation, the costs of replacement
materials and works, the cost of disruption to
residents, and the timing of forecast
expenditure. Hence, we identified the
valuation of building safety provisioning as a
significant risk.
For all existing sites, we have obtained management's reassessment of
the required provision. This is ultimately based on the expert reports
obtained in previous years, assessed in the current year. We assessed
the work of management’s experts and the associated costs within
their report are considered reasonable. We have tested management’s
manual overlay to these reports, primarily adjustments to the scope of
work required based on further investigation and quotes received
during the year. Based on the procedures performed we did not identify
any material adjustments to the provision included in the group
accounts. We are also satisfied that the recognition and disclosure of
the provision is in line with IAS 37, and the disclosure of the estimates
and sensitivities are in line with IAS 1.
MJ Gleeson plc Annual Report & Accounts 2024164
Independent auditors’ report to the
members of MJ Gleeson plc
CONTINUED

Carrying value of investments (parent)
Refer to Notes 1 and 12 (of the financial
statements). We focused upon this area
because of the size of the balance, the
judgement required in determining the
carrying value and £1.2m of impairment
recognised within the year. The key
judgement is the underlying cash generation
and profitability of the Parent Company's
subsidiaries which can be affected by market
conditions.
We obtained management's impairment assessment of the
investments in subsidiaries as at 30 June 2024. Where an impairment
trigger was identified, we have obtained management's assessment of
the recoverable amount of the subsidiary. For subsidiaries that
management have deemed to have no impairment triggers, we have
reviewed the trading performance and net asset position of the
subsidiary to confirm management's assessment as accurate. For
subsidiaries where a trigger has been noted, these are all non-trading
and management have noted an impairment based on a discounted
cash flow model. We have obtained and tested this discounted cash
flow assessment, specifically we have tested the key assumptions
(discount rate, future expected income/expenses and the timing of
these). We also assessed the market capitalisation of the Company as
at 30 June 2024, and compared it to the net assets of the Group and
Parent Company. Based on this work we are satisfied that the carrying
value of the investments held by the company are supported and
concur with the impairment recognised.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an
opinion on the financial statements as a whole, taking into account the structure of the group and the
company, the accounting processes and controls, and the industry in which they operate.
The Group is organised into two main operating divisions being Gleeson Homes and Gleeson Land,
and each operating division represents a single reporting unit. The Group financial statements are a
consolidation of these 2 reporting units and the Group’s central entities which include a further 3
reporting units. Of the Group’s 5 reporting units, we identified 4 which, in our view, required an audit
of their complete financial information, either due to their size or their risk characteristics. This,
together with additional procedures performed on the Group’s remaining centralised functions, gave
us the evidence we needed for our opinion on the Group financial statements as a whole. All work
was performed by the Group audit team.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the process management
adopted to assess the extent of the potential impact of climate risk on the Group’s financial
statements and support the disclosures made within Task Force on Climate-Related Financial
Disclosures.
We also considered the consistency of the disclosures in relation to climate change (including the
disclosures in the Task Force on Climate-related Financial Disclosures (TCFD) section) within the
Annual Report with the financial statements and our knowledge obtained from our audit
Our climate experts assisted us in challenging the completeness of management’s climate risk
assessment in particular relating to the Task Force on Climate-related Financial Disclosures (“TCFD”)
within the annual report.
Our procedures did not identify any material impact in the context of our audit of the financial
statements as a whole for the year ended 30 June 2024.
Management's assessment highlights that the valuation of inventory is impacted most significantly
by climate risk, in relation to the latest Building Regulations and potential flood risks. We have
assessed this risk into the audit testing of inventory, highlighting no risk of material misstatement
within the valuation of inventory.
MJ Gleeson plc Annual Report & Accounts 2024 165
Financial Statements

Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative
thresholds for materiality. These, together with qualitative considerations, helped us to determine the
scope of our audit and the nature, timing and extent of our audit procedures on the individual financial
statement line items and disclosures and in evaluating the effect of misstatements, both individually
and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a
whole as follows:
Financial statements - group Financial statements -
company
Overall
materiality
£1,240,000 (2023: £1,577,150).
£1,178,000 (2023:
£1,498,150).
How we
determined it
5% of profit before tax (2023: profit before tax before
exceptionals)
1% of total assets
Rationale for
benchmark
applied
Based on the benchmarks used in the annual report,
profit before tax is the primary measure used by the
shareholders in assessing the performance of the group,
and is a generally accepted auditing benchmark. The
prior year exceptional item is trading in nature,
however, management have noted it not to be
representative of the underlying operations of the
business, it was deemed appropriate to exclude this
from our calculation of materiality.
We believe total assets is
the primary measure
used by shareholders in
assessing the
performance of the
entity.
For each component in the scope of our group audit, we allocated a materiality that is less than our
overall group materiality. The range of materiality allocated across components was between £44,130
to £1,178,000, with the parent company materiality capped at a 95% allocation of group materiality.
Certain components were audited to a local statutory audit materiality that was also less than our
overall group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the
aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we
use performance materiality in determining the scope of our audit and the nature and extent of our
testing of account balances, classes of transactions and disclosures, for example in determining
sample sizes. Our performance materiality was 75% (2023: 75%) of overall materiality, amounting to
£930,000 (2023: £1,182,750) for the group financial statements and £883,500 (2023: £1,123,613) for
the company financial statements.
In determining the performance materiality, we considered a number of factors - the history of
misstatements, risk assessment and aggregation risk and the effectiveness of controls - and concluded
that an amount at the upper end of our normal range was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during
our audit above £62,000 (group audit) (2023: £78,850) and £58,900 (company audit) (2023: £74,908)
as well as misstatements below those amounts that, in our view, warranted reporting for qualitative
reasons.
MJ Gleeson plc Annual Report & Accounts 2024166
Independent auditors’ report to the
members of MJ Gleeson plc
CONTINUED

Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group's and the company’s ability to continue to
adopt the going concern basis of accounting included:
 We obtained from management their latest assessments that support their conclusions with
respect to the going concern basis of preparation of the financial statements, corroborating these
to the opening cash position, board approved budgets and confirming the mathematical accuracy
of these assessments;
 We evaluated the historical accuracy of the budgeting process to assess the reliability of the data;
 We evaluated management’s base case forecast and severe but plausible downside scenario and
challenged the adequacy and appropriateness of the underlying assumptions;
 Reviewed the terms and conditions of their RCF agreements that are applicable both during the
year and for the going concern assessment period;
 In conjunction with the above we have also reviewed management’s analysis of both liquidity and
covenant compliance to satisfy ourselves that no breaches are anticipated over the period of
assessment or have occured in the year to date; and
 Reviewed the disclosures made within the annual report and the financial statements to confirm
these are consistent with management's model.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the group's and
the company’s ability to continue as a going concern for a period of at least twelve months from when
the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a
guarantee as to the group's and the company's ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance Code,
we have nothing material to add or draw attention to in relation to the directors’ statement in the
financial statements about whether the directors considered it appropriate to adopt the going concern
basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial
statements and our auditors’ report thereon. The directors are responsible for the other information.
Our opinion on the financial statements does not cover the other information and, accordingly, we do
not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any
form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If we identify an apparent material inconsistency or material misstatement, we are
required to perform procedures to conclude whether there is a material misstatement of the financial
statements or a material misstatement of the other information. If, based on the work we have
MJ Gleeson plc Annual Report & Accounts 2024 167
Financial Statements

performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic report and Directors' Report, we also considered whether the disclosures
required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to
report certain opinions and matters as described below.
Strategic report and Directors' Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the
Strategic report and Directors' Report for the year ended 30 June 2024 is consistent with the financial
statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the group and company and their environment
obtained in the course of the audit, we did not identify any material misstatements in the Strategic
report and Directors' Report.
Directors' Remuneration
In our opinion, the part of the Annual Report on Remuneration to be audited has been properly
prepared in accordance with the Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the directors’ statements in relation to going concern, longer-
term viability and that part of the corporate governance statement relating to the company’s
compliance with the provisions of the UK Corporate Governance Code specified for our review. Our
additional responsibilities with respect to the corporate governance statement as other information
are described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following
elements of the corporate governance statement, included within the Corporate Governance Report
is materially consistent with the financial statements and our knowledge obtained during the audit,
and we have nothing material to add or draw attention to in relation to:
 The directors’ confirmation that they have carried out a robust assessment of the emerging and
principal risks;
 The disclosures in the Annual Report that describe those principal risks, what procedures are in
place to identify emerging risks and an explanation of how these are being managed or mitigated;
 The directors’ statement in the financial statements about whether they considered it appropriate
to adopt the going concern basis of accounting in preparing them, and their identification of any
material uncertainties to the group’s and company’s ability to continue to do so over a period of
at least twelve months from the date of approval of the financial statements;
 The directors’ explanation as to their assessment of the group's and company’s prospects, the
period this assessment covers and why the period is appropriate; and
 The directors’ statement as to whether they have a reasonable expectation that the company will
be able to continue in operation and meet its liabilities as they fall due over the period of its
assessment, including any related disclosures drawing attention to any necessary qualifications or
assumptions.
MJ Gleeson plc Annual Report & Accounts 2024168
Independent auditors’ report to the
members of MJ Gleeson plc
CONTINUED

Our review of the directors’ statement regarding the longer-term viability of the group and company
was substantially less in scope than an audit and only consisted of making inquiries and considering
the directors’ process supporting their statement; checking that the statement is in alignment with
the relevant provisions of the UK Corporate Governance Code; and considering whether the statement
is consistent with the financial statements and our knowledge and understanding of the group and
company and their environment obtained in the course of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the
following elements of the corporate governance statement is materially consistent with the financial
statements and our knowledge obtained during the audit:
 The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced
and understandable, and provides the information necessary for the members to assess the
group’s and company's position, performance, business model and strategy;
 The section of the Annual Report that describes the review of effectiveness of risk management
and internal control systems; and
 The section of the Annual Report describing the work of the Audit Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement
relating to the company’s compliance with the Code does not properly disclose a departure from a
relevant provision of the Code specified under the Listing Rules for review by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors' Responsibilities in Respect of the Financial
Statements, the directors are responsible for the preparation of the financial statements in
accordance with the applicable framework and for being satisfied that they give a true and fair view.
The directors are also responsible for such internal control as they determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the
company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the directors either intend to liquidate
the group or the company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud, is detailed below.
MJ Gleeson plc Annual Report & Accounts 2024 169
Financial Statements

Based on our understanding of the group and industry, we identified that the principal risks of non-
compliance with laws and regulations related to health and safety legislation and building safety
legislation, and we considered the extent to which non-compliance might have a material effect on
the financial statements. We also considered those laws and regulations that have a direct impact on
the financial statements such as the Listing Rules and the Companies Act 2006. We evaluated
management’s incentives and opportunities for fraudulent manipulation of the financial statements
(including the risk of override of controls), and determined that the principal risks were related to
deliberate manipulation of results via improper revenue recognition, management bias in key
accounting estimates and posting of inappropriate journal entries to manipulate the group’s result for
the period. Audit procedures performed by the engagement team included:
 Discussions with management, including consideration of known or suspected instances of non-
compliance with laws and regulation and fraud;
 Challenging assumptions and judgements made by management in their significant accounting
estimates, particularly in relation to the valuation of land and work in progress and the expected
cash outflows in respect of the building safety provision; and
 Identifying and testing journal entries on a risk based criteria, in particular journal entries posted
with unusual account combinations or posted by unexpected users. Specifically we tested journal
entries with credits to revenue, duplicate journals, and journals transferring costs within work in
progress.
 Reviewed board minutes and inquired with management over any non compliance with laws and
regulations, including discussions with management's internal experts surrounding the building
safety act.
There are inherent limitations in the audit procedures described above. We are less likely to become
aware of instances of non-compliance with laws and regulations that are not closely related to events
and transactions reflected in the financial statements. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or
through collusion.
Our audit testing might include testing complete populations of certain transactions and balances,
possibly using data auditing techniques. However, it typically involves selecting a limited number of
items for testing, rather than testing complete populations. We will often seek to target particular
items for testing based on their size or risk characteristics. In other cases, we will use audit sampling
to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the
FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’
report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a
body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose.
We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose hands it may come save where expressly
agreed by our prior consent in writing.
MJ Gleeson plc Annual Report & Accounts 2024170
Independent auditors’ report to the
members of MJ Gleeson plc
CONTINUED

Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
 we have not obtained all the information and explanations we require for our audit; or
 adequate accounting records have not been kept by the company, or returns adequate for our
audit have not been received from branches not visited by us; or
 certain disclosures of directors’ remuneration specified by law are not made; or
 the company financial statements and the part of the Annual Report on Remuneration to be
audited are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit Committee, we were appointed by the members on
14 November 2016 to audit the financial statements for the year ended 30 June 2017 and subsequent
financial periods. The period of total uninterrupted engagement is 8 years, covering the years ended
30 June 2017 to 30 June 2024.
Other matter
The company is required by the Financial Conduct Authority Disclosure Guidance and Transparency
Rules to include these financial statements in an annual financial report prepared under the
structured digital format required by DTR 4.1.15R - 4.1.18R and filed on the National Storage
Mechanism of the Financial Conduct Authority. This auditors’ report provides no assurance over
whether the structured digital format annual financial report has been prepared in accordance with
those requirements.
Andy Ward (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Leeds
17 September 2024
MJ Gleeson plc Annual Report & Accounts 2024 171
Financial Statements

Revenue
2
345,345
328,319
–
328,319
Cost of sales
(260,811)
(238,228)
–
(238,228)
Gross profit
84,534
90, 091
–
90, 091
Administrative expenses
(56,233)
(56,952)
(1,022)
(57 ,9 7 4)
Other operating income
5
252
420
–
420
Operating profit
28,553
33,559
(1,022)
32,53 7
Finance income
7
109
191
–
191
Finance expenses
7
(3,813)
(2,261)
–
(2,261)
Profit before tax
24,849
31,489
(1,022)
30,467
Ta x
8
(5,543)
(6,508)
210
(6,298)
holders of the parent
19,306
24,981
(812)
24, 169
Basic
10
33. 13 p
42.89 p
4 1.49 p
Diluted
10
33.04 p
42.86 p
4 1.47 p
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2024
Profit for the year
19,306
24,981
(812)
24, 169
Change in value of shared equity receivables at fair value
171
(148)
–
(148)
(net of tax)
171
(148)
–
(148)
Total comprehensive income/(expense) for the year
19,477
2 4,833
(812)
2 4,021
The notes on pages 177 to 205 form part of these financial statements.
MJ Gleeson plc Annual Report & Accounts 2024172
Consolidated Income Statement
For the year ended 30 June 2024

Group
Company
Property, plant and equipment
11
9,269
11,206
–
–
Investments in subsidiaries
12
–
–
94,041
95,203
Trade and other receivables
14
243
51
–
–
Deferred tax assets
20
317
797
455
442
9,829
12,054
94,496
95,645
Inventories
13
345,234
344,626
–
–
Trade and other receivables
14
9,283
13,947
115,350
117,878
UK corporation tax
767
542
767
542
Cash and cash equivalents
21
12,934
5, 159
1,056
248
368,218
364,27 4
117,173
118,668
Total assets
378 ,047
37 6,328
211,669
214,313
Trade and other payables
16
(6,614)
(8,171)
–
–
Provisions
18
(10,073)
(8,206)
–
–
(16,687)
(16,3 77)
–
–
Trade and other payables
16
(60,594)
(68,662)
(146,492)
(143,716)
Provisions
18
(3,024)
(5,27 3)
–
–
(63,618)
(73,935)
(146,492)
(143,716)
Total liabilities
(80,305)
(90,312)
(146,492)
(143,716)
Net assets
29 7 ,7 42
286,016
65,177
70,597
Share capital
23
1, 168
1, 167
1,168
1,167
Share premium
15,843
15,843
15,843
15,843
Own shares
23
(456)
(7 43)
(456)
(743)
Retained earnings
281, 187
269,749
48,622
54,330
Total equity
297 ,7 42
286,016
65,177
70,597
Retained earnings of the Company
The profit of the Company in the financial year amounted to £2,071,000 (2023: £22,007,000).
The financial statements on pages 172 to 205 were approved by the Board of Directors on 17 September 2024 and
signed on its behalf by:
Graham Prothero Stefan Allanson
Director Director
Company registration number: 09268016
The notes on pages 177 to 205 form part of these financial statements.
MJ Gleeson plc Annual Report & Accounts 2024 173
Financial Statements
Statements of Financial Position
At 30 June 2024

Group
At 1 July 2022
1,166
15,843
(471)
255,6 38
272 , 1 76
Profit for the year
–
–
–
2 4,16 9
2 4, 169
Other comprehensive expense
–
–
–
(148)
(148)
Total comprehensive income for the year
–
–
–
24,0 21
24,0 21
Share issue
23
1
–
–
–
1
Purchase of own shares
23
–
–
(330)
–
(330)
Utilisation of own shares
23
–
–
58
(58)
–
Share-based payments
24
–
–
–
(30 7)
(307)
taken directly to equity
8
–
–
–
362
362
Dividends
9
–
–
–
(9,907)
(9,90 7)
directly in equity
1
–
(272)
(9,910)
(10, 181)
At 30 June 2023
1, 167
15,843
(7 43)
269,7 49
286,016
Profit for the year
–
–
–
19 ,306
19,306
Other comprehensive income
–
–
–
171
17 1
Total comprehensive income for the year
–
–
–
19,4 77
19,477
Share issue
23
1
–
–
–
1
Purchase of own shares
23
–
–
(106)
–
(106)
Utilisation of own shares
23
–
–
3 93
(393)
–
Share-based payments
24
–
–
–
218
218
taken directly to equity
8
–
–
–
(284)
(284)
Dividends
9
–
–
–
(7 ,580)
(7 ,580)
directly in equity
1
–
287
(8,03 9)
(7 ,7 51)
At 30 June 2024
1, 168
15,843
(456)
281,18 7
297 ,7 42
MJ Gleeson plc Annual Report & Accounts 2024174
Statements of Changes in Equity
For the year ended 30 June 2024

Company
Note
Share
capital
£000
Share
premium
£000
Own
shares
£000
Retained
earnings
£000
Total
equity
£000
At 1 July 2022 1,166 15,843 (471) 42,405 58,943
Profit for the year – – – 22,007 22,007
Total comprehensive income for the year – – – 22,007 22,007
Share issue 23 1 – – – 1
Purchase of own shares 23 – – (330) – (330)
Utilisation of own shares 23 – – 58 (58) –
Share-based payments 24 – – – (307) (307)
Movement in tax on share-based payments
taken directly to equity 8 – – – 190 190
Dividends 9 – – – (9,907) (9,907)
Transactions with owners, recorded
directly in equity 1 – (272) (10,082) (10,353)
At 30 June 2023 1,167 15,843 (743) 54,330 70,597
Profit for the year – – – 2,071 2,071
Total comprehensive income for the year – – – 2,071 2,071
Share issue 23 1 – – – 1
Purchase of own shares 23 – – (106) – (106)
Utilisation of own shares 23 – – 393 (393) –
Share-based payments 24 – – – 218 218
Movement in tax on share-based payments
taken directly to equity 8 – – – (24) (24)
Dividends 9 – – – (7,580) (7,580)
Transactions with owners, recorded
directly in equity 1 – 287 (7,779) (7,491)
At 30 June 2024 1,168 15,843 (456) 48,622 65,177
MJ Gleeson plc Annual Report & Accounts 2024 175
Financial Statements

Group
Company
Profit before tax
24,849
30,467
2,034
22,207
Depreciation of property, plant and equipment
11
4,621
3,9 72
–
–
Share-based payments
24
218
(307)
481
(307)
Profit on redemption of shared equity receivables
(182)
(285)
–
–
(Decrease)/increase in provisions
18
(382)
91
–
–
Loss on disposal of property, plant and equipment
11
466
305
–
–
Impairment of investments in subsidiaries
12
–
–
1,162
3,791
Finance income
7
(109)
(191)
(10,013)
(30,000)
Finance expenses
7
3,813
2,261
3,419
1,930
Operating cash flows before movements in
working capital
33,294
36,313
(2,917)
(2,379)
Increase in inventories
(608)
(57 ,7 44)
–
–
Decrease/(increase) in receivables
4,224
19,33 7
(501)
(31)
(Decrease)/increase in payables
(9,323)
(7 ,490)
356
(1,593)
undertakings
–
–
2,891
(36,227)
Increase in amounts due to subsidiary undertakings
–
–
8,018
24,386
Cash generated from/(used in) operating activities
27 ,587
(9,584)
7,847
(15,844)
Tax paid
(5,5 72)
(2,770)
(5,572)
(2,770)
Finance costs paid
(4,0 29)
(2, 066)
(3,795)
(1,903)
Net cash flow surplus/(deficit) from operating activities
17 ,986
(14,420)
(1,520)
(20,517)
Proceeds from disposal of shared equity receivables
678
1, 279
–
–
Interest received
31
7
13
–
Dividends from subsidiaries
–
–
10,000
30,000
Purchase of property, plant and equipment
11
(2,039)
(4,441)
–
–
Net cash flow (deficit)/surplus from investing activities
(1,330)
(3, 155)
10,013
30,000
Net proceeds from issue of shares
23
1
1
1
1
Purchase of own shares
(106)
(330)
(106)
(330)
Dividends paid
9
(7 ,580)
(9,907)
(7,580)
(9,907)
Principal element of lease payments
17
(1,196)
(794)
–
–
Net cash flow deficit from financing activities
(8,881)
(11,030)
(7,685)
(10,236)
Net increase/(decrease) in cash and cash equivalents
7, 7 7 5
(28,605)
808
(753)
Cash and cash equivalents at beginning of period
5, 159
33,7 64
248
1,001
Cash and cash equivalents at end of period
21
12,934
5, 159
1,056
248
MJ Gleeson plc Annual Report & Accounts 2024176
Statements of Cash Flows
For the year ended 30 June 2024

1 Material accounting policy
information
MJ Gleeson plc (“the Company”) is a public limited
company that is listed on the London Stock Exchange
and is incorporated and domiciled in England, United
Kingdom. The address of the registered office is 6 Europa
Court, Sheffield Business Park, Sheffield, S9 1XE .
Basis of preparation
Both the Company financial statements and the Group
financial statements have been prepared and approved
by the Directors in accordance with UK-adopted
International Accounting Standards and with the
requirements of the Companies Act 2006 as applicable
to companies reporting under those standards.
The consolidated Group and Company financial
statements have been prepared on a going concern
basis and under the historical cost convention, except as
otherwise stated below.
The principal accounting policies set out below have
been applied consistently to all periods presented in the
consolidated Group and Company financial statements.
The Company has taken advantage of section 408 of
the Companies Act 2006 and consequently an income
statement and statement of comprehensive income of
the Company is not presented as part of these financial
statements.
Basis of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and all of its
subsidiary undertakings (together referred to as “the
Group”).
Subsidiaries
Subsidiaries are entities controlled by the Group. The
Group controls an entity when it is exposed to, or has
rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through
its power over the entity. The financial statements of
subsidiaries are included in the consolidated financial
statements from the date that control commences until
the date that control ceases.
Going concern
The Group’s business activities are set out in the Strategic
Report on pages 02 to 105. The principal risks identified
are reported under Risk Management on pages 38 to 43.
In July 2023, the Group renegotiated its committed
facility with Lloyds Bank plc and Santander UK plc. The
facility has a limit of £135m, which expires in October
2026 with two further uncommitted one year extension
options.
The Group ended the year with cash and cash
equivalents of £12.9m (30 June 2023: £5.2m).
Current forecasts are based on the latest budget and
plan approved by the Board in July 2024. This reflected
a cautious view on the trading outlook based on the
current market conditions and the degree of macro-
economic risk.
These forecasts were then subject to a range of
sensitivities including a severe but plausible scenario
together with the likely effectiveness of mitigating
actions. The assessment considered the combined
impact of a number of realistically possible, but severe
and prolonged changes to principal assumptions from a
downturn in the housing and land markets including:
• reduction in Gleeson Homes volumes of
approximately 20%;
• reduction in Gleeson Homes selling prices by 5%
permanently; and
• a delay on the timing of Gleeson Land transactions
and 15% fall in land selling values.
Under these sensitivities, after taking certain mitigating
actions, the Group continues to have a sufficient level of
liquidity, operate within its financial covenants and meet
its liabilities as they fall due.
Based on the results of the analysis undertaken, the
Directors have a reasonable expectation that the
Company and the Group have adequate resources
available to continue in operation for the foreseeable
future and operate in compliance with the Group’s bank
facilities and financial covenants. As such, the financial
statements for the Company and the Group have been
prepared on a going concern basis.
Revenue recognition
Revenue represents the fair value of the consideration
received or receivable in respect of the sale, or sale and
leaseback, of homes and land, net of value added tax and
discounts, which is based on an underlying signed legal
agreement. Revenue is recognised when control transfers
to a customer as follows:
• Revenue from the sale, or sale and leaseback, of
homes and sales extras is a single performance
obligation that is satisfied when control is transferred
to the customer, which is deemed to be on legal
completion when title of the property passes to the
customer. Where deposit and exchange funds are
received in advance, no revenue is recognised until
legal completion occurs and the remaining funds
are received. Revenue on multi-unit sales follows
the same treatment, with revenue recognised on
legal completion of each unit in accordance with the
contracted terms.
MJ Gleeson plc Annual Report & Accounts 2024 177
Financial Statements
Notes to the Financial Statements
For the year ended 30 June 2024

1 Material accounting policy
information CONTINUED
• Revenue from land sales, including land sold under
option agreements, freehold land sales, or fixed-price
land sales, is typically a single performance obligation
that is satisfied at the earlier of when unconditional
contracts to sell are exchanged and control has
passed to the customer or when contracts to sell
are completed and title has passed. Revenue from
planning promotion agreements is recognised at the
point at which the Group is unconditionally entitled
to a share of the disposal proceeds under the terms
of the promotion agreement contract. Payment
terms vary on each land sale; where deferred receipts
exceed one year from completion, the transaction
price is adjusted to reflect the time value of money.
Variable consideration such as an overage is not
recognised until the point at which it is considered
highly probable that there will not be a significant
future reversal, which typically occurs when the
amount is agreed by all parties.
The Group has adopted the practical expedient allowed
under IFRS 15 “Revenue from contracts with customers”
that states an entity need not adjust the amount of
consideration for the effects of a significant financing
component if the entity expects, at contract inception,
that the period between when the entity transfers a
promised good or service to a customer and when the
customer pays for that good or service will be one year
or less.
Segmental reporting
An operating segment is a component of the Group
that engages in business activities from which it may
earn revenue and incur expenses, including revenue
and expenses that relate to transactions with any of
the Group’s other components, and for which discrete
financial information is available. All segmental operating
results are reviewed regularly by the Executive Directors
to make decisions about resources to be allocated to
the segment and to assess its performance. Segmental
results, assets and liabilities include items directly
attributable to a segment, as well as those that can
be allocated on a reasonable basis. Segmental capital
additions is the total cost incurred during the period to
acquire property, plant and equipment.
Exceptional items
Exceptional items are defined as items of income or
expenditure which, in the opinion of the Directors, are
material and unusual in nature or of such significance
that they require separate disclosure on the face of the
income statement in accordance with IAS 1 “Presentation
of financial statements”. Should these items be reversed,
disclosure of this would also be classified within
exceptional items.
Finance income and expenses
Finance income comprises interest income on bank
deposits and the unwinding of discounts on deferred
receivables and shared equity receivables. Interest
income is recognised as it accrues, using the effective
interest method.
Finance expenses comprise interest and fees on bank
facilities, leases and the unwinding of discounts on
deferred payables. Also included is the amortisation
of fees associated with the arrangement of financing.
Interest expense is recognised in the income statement
using the effective interest method.
Leases
The Group assesses whether a contract is, or contains, a
lease at inception of the contract. The Group recognises
a right-of-use asset and a corresponding lease liability
with respect to all lease arrangements in which it is the
lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and leases of
low-value assets. For these leases, the Group recognises
the lease payments as an operating expense on a
straight-line basis over the term of the lease unless
another systematic basis is more representative of the
time pattern in which economic benefits from the leased
assets are consumed.
A lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted by using the rate
implicit in the lease. If this rate cannot be readily
determined, the Group uses an incremental borrowing
rate that is the rate of interest that the lessee would
have to pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain an asset
of a similar value to the right-of-use asset in a similar
economic environment.
Right-of-use assets are initially measured at cost,
comprising the initial measurement of the lease
liability, plus any initial direct costs and an estimate of
asset retirement obligations, less any lease incentives.
Subsequently, right-of-use assets are measured at cost,
less any accumulated depreciation and any accumulated
impairment losses, and are adjusted for certain
remeasurements of the lease liability. Depreciation is
calculated on a straight-line basis over the length of the
lease.
For a modification that decreases the scope of the
lease, the lease liability is remeasured at the effective
date of the modification using a revised discount rate
representative of the remainder of the lease term. Where
this is not readily determined, the incremental cost of
borrowing will be used. The carrying amount of the right-
of-use asset will decrease to reflect the partial or full
termination of the lease. Any gain or loss relating to the
lease modification is recognised in the income statement.
MJ Gleeson plc Annual Report & Accounts 2024178
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

1 Material accounting policy
information CONTINUED
Non-financial assets
1. Property, plant and equipment
Property, plant and equipment is stated at cost
less accumulated depreciation and any recognised
impairment loss. Depreciation is charged so as to write
off the cost of assets over their estimated useful lives,
using the straight-line method, on the following basis:
• Property: over the term of the lease for right-of-
use assets
• Plant and equipment: between three and six years
Depreciation of these assets is charged to the income
statement.
2. Investments
Investments are stated at cost less impairment.
3. Inventories
Inventories are valued at the lower of cost and net
realisable value and are subject to regular impairment
reviews. For Gleeson Homes inventories comprise all
direct costs incurred in bringing the individual inventories
to their present condition at the reporting date,
including direct materials, direct labour costs and related
overheads. For Gleeson Land, inventories comprise all
direct costs incurred in securing and promoting land
through the planning system through to the point of sale,
less the value of any impairment losses.
For Gleeson Homes, inventories are recognised in cost
of sales as an allocation of the latest forecast gross
margin expected to be generated over the remaining
life of that site, which is an output of the site valuation
process. These valuations, which are carried out at
regular intervals throughout the year, use actual and
forecast selling prices, land costs and build costs. Land
purchased with deferred consideration terms is included
in inventories at its net present value.
For Gleeson Land, inventories are recognised in cost of
sales as an allocation of the promotion costs associated
with the land being sold.
Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs
of completion and the estimated costs necessary to
make the sale. In Gleeson Homes, the key assumptions
underpinning the assessment of net realisable value are
forecast costs to complete, site margins, contingencies
and selling prices. In Gleeson Land, expected land
value, planning outcome, the remaining duration of the
promotion or option agreement and forecast costs to
complete are used to determine net realisable value.
Impairment of non-financial assets
The carrying amount of non-financial assets is reviewed
at each reporting date to determine whether there is any
indication of impairment. If any such indication exists,
then the asset’s recoverable amount is estimated.
The recoverable amount of an asset is the greater of its
value in use and its fair value less costs of disposal. In
assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax
discount rate that reflects current market assessments
of the time value of money and the risks specific to
the asset.
An impairment loss is recognised if the carrying amount
of an asset exceeds its estimated recoverable amount.
Impairment losses are recognised in the income
statement within administrative expenses.
Impairment losses recognised in prior periods are
assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An
impairment loss is reversed if there has been a change in
the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the
carrying amount that would have been determined if no
impairment loss had been recognised.
Financial assets
1. Shared equity receivables
Shared equity receivables are loans that were offered
to certain customers to assist in the purchase of their
home. Shared equity receivables are recorded at fair
value through other comprehensive income (“OCI”),
representing the amount receivable discounted to
present day values. The difference between the nominal
value and the initial fair value is credited over the
deferred term to finance income, with the financial
asset increasing to its full cash settlement value on the
anticipated receipt date. The Group holds a second
charge over property sold under shared equity schemes.
Changes in the fair value of shared equity receivables
are recognised in other comprehensive income. Interest
calculated using the effective interest method and
impairment losses on shared equity receivables are
recognised in the income statement.
2. Trade and other receivables
Trade and other receivables are initially measured at fair
value and subsequently measured at amortised cost
using the effective interest method, less any provision for
impairment.
Deferred land receivables are discounted to present
values when repayment is due in more than one year
after initial recognition.
MJ Gleeson plc Annual Report & Accounts 2024 179
Financial Statements

1 Material accounting policy
information CONTINUED
3. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand,
demand deposits and cash held in solicitors’ client
accounts on the Group’s behalf and are subject to an
insignificant risk of changes in value. Net cash is defined
as cash and cash equivalents less borrowings with an
original maturity of three months or less.
Impairment of financial assets
An assessment of expected credit losses associated with
financial assets carried at amortised cost is undertaken
on a forward-looking basis. For trade receivables, the
simplified approach as permitted by IFRS 9 “Financial
instruments” is applied, which requires expected lifetime
losses to be recognised from initial recognition of the
receivables.
Non-financial liabilities
1. Provisions
Provisions are recognised when there is a present legal
or constructive obligation arising from past events
and it is probable there will be an outflow of resources
required to settle the obligation that can be estimated
reliably. Provisions are measured at the best estimate of
the Directors and discounted to present value where the
effect is material.
2. Contingent liabilities
Where there is a possible obligation arising from past
events that will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future
events then, unless the possibility of such an outflow of
resources in settlement is remote, a contingent liability is
disclosed.
Financial liabilities
1. Trade and other payables
Trade and other payables are initially measured at fair
value and are subsequently measured at amortised cost,
using the effective interest rate method.
Deferred land payables are discounted to present values
when repayment is due in more than one year after initial
recognition.
2. Loans and borrowings
Interest bearing bank loans are initially measured at
fair value (being proceeds received, net of direct issue
costs) and are subsequently measured at amortised cost.
Capitalised finance costs are held in other receivables
and amortised over the period of the facility, less any
provision for impairment.
Tax
Tax on the profit or loss for the year comprises current
and deferred tax. Tax is recognised in the income
statement except to the extent that it relates to
items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable or receivable
on the taxable income for the year, using tax rates
enacted or substantively enacted at the balance sheet
date, and any adjustment to tax payable in respect of
previous years.
Deferred tax is provided on temporary differences
between the carrying values of assets and liabilities
for financial reporting purposes and the values used
for taxation purposes. The amount of deferred tax
provided is based on the expected manner of realisation
or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively
enacted at the balance sheet date. A deferred tax asset
is recognised only to the extent that it is probable that
future taxable profits will be available against which the
asset can be utilised.
Employee benefits
1. Defined contribution pension plans
Obligations for contributions to defined contribution
pension schemes are charged to the income statement in
the period to which the contributions relate.
2. Share-based payments
Equity-settled share-based payments (“share options”)
are measured at fair value at the date of grant. Fair value
is measured using generally accepted option pricing
models, taking into account the terms and conditions
upon which the options were granted. The fair value of
options granted is recognised as an employee expense
with a corresponding credit to equity, spread on a
straight-line basis over the vesting period. Where non-
market vesting conditions apply, the expense is based
on the estimate of awards that are expected to vest.
These awards are granted by the Company and the cost
of the share-based award relating to each subsidiary is
calculated, based on an appropriate apportionment, at
the date of grant and recharged through intercompany.
Own shares held by Employee Benefit Trusts
The Employee Benefit Trusts (“EBT”) holds shares in
the Company for the purpose of settling employee
share purchase plan awards, deferred bonus awards for
the Executive Directors, and employee share options
through shares purchased from the market. The cost of
the Company’s purchase of its own shares is shown as
a reduction in shareholders’ equity through the “own
shares” reserve until such time as they are vested to
employees.
Dividends
Dividends are recorded in the financial statements
when paid. Final dividends are recorded in the
financial statements in the period in which they receive
shareholder approval .
MJ Gleeson plc Annual Report & Accounts 2024180
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

1 Material accounting policy
information CONTINUED
Critical accounting judgements and key
sources of estimation uncertainty
The preparation of financial statements requires
management to make judgements, estimates and
assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and
expenses. The estimates and associated assumptions
are based on historical experience and various other
factors that are believed to be reasonable under the
circumstances, the results of which form the basis of
making the judgements about carrying values of assets
and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the
period of the revision and future periods if the revision
affects both current and future periods.
The key sources of estimation uncertainty that have a
significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year at the balance sheet date are listed below.
1. Margin recognition
Cost of sales is recognised for completed home sales as
an allocation of the latest forecast gross margin expected
to be generated over the remaining life of a site, which is
an output of the site valuation process. These valuations,
which are updated at regular intervals throughout the
year, use actual and forecast selling prices, land costs
and build costs and are sensitive to future movements
in both the estimated costs to complete and expected
selling prices. These estimates are reflected in the margin
recognised on sites in relation to sales recognised
in the current and future years. There is a degree of
inherent uncertainty in making such estimates. The
Group has internal controls that are designed to ensure
that an effective assessment of the costs to complete a
development is made on a regular basis. If gross margin
on homes sold decreased by 100 basis points, profit
before tax in the year would have been £3.2m lower
(2023: £3.2m lower).
2. Carrying value of inventories
(land and work in progress)
Inventories are stated at the lower of cost and net
realisable value. For Gleeson Homes, the assessment of
net realisable value is performed on a site-by-site basis,
taking into account an estimation of costs to complete
and remaining revenue. If forecast gross margins reduced
by 5%, there would be no loss-making sites and no
material impact on the carrying value of inventory.
For Gleeson Land, the assessment of net realisable
value is performed on a site-by-site basis. Net realisable
value is largely dependent on the prospect of obtaining
a successful planning consent. Given this, there is
some uncertainty over the net realisable value of each
site. These assessments include a degree of inherent
uncertainty when estimating the profitability of a site
and in assessing any impairment provisions that may be
required. If a single site in the portfolio failed to obtain
planning permission before expiration of the agreement,
the carrying value would decrease by £0.4m (2023:
£0.5m), based on an average site. The single largest site
inventory balance in the portfolio is £2.8m (2023: £2.6m).
3. Building safety
As set out in note 18, the Group undertakes periodic
reviews of all buildings over 11 metres in which the
Group had, over the last 30 years, some involvement in
developing.
The Group has recorded a building safety provision
which represents the best estimate of the life-critical
fire-safety remediation costs associated with these
buildings. The building safety provision requires a number
of key estimates and judgements in its calculation. If it is
deemed that the costs are probable and can be reliably
measured then, as per IAS 37 “Provisions, contingent
liabilities and contingent assets”, a provision is recorded.
If costs are considered possible or cannot be reliably
estimated then they are recorded as contingent liabilities.
The key judgements include, but are not limited to, the
identification of these properties, the time period to
consider and which properties should then be included.
Judgement is also required in respect of the underlying
nature of the building and materials used where intrusive
surveys have not yet been carried out. The key estimates
applied to these properties include the potential costs
of investigation, the costs of replacement materials
and works, the costs of disruption to residents of these
buildings and the timing of forecast expenditure.
If forecast remediation costs on these buildings were 20%
higher, the provision in the statement of financial position
would be £2.5m higher with a corresponding exceptional
charge in the consolidated income statement. See note 18
for further details.
4. Climate change and environmental risk
Significant judgement is required to assess the impact
of climate change on the operations of the business
and the carrying value of its assets, including land
held in inventory. Climate change has the potential
to significantly impact our business strategy through
restricted land availability, disrupted build programmes,
material and labour shortages and increased costs.
No provisions or impairment of assets have been
recognised in these financial statements but detailed
scenario analysis is presented in the TCFD section on
pages 90 to 91.
MJ Gleeson plc Annual Report & Accounts 2024 181
Financial Statements

1 Material accounting policy
information CONTINUED
5. Carrying value of investments (Company only)
Investments are stated at cost less impairment.
Significant judgement is required to determine if an
impairment trigger has taken place, and in calculating
an impairment, judgement is required to determine the
value in use or fair value less costs of disposal. It was
identified that Gleeson Construction Services Limited
incurred a loss during the year, which is an indicator that
an impairment loss may have occurred – see note 12 for
further details. For the investment held in MJ Gleeson
Group Limited, an increase in the loss of MJ Gleeson
Group Limited or its subsidiary, Gleeson Construction
Services Limited, of 10% would lead to an increase in the
impairment of £45,000.
Adoption of new and revised standards
For the year ended 30 June 2024, the Group and
Company have applied the following new and revised
standards that were mandatorily effective for an
accounting period beginning on or after 1 January 2023:
• IAS 1 “Classification of liabilities”
(effective 1 January 2023)
• Amendments to IAS 8 “Accounting policies, changes
in accounting estimates and errors”
(effective 1 January 2023)
• Amendments to IAS 12 “Taxation”
(effective 1 January 2023)
The adoption of these standards and amendments
has not had any material impact on the disclosures or
amounts reported in these financial statements.
Standards not yet applied
There are a number of standards and interpretations
issued by the International Accounting Standards Board
that are effective for financial statements after this
reporting period. The following have not been adopted
by the Group and Company in preparing the financial
statements for the year ended 30 June 2024:
• Amendments to IFRS 16 “Leases”
(effective 1 January 2024)
• Amendments to IAS 1 “Presentation of Financial
Statements (effective 1 January 2024)
• Amendments to IAS 7 “Statement of Cash Flows” and
IFRS 7 “Financial Instruments: Disclosures”
(effective 1 January 2024)
The application of the standards and interpretations not
yet applied is not expected to have a material impact
on the Group and Company’s financial performance
or position, or give rise to additional disclosures in the
financial statements.
MJ Gleeson plc Annual Report & Accounts 2024182
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

2 Segmental analysis
The Group is organised into the following two operating divisions under the control of the Executive Board, which is
identified as the Chief Operating Decision Maker as defined under IFRS 8 “Operating segments”:
• Gleeson Homes
• Gleeson Land
All of the Group’s operations are carried out entirely within the United Kingdom. Segmental information about the
Group’s operations is presented below:
Gleeson Homes
329,006
320,848
–
320,848
Gleeson Land
16,339
7,471
–
7,471
Total revenue
345,345
328,319
–
328,319
Gleeson Homes
30,301
35,045
(1,022)
34,023
Gleeson Land
2,151
1,032
–
1,032
Divisional operating profits
32,452
36,077
(1,022)
35,055
Group administrative expenses
(3,899)
(2,518)
–
(2,518)
Group operating profit
28,553
33,559
(1,022)
32,537
Finance income
109
191
–
191
Finance expenses
(3,813)
(2,261)
–
(2,261)
Profit before tax
24,849
31,489
(1,022)
30,467
Ta x
(5,543)
(6,508)
210
(6,298)
Profit for the year
19,306
24,981
(812)
24,169
All revenue in the Gleeson Homes segment relates to the sale of residential properties. There was no revenue
recognised in respect of partnership arrangements during the year to 30 June 2024 (2023: none). All revenue for the
Gleeson Land segment is in relation to the sale of land interests and overages on the sale of land. There is no revenue
relating to Group activities.
One single customer accounted for 13.4% of revenue in Gleeson Homes. No single customers accounted for more than
10% of revenue in Gleeson Land (2023: no single customer over 10% in either business).
Balance sheet analysis of business segments:
2024
2023
Gleeson Homes
329,927
(76,029)
253,898
326,722
(86,033)
240,689
Gleeson Land
34,158
(2,582)
31,576
43,207
(1,733)
41,474
Group activities
1,028
(1,694)
(666)
1,240
(2,546)
(1,306)
Cash and cash equivalents
12,934
–
12,934
5,159
–
5,159
378,047
(80,305)
297,742
376,328
(90,312)
286,016
MJ Gleeson plc Annual Report & Accounts 2024 183
Financial Statements

2 Segmental analysis CONTINUED
Other information:
2024
2023
Gleeson Homes
2,039
4,529
4,441
3,877
Gleeson Land
–
92
–
95
2,039
4,621
4,441
3,972
3 Exceptional items
Restructuring
In the prior year, we announced the restructuring of Gleeson Homes from nine regional management teams to six
and moved to a standard operating structure with consistent roles, responsibilities, processes and reporting. The
restructuring expense in the prior year of £1,022,000 consisted of redundancy costs of £975,000 and professional fees
of £47,000. The amount, combined with the number of colleagues directly and indirectly impacted by the restructure,
and the fact that this was a one-off cost, made this an exceptional item in the prior year.
No exceptional items were recognised in the year to 30 June 2024.
Administrative expenses
–
1,022
4 Expenses and auditors’ remuneration
Profit for the year is stated after charging/(crediting):
Staff costs
6
47,376
49,549
Depreciation of property, plant and equipment
11
4,621
3,972
Profit on redemption of shared equity receivables
(182)
(285)
Loss on disposal of property, plant and equipment
11
466
305
Audit of these financial statements
323
304
Audit of financial statements of subsidiaries pursuant to legislation
92
85
Non-audit services
–
–
5 Other operating income
Profit on redemption of shared equity receivables
182
285
Other operating income
70
135
252
420
MJ Gleeson plc Annual Report & Accounts 2024184
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

6 Staff costs
Group
Company
Wages and salaries
40,997
42,349
1,453
1,557
Termination benefits
–
975
–
–
Share-based payment charge/(credit)
24
218
(307)
481
(190)
Social security costs
4,517
4,899
235
(231)
Other pension costs
19
1,644
1,633
71
63
47,376
49,549
2,240
1,199
The monthly average number of employees, excluding Non-Executive Directors, during the year was:
Gleeson Homes
730
784
Gleeson Land
21
18
Group activities
5
4
756
806
The monthly average number of Company employees and Non-Executive Directors during the year was nine
(2023: eight).
Key management remuneration
Key management personnel, as defined under IAS 24 “Related party disclosures”, have been identified as the Executive
and Non-Executive Directors, the Chief Executive of Gleeson Homes, the Managing Director of Gleeson Land and the
Divisional Managing Directors of Gleeson Homes, as the controls operated by the Group ensure that all key decisions
are reserved for the Board. Detailed disclosures of Directors’ individual remuneration, for those Directors who served
during the year, are given in the audited sections within the Remuneration Report on pages 142 to 153.
A summary of key management remuneration is as follows:
Group
Company
Short-term employee benefits
2,393
2,540
1,022
1,059
Post-employment benefits
133
140
59
57
Share-based payment charge/(credit)
1
342
(229)
483
(190)
2,868
2,451
1,564
926
1
Share-based payments reflect the IFRS 2 “Share-based payment” charge/(credit) through the income statement.
MJ Gleeson plc Annual Report & Accounts 2024 185
Financial Statements

7 Finance income and expenses
Interest on bank deposits
16
–
Unwinding of discount on long-term receivables
78
185
Other interest income
15
6
109
191
Interest on bank overdrafts and loans
(3,040)
(1,905)
Bank facility charges
(379)
(25)
Unwinding of discount on long-term payables
(160)
(168)
Unwinding of discount on lease liabilities
(234)
(163)
(3,813)
(2,261)
Net finance expenses
(3,704)
(2,070)
8 Tax
Current year expense
5,699
5,834
Adjustment in respect of prior years
(352)
(42)
Current tax expense for the year
5,347
5,792
Current year expense
20
107
495
Adjustment in respect of prior years
20
89
(53)
Impact of rate change
20
–
64
Deferred tax expense for the year
196
506
Total tax charge
5,543
6,298
Corporation tax has been calculated at 22.3% of assessable profit for the year (2023: 20.7%). The applicable UK
corporation tax rate is 25.0%.
MJ Gleeson plc Annual Report & Accounts 2024186
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

8 Tax CONTINUED
The charge for the year can be reconciled to the profit before tax per the consolidated income statement as follows:
2024
2023
Total tax charge reconciliation
Note
£000
%
£000
%
Profit before tax
24,849
30,467
Tax at current corporation tax rate
6,212
25.0
6,246
20.5
Expenses not deductible for tax purposes
114
0.5
42
0.1
Non-qualifying depreciation
123
0.5
128
0.4
Relief for share-based payments
45
0.2
111
0.4
Capital allowances super deduction
–
–
(131)
(0.4)
Land remediation relief
(739)
(3.0)
(354)
(1.1)
Impact of rate differences
–
–
64
0.2
Adjustments in respect of prior years – current tax
(352)
(1.4)
(42)
(0.1)
Adjustments in respect of prior years – deferred tax
20
89
0.3
(53)
(0.2)
Residential property developers tax
51
0.2
287
0.9
Total tax charge and effective tax rate for the year
5,543
22.3
6,298
20.7
The headline rate of 22.3% is lower than the headline tax rate of 25.0%, which is primarily driven by land remediation
relief and prior year adjustments. Further explanations are provided following the current tax reconciliation.
The current tax charge for the year can be reconciled to the profit before tax per the consolidated income statement
as follows:
2024
2023
£000
%
£000
%
Profit before tax
24,849
30,467
Tax at current corporation tax rate
6,212
25.0
6,246
20.5
Expenses not deductible for tax purposes
114
0.5
42
0.1
Non-qualifying depreciation
123
0.5
128
0.4
Relief for share-based payments
(28)
(0.1)
(144)
(0.5)
Capital allowances super deduction
-
-
(131)
(0.4)
Land remediation relief
(739)
(3.0)
(354)
(1.1)
Impact of capital allowances in excess of depreciation
228
0.9
(295)
(1.0)
Adjustments in respect of prior years – current tax
(352)
(1.4)
(42)
(0.1)
Residential property developers tax
–
–
211
0.7
Short-term timing differences
(211)
(0.9)
131
0.4
Current tax charge and effective tax rate for the year
5,347
21.5
5,792
19.0
The most significant factor impacting the Group’s current tax charge is land remediation relief, whereby tax relief is
granted on an additional 50% of qualifying land remediation expenditure. This is for costs incurred on remediating
contaminated land and bringing it to a safe and usable condition for the purposes of development. Many of our sites
are on brownfield land and require significant remediation prior to use. The Government provides this benefit as an
incentive to remediate contaminated land. No deferred tax is recognised on this permanent benefit.
MJ Gleeson plc Annual Report & Accounts 2024 187
Financial Statements

8 Tax CONTINUED
The impact of capital allowances in excess of depreciation arises where assets qualify for capital allowances in a
different period than they are depreciated for accounting purposes. A temporary timing difference is created and
deferred tax is recognised on the difference between the carrying amount of the asset and the amount deductible
for tax purposes in future years. At the balance sheet date, we had a deferred tax liability in relation to plant and
equipment due to the tax reliefs we received being more favourable in the short-term compared to how they are
accounted for. This deferred tax provision will unwind each year over the useful economic lives of the assets they
relate to.
The current tax relief for share-based payments is lower than the cumulative IFRS 2 “Share-based payment” charge
for the options exercised, with current and deferred tax being recognised to reflect this difference. The anticipated tax
relief has been calculated based on the share price at the balance sheet date and apportioned for the portion of the
vesting period which has passed.
Residential property developers tax (“RPDT”) is charged at 4% on certain profits from residential development
activities. The additional 4% RPDT is recognised as part of the tax expense and creates a permanent difference in
excess of the headline rate of Corporation Tax at 25%. No deferred tax is recognised in relation to this permanent
difference.
Short-term timing differences comprise items other than depreciation of property, plant and equipment where the
amount is included in the tax computation in a different period from when it is recognised in the income statement.
For example, accrued employer pension contributions paid after the year end. Deferred tax is recognised on these
items.
Prior period adjustments relate to estimates and judgements included in the prior year accounts in respect of tax and
subsequently adjusted when the tax computations were finalised and submitted to HMRC. Some of these differences
related to deferred tax, with the adjustment being recognised accordingly for the prior period adjustment.
Non-deductible expenditure is a permanent difference and comprises business expenses, such as entertaining costs,
expenditure on certain leased cars and legal fees deemed capital in nature, recognised in the income statement but
not allowable as a deduction against taxable income. No deferred tax is recognised on these differences.
Tax recognised on equity-settled share-based payments
Group
Company
share-based payments
20
284
(362)
24
(190)
share-based payments
284
(362)
24
(190)
MJ Gleeson plc Annual Report & Accounts 2024188
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

9 Dividends
Interim dividend for the year ended 30 June 2024 of 4.0p (2023: 5.0p) per share
2,332
2,911
Final dividend for the year ended 30 June 2023 of 9.0p (2022: 12.0p) per share
5,248
6,996
7,580
9,907
A final dividend of 7 .0 pence per share has been proposed for the year ended 30 June 2024, equating to £4, 080,000
(2023: £5,248,000). This is subject to approval by shareholders at the AGM on 15 November 2024 and has not been
recognised in these financial statements.
10 Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Profit for the year
19,306
24,169
Adjust for exceptional items (note 3)
–
1,022
Adjust for tax on exceptional items
–
(210)
Profit for the year – pre-exceptional items
19,306
24,981
Weighted average number of ordinary shares for the purposes of basic earnings per share
58,281
58,246
– Share-based payments
154
41
Weighted average number of ordinary shares for the purposes of diluted earnings per share
58,435
58,287
Basic earnings per share
33.13
41.49
Diluted earnings per share
33.04
41.47
Basic earnings per share – pre-exceptional items
33.13
42.89
Diluted earnings per share – pre-exceptional items
33.04
42.86
MJ Gleeson plc Annual Report & Accounts 2024 189
Financial Statements

11 Property, plant and equipment
Group
Company
At 1 July 2022
3,792
12,543
16,335
1
Additions
–
4,441
4,441
–
New leases entered in the year
1,619
1,311
2,930
–
Disposals
–
(876)
(876)
–
At 30 June 2023
5,411
17,419
22,830
1
Additions
–
2,039
2,039
–
New leases entered in the year
583
806
1,389
–
Leases exited in the year
(569)
(28)
(597)
–
Disposals
–
(3,829)
(3,829)
–
At 30 June 2024
5,425
16,407
21,832
1
At 1 July 2022
1,251
6,972
8,223
1
Charge for the year
619
3,353
3,972
–
Disposals
–
(571)
(571)
–
At 30 June 2023
1,870
9,754
11,624
1
Charge for the year
650
3,971
4,621
–
Leases exited in the year
(299)
(20)
(319)
–
Disposals
–
(3,363)
(3,363)
–
At 30 June 2024
2,221
10,342
12,563
1
At 1 July 2022
2,541
5,571
8,112
–
At 30 June 2023
3,541
7,665
11,206
–
At 30 June 2024
3,204
6,065
9,269
–
The Group has recorded a depreciation charge of £4,621,000 (2023: £3,972,000), of which £926,000 (2023:
£1,750,000) has been charged in cost of sales and £3,695,000 (2023: £2,222,000) in administrative expenses.
At 30 June 2024, the net book value of right-of-use assets was £4,574,000 (2023: £4,776,000), of which £3,204,000
(2023: £3,544,000) is within property and £1,370,000 (2023: £1,232,000) is within plant and equipment. The
depreciation charge recorded for right-of-use assets was £1,311,000 (2023: £930,000). Refer to note 17 for further details.
The Company recorded a depreciation charge of £nil (2023: £nil).
MJ Gleeson plc Annual Report & Accounts 2024190
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

12 Investments in subsidiaries
At 1 July 2022
98,994
Impairment
(3,791)
At 30 June 2023
95,203
Impairment
(1,162)
At 30 June 2024
94,041
The investments in subsidiaries are assessed annually to determine if there is any indication that any of the
investments might be impaired. Gleeson Construction Services Limited incurred a loss during the year, which is an
indicator that an impairment loss may have occurred and, therefore, the recoverable amount of the investment was
calculated.
MJ Gleeson Group Limited is the intermediate holding company of Gleeson Construction Services Limited and does
not generate revenue or incur any significant costs of its own. Gleeson Construction Services Limited manages the
unwind of historic construction and employment liability claims and does not generate any revenue, but it incurs losses
which reduce the net asset value.
The recoverable amount of MJ Gleeson Group Limited and its subsidiary, Gleeson Construction Services Limited, was
determined based on a value-in-use calculation incorporating cash flow projections.
The carrying value of the investment in MJ Gleeson Group Limited was £2,203,000 and the recoverable amount was
calculated as £1,041,000, resulting in an impairment loss of £1,162,000.
Subsidiary undertakings
The following are the principal subsidiary undertakings of MJ Gleeson plc. MJ Gleeson plc owns 100% of the ordinary
share capital of the subsidiaries, all of which are incorporated in England and Wales and operate in the United
Kingdom. The registered address for all subsidiary undertakings of MJ Gleeson plc is 6 Europa Court, Sheffield
Business Park, Sheffield, S9 1XE.
Company name
Principal activity
Incorporation Number
Gleeson Developments Limited
House building
00848808
Gleeson Regeneration Limited
House building
03920096
Gleeson Developments (North East) Limited
House building
03867699
Gleeson Land Limited
Land promotion and sale
05181745
Gleeson Land (Fleet) Limited
1
Land promotion and sale
05742750
1
Shares held by Gleeson Land Limited
MJ Gleeson plc Annual Report & Accounts 2024 191
Financial Statements

12 Investments in subsidiaries CONTINUED
The following are the other subsidiary companies of MJ Gleeson plc:
Company name
Principal activity
Incorporation Number
MJ Gleeson Group Limited
Intermediate holding company
00479529
Gleeson Construction Services Limited
2
Legacy construction services
00783607
Colroy Limited
3
Dormant*
00882558
Haredon Developments Limited
3
Dormant*
00759754
Gleeson Capital Solutions Limited
Dormant*
05276021
Gleeson Classic Homes Limited
1
Dormant*
01952198
Gleeson Homes Southern Limited
1
Dormant*
01530449
Gleeson Housing Developments Limited
1
Dormant*
01460800
Gleeson PFI Investments Limited
Dormant*
05337924
Gleeson Properties Limited
Dormant*
00805039
Gleeson Properties (Kingley) Limited
3
Dormant*
05281899
Gleeson Properties (Petersfield) Limited
3
Dormant*
05075336
Gleeson Services Limited
Dormant*
00885340
KW Cannock Properties Limited
Dormant*
05899918
MJ Gleeson (International) Limited
Dormant*
00955626
MJG (Management) Limited
Dormant*
00941012
Oakmill Properties Limited
3
Dormant*
05206658
Sindale Properties Limited
1
Dormant*
04201608
1
Shares held by Gleeson Developments Limited
2
Shares held by MJ Gleeson Group Limited
3
Shares held by Gleeson Properties Limited
* Exempt from audit by virtue of s479A of the Companies Act 2006
13 Inventories
Land held for development
113,801
112,649
Work in progress
231,433
231,977
345,234
344,626
Net realisable value provisions held against inventories at 30 June 2024 were £8,380,000 (2023: £6,980,000). The
amount of inventory write-down recognised as an expense in the period was £4,119,000 (2023: £2,676,000) and
the amount of reversal of previously recognised inventory write-down was £656,000 (2023: £391,000). The cost of
inventories recognised as an expense in cost of sales was £259,815,000 (2023: £236,074,000).
Company
The Company held no inventories at 30 June 2024 (2023: £nil).
MJ Gleeson plc Annual Report & Accounts 2024192
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

14 Trade and other receivables
Group
Company
Trade receivables
5,651
9,904
–
–
VAT recoverable
1,443
2,414
37
14
Prepayments and accrued income
2,153
1,251
600
122
Shared equity receivables
36
378
–
–
Amounts due from subsidiary undertakings
–
–
114,713
117,742
9,283
13,947
115,350
117,878
Trade receivables
176
–
–
–
Shared equity receivables
67
51
–
–
243
51
–
–
The Directors consider that the carrying amount of trade and other receivables approximates their fair value and
includes an allowance for impairment of trade receivables. See note 15 for the assessment of credit risk associated with
trade receivables.
Amounts due from subsidiary undertakings are unsecured, repayable on demand, and interest free. Expected credit
losses are based on the assumption that repayment of the loan is demanded at the reporting date. No allowance for
expected credit losses is deemed necessary in respect of amounts owed by Group undertakings.
15 Financial instruments
The Group and Company’s finance assets and liabilities are as follows:
Group
Financial assets
Book value
Carrying value
Cash and cash equivalents
12,934
5,159
12,934
5,159
Trade and other receivables
5,827
9,904
5,827
9,904
Shared equity receivables
440
936
103
429
19,201
15,999
18,864
15,492
Financial liabilities
Book value
Carrying value
Land payables
(9,436)
(14,348)
(9,300)
(14,052)
Trade and other payables
(50,547)
(57,637)
(50,547)
(57,637)
Lease liabilities
(5,076)
(5,144)
(5,076)
(5,144)
(65,059)
(77,129)
(64,923)
(76,833)
MJ Gleeson plc Annual Report & Accounts 2024 193
Financial Statements

15 Financial instruments CONTINUED
Company
Financial assets
Book value
Carrying value
Cash and cash equivalents
1,056
248
1,056
248
Amounts due from subsidiary undertakings
114,713
117,742
114,713
117,742
115,769
117,990
115,769
117,990
Financial liabilities
Book value
Carrying value
Trade and other payables
(1,145)
(1,241)
(1,145)
(1,241)
Amounts due to subsidiary undertakings
(145,274)
(142,475)
(145,274)
(142,475)
(146,419)
(143,716)
(146,419)
(143,716)
Risk exposure
The Company operates a central treasury function providing services to the Group. The treasury function arranges
loans and funding, invests any surplus liquidity and manages financial risk. The treasury function is not a profit centre
and no speculative trades are permitted or executed. It operates within specific policies, agreed by the Board, to
control and monitor financial risk within the Group.
Cash and cash equivalents
Cash and cash equivalents comprises cash, demand deposits and cash held in solicitors’ client accounts on the Group’s
behalf. The carrying amount of these assets equals their fair value.
Credit risk
The Group’s credit risk is primarily attributable to its trade and other receivables. The Group applies a simplified
approach in calculating expected credit losses. The Group does not track changes in credit risk, but instead recognises
a loss allowance based on lifetime expected credit losses at each reporting date. The expected credit loss is based on
the risk of default estimated by the Group’s management based on prior experience, forward-looking assessments of
the economic environment and relative counter-party risk. For this purpose, a default is determined to have occurred
if the Group becomes aware of evidence that it will not receive all contractual cash flows that are due. The Directors
consider that the carrying value of trade and other receivables approximates to their fair value and no expected credit
loss is recognised.
The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit ratings
assigned by international credit rating agencies.
At 30 June 2024, the Group’s most significant credit risk was with a housebuilder and amounted to £1,553,000 (2023:
£4,179,000) of the trade and other receivables carrying amount, with the deferred receivables secured by way of first
legal charge over the land. The fair value of any land held as security is considered by the Board to be sufficient in
relation to the carrying amount of the receivable to which it relates.
The Group’s remaining credit risk is spread over a number of counterparties and customers.
MJ Gleeson plc Annual Report & Accounts 2024194
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

15 Financial instruments CONTINUED
The ageing of gross trade receivables at the reporting date was:
Group
Company
Not past due
5,848
9,744
–
–
Past due 0–30 days
36
236
–
–
Past due 31–120 days
–
–
–
–
Past due 121–365 days
2
20
–
–
Past due more than one year
19
453
–
–
5,905
10,453
–
–
All trade receivables are with UK customers. The amounts due are included at expected realisable value.
Included in trade receivables not past due are £176,000 (2023: £nil) receivables due in more than one year.
In addition to the above, the Company has intercompany receivables which are repayable on demand.
The movement in the allowance for impairment of trade receivables during the year was as follows:
Group
Company
Balance at 1 July
475
260
–
–
Impairment loss recognised
45
239
–
–
Release of impairment allowance
(442)
(24)
–
–
Balance at 30 June
78
475
–
–
Trade and other receivables deemed to have no reasonable expectation of recovery following unsuccessful attempts
to pursue the debt are written off in the financial statements, but are still subject to enforcement activity. Subsequent
recoveries of amounts previously written off are credited to the income statement.
Market risk
The Group has no significant exposure to foreign currency risk or equity risk.
Interest rate risk
The Group closely monitors its exposure to variations in interest rates but has limited exposure. At 30 June 2024 the
Group had no material interest-bearing financial liabilities.
%
£000
%
£000
Bank borrowings
7.72
–
5.74
–
Bank overdraft
–
–
–
–
Based on average borrowings during the year, a 1.5% change in interest rates, which the Directors consider to be a
reasonably possible change, would affect profit before tax by £452,000-£457,000 (2023: £265,000-£358,000 impact
based on 1.5% change).
MJ Gleeson plc Annual Report & Accounts 2024 195
Financial Statements

15 Financial instruments CONTINUED
Liquidity risk
Liquidity risk is the risk that the Group does not have sufficient financial resources available to meet its obligations
as they fall due. The Group manages liquidity risk by monitoring forecast and actual cash flows and matching the
expected cash flow timings of financial assets and liabilities with the use of cash and cash equivalents and loans and
borrowings.
In July 2023, the Group refinanced its committed facility with Lloyds Bank plc and Santander UK plc. The facility has
a limit of £135m (previously £105m), expires in October 2026 and has two further one year uncommitted extension
options provided by both banks.
At the balance sheet date, the total unused committed amount was £135,000,000 (2023: £105,000,000) and cash and
cash equivalents were £12,934,000 (2023: £5,159,000).
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding
the impact of netting agreements:
Non-derivative financial liabilities
Group
Trade and other
payables
59,847
59,984
53,524
3,328
2,240
892
–
Lease liabilities
5,076
5,749
803
792
1,215
1,596
1,343
64,923
65,733
54,327
4,120
3,455
2,488
1,343
Trade and other
payables
71,689
71,650
61,419
5,687
2,489
2,055
–
Lease liabilities
5,144
5,818
618
642
1,271
1,807
1,480
76,833
77,468
62,037
6,329
3,760
3,862
1,480
Company
The non-derivative financial liabilities of the Company in the current and prior year are predominantly intercompany
balances that are payable on demand. The external balances are payable within six months.
Fair values
The fair values of the Group’s financial assets and liabilities are not materially different from the carrying values. Shared
equity receivables are measured at fair value through other comprehensive income (“FVOCI”). The total fair value
movement recognised in other comprehensive income was £171,000 (2023: £148,000 other comprehensive expense).
MJ Gleeson plc Annual Report & Accounts 2024196
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

15 Financial instruments CONTINUED
Capital risk management
In line with the disclosure requirements of IAS 1 “Presentation of financial statements”, the Group regards its capital as
being the equity as shown in the statement of changes in equity.
Note 23 to the financial statements provides details regarding the Company’s share capital movements in the year.
The primary objective of the Group’s capital management is to ensure that it maintains investor, creditor and market
confidence and to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions. To
maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders and issue or
return capital to shareholders.
Neither the Company nor any of the subsidiaries are subject to externally imposed capital requirements.
16 Trade and other payables
Group
Company
Trade payables
16,472
18,649
127
8
Land payables
6,167
9,766
–
–
Lease liabilities
1,595
1,259
–
–
Other taxation and social security
2,285
2,629
73
79
Contract liabilities
1,137
1,486
–
–
Accruals and deferred income
32,938
34,873
1,018
1,154
Amounts due to subsidiary undertakings
–
–
145,274
142,475
60,594
68,662
146,492
143,716
Land payables
3,133
4,286
–
–
Lease liabilities
3,481
3,885
–
–
6,614
8,171
–
–
Amounts due to subsidiary undertakings are unsecured, repayable on demand, and interest free.
Contract liabilities relate to customer deposits and exchange monies that have not yet met the performance
obligations to be classified as revenue. Of the prior year balance £1,089,000 (2023: £1,593,000) has been recognised
in revenue in the current year as the performance obligations were met.
MJ Gleeson plc Annual Report & Accounts 2024 197
Financial Statements

17 Leases
Right-of-use assets
2024
2023
Cost
5,233
2,986
8,219
5,130
2,209
7,339
Accumulated depreciation
(2,029)
(1,616)
(3,645)
(1,586)
(977)
(2,563)
Net book value
3,204
1,370
4,574
3,544
1,232
4,776
Lease liabilities
Current liabilities
1,595
1,259
Non-current liabilities
3,481
3,885
Total lease liabilities
5,076
5,144
Amounts recognised in the consolidated income statement
Depreciation on right-of-use property assets
650
619
Depreciation on right-of-use plant and equipment assets
661
311
Interest on lease liabilities
234
163
Total
1,545
1,093
Amounts recognised in the statement of cash flows
Principal element of lease payments
1,196
794
Interest element of lease payments
234
163
Total cash outflow
1,430
957
18 Provisions
As at 1 July 2022
521
12,867
–
13,388
Provisions made during the year
199
–
1,022
1,221
Provisions used during the year
(21)
(117)
(992)
(1,130)
As at 30 June 2023
699
12,750
30
13,479
Provisions made during the year
79
–
–
79
Provisions used during the year
(79)
(352)
(30)
(461)
As at 30 June 2024
699
12,398
–
13,097
MJ Gleeson plc Annual Report & Accounts 2024198
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

18 Provisions CONTINUED
Current provisions
3,024
5,273
Non-current provisions
10,073
8,206
13,097
13,479
Dilapidations
The dilapidations provision covers the Group’s leased property estate. The expected provision needed at the end of
each lease is recognised on a straight-line basis over the term of the lease. There is no material uncertainty in either
the timing or amount.
Building safety
The building safety provision includes estimated costs to remediate life-critical fire-safety issues on buildings over 11
meters in which the Group had some involvement in developing over the last 30 years. By signing the Department for
Levelling Up, Housing and Communities’ (“DLUHC”) pledge in April 2022, and long form agreement in February 2023,
the Group committed to put right life-critical fire-safety issues in relation to these buildings.
The Group was involved in the development of 17 buildings over 11 metres, none of which were over 18 metres. The
Group retains no freehold ownership of these or any other buildings. All of the buildings, including any external wall
systems or cladding, were signed off by approved inspectors as compliant with the relevant Building Regulations at
the time of their completion.
The Group has carried out an extensive exercise to locate the records of all buildings affected in which, over the last
30 years, the Group had some involvement in developing. The Group has continued to make progress in the
assessment and remediation work required, but this has been slowed in some cases by the response from building
owners and management companies. In other cases, more significant progress has been made in the design
and procurement of works required and the carrying out of works on site, and the Group is awaiting invoices on
completion.
The provision of £12,398,000 (2023: £12,750,000) represents the Board’s best estimate of the remaining life-critical
fire-safety remediation costs for these buildings. The Group has provided for the cost of remediation where there is a
liability, where build issues have been identified or it is considered that such build issues are likely to exist. The Group
incurred costs of £352,000 in the year (2023: £117,000) which were included in the provision estimate. The Group used
external third party assessments that were carried out in the prior year and adjusted these for any known changes to
the scope or extent of remediation works required, as well as for inspections or works carried out.
The Group reviews the building safety provision at each reporting date and, where necessary, adjusts it to reflect the
current best estimate of these remediation costs.
Restructuring
As set out in note 3, the restructuring of the Gleeson Homes business during the prior year resulted in exceptional
costs of £1,022,000 in the prior year. Of this expenditure, £992,000 was paid out in the prior year, with the remaining
£30,000 provided for at 30 June 2023. This was paid out during the financial year to 30 June 2024.
Company
At 30 June 2024, the Company did not have any provisions (2023: £nil).
19 Employee benefits
Defined contribution pension plan
The Group operates a defined contribution pension plan. The assets of the pension plan are held separately from those
of the Group in funds under the control of the trustees.
Group
The total pension cost charged to the consolidated income statement of £1,644,000 (2023: £1,633,000) represents
contributions payable to the defined contribution pension plan by the Group at rates specified in the plan rules. At 30
June 2024, contributions of £248,000 (2023: £250,000) due in respect of the current reporting period had not been
paid over to the pension plan. Since the year end, this amount has been paid.
MJ Gleeson plc Annual Report & Accounts 2024 199
Financial Statements

19 Employee benefits CONTINUED
Company
The total pension cost charged to the income statement of £71,000 (2023: £63,000) represents contributions payable
to the defined contribution pension plan by the Company at rates specified in the plan rules. At 30 June 2024,
contributions of £3,000 (2023: £2,000) due in respect of the current reporting period had not been paid over to the
pension plan. Since the year end, this amount has been paid.
20 Deferred tax assets
Group
At 1 July 2022
(10)
177
774
941
Adjustment in respect of prior year
(21)
9
65
53
(Charge)/credit to income
(349)
157
(303)
(495)
Credit to equity
–
–
362
362
Impact of rate change
(66)
58
(56)
(64)
At 30 June 2023
(446)
401
842
797
Adjustment in respect of prior year
(165)
76
–
(89)
Credit/(charge) to income
265
(242)
(130)
(107)
Charge to equity
–
–
(284)
(284)
At 30 June 2024
(346)
235
428
317
At the balance sheet date, the Group has unrecognised tax losses of £8,876,000 (2023: £8,876,000) available for
offset against future profits. Losses may be carried forward indefinitely against future taxable trading profits. These
losses have not been recognised as a deferred tax asset as it is not considered probable that there will be suitable
profits or gains available in future periods against which they may be offset.
Deferred tax assets of £663,000 are offset by £346,000 of liabilities to arrive at a net balance of £317,000. Of the
total deferred tax asset, £586,000 (2023: £771,000) is expected to be recovered within 12 months of the balance
sheet date.
Company
At 1 July 2022
2
–
450
452
Adjustment in respect of prior year
–
–
65
65
Charge to income
–
–
(224)
(224)
Credit to equity
–
–
190
190
Impact of rate change
–
–
(41)
(41)
At 30 June 2023
2
–
440
442
Adjustment in respect of prior year
–
86
–
86
(Charge)/credit to income
–
(59)
10
(49)
Charge to equity
–
–
(24)
(24)
At 30 June 2024
2
27
426
455
MJ Gleeson plc Annual Report & Accounts 2024200
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

21 Net cash/(debt)
Group
Company
Cash and cash equivalents
12,934
5,159
1,056
248
Lease liabilities
(5,076)
(5,144)
–
–
Net cash/(debt)
7,858
15
1,056
248
At 30 June 2024, monies held by solicitors on behalf of the Group and included within cash and cash equivalents were
£2,253,000 (2023: £1,150,000).
No monies were held by solicitors on behalf of the Company at the balance sheet date (2023: £nil).
Net cash/(debt) at 1 July 2022
33,764
(3,009)
30,755
Cash flows
(28,605)
957
(27,648)
New leases
–
(2,929)
(2,929)
Finance expenses
–
(163)
(163)
Net cash/(debt) at 30 June 2023
5,159
(5,144)
15
Cash flows
7,775
1,430
9,205
New leases
–
(1,389)
(1,389)
Leases exited in the year
–
261
261
Finance expenses
–
(234)
(234)
Net cash/(debt) at 30 June 2024
12,934
(5,076)
7,858
22 Bonds and securities
At 30 June 2024, the Group had bonds and securities of £57,017,000 (2023: £47,895,000) provided by financial
institutions in the normal course of business.
The Directors have determined that the Group and Company require no specific provision for bonds, securities or
guarantees for subsidiary companies as the possibility of any outflow in settlement of these is considered to be
remote.
MJ Gleeson plc Annual Report & Accounts 2024 201
Financial Statements

23 Share capital
Number
£000
At 1 July 2022
58,306,337
1,166
Shares issued during year
36,023
1
At 30 June 2023
58,342,360
1,167
Shares issued during year
39,613
1
At 30 June 2024
58,381,973
1,168
Ordinary shares
The Company has one class of ordinary share that carries no rights to fixed income. All issued shares are fully paid.
During the year, the Group issued 39,613 ordinary shares (2023: 36,023 ordinary shares) at the nominal value of 2
pence per share in settlement of share-based payments as set out in note 24.
Own shares reserve
The own shares reserve represents the cost of shares in MJ Gleeson plc purchased in the market or issued by the
Company and held by the Employee Benefit Trusts (“EBT”) on behalf of the Company in order to satisfy share-based
payments and other share awards that have been granted by the Company.
Purchase of own shares in the year of £106,000 represents the purchase of shares by the EBT for shares to be granted
to employees in future periods.
Utilisation of own shares of £393,000 represents shares transferred to employees for awards exercised in the period.
The EBT has agreed to waive the right to dividend shares held within the EBT, and these shares do not count in the
calculation of the weighted average number of shares used to calculate earnings per share until such time as they vest
to the relevant employee.
2024
2023
Number
£000
Number
£000
Own shares held by the EBT
110,873
456
136,935
743
MJ Gleeson plc Annual Report & Accounts 2024202
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

24 Share-based payments
The Group operates a number of share-based payment schemes, a summary of which is shown below. The share
purchase plans encourage employee share ownership whereby the Company contributes one share for every three
shares purchased and is available to all employees after the completion of their probationary period. The long-term
incentive plans (“LTIP”) are part of remuneration for the Executive Directors and senior management. Additional
information regarding the share-based payment arrangements for the Executive Directors is set out in the Report on
Remuneration on pages 142 to 153. All schemes are equity-settled.
Outstanding at 1 July 2022
46,161
192,752
375,974
355,727
–
–
–
Granted in the year
16,390
–
–
–
624,357
363,532
–
Forfeited
(13,699)
(115,828)
(49,310)
(47,920)
(74,264)
–
–
Exercised
(11,272)
(76,924)
–
–
–
–
–
Outstanding at 30 June 2023
37,580
–
326,664
307,807
550,093
363,532
–
Granted in the year
12,982
–
–
–
–
–
650,829
Forfeited
(5,301)
–
(287,051)
(25,269)
(72,123)
–
(9,671)
Exercised
(6,356)
–
(39,613)
–
–
–
–
Outstanding at 30 June 2024
38,905
–
–
282,538
477,970
363,532
641,158
Remaining contractual life
Rolling
nil
nil
nil
nil
12 months
24 months
price
–
–
–
–
–
–
–
year
£5.34
n/a
n/a
n/a
n/a
n/a
n/a
at date of exercise – prior year
£6.27
n/a
n/a
n/a
n/a
n/a
n/a
Fair value is used to measure the value of the outstanding options. The weighted average life for all schemes
outstanding at the end of the year was 14 months (2023: 17 months).
Share purchase plans
The fair value of each share granted in the share purchase plan is equal to the share price at the date of the grant.
Shares are granted on a monthly basis.
MJ Gleeson plc Annual Report & Accounts 2024 203
Financial Statements

24 Share-based payments CONTINUED
LongTerm Incentive Plan (“LTIP”)
The fair value of options granted is calculated using either a modified Monte Carlo model or Black-Scholes model. The
inputs into the model at each grant date and the estimated fair value were as follows:
Share price at grant date
£8.00
£6.16
£8.14
£3.94
£4.56
£4.23
Total shareholder return target
n/a
3
n/a
3
n/a
3
n/a
3
n/a
3
n/a
3
Exercise price
£0.00
£0.00
£0.00
£0.00
£0.00
£0.00
Expected volatility
1
27%
33%
34%
43%
44%
39%
Expected dividends
2
n/a
2
n/a
2
n/a
2
n/a
2
n/a
2
n/a
2
Expected life
31 months
33 months
33 months
33 months
30 months
33 months
Risk-free interest rate
0.57%
0.10%
0.5%
4
3.7%
3.7%
4.4%
Fair value of one option
£3.64
£4.64
5
£5.35
5
£2.20
5
£3.95
5
£3.45
5
1
Expected volatility was determined by calculating the historical volatility of the Company’s share price; volatility was measured over the
previous three years.
2
Awards made under the LTIP allows, on vesting, for an additional award of shares to be made to the option holder equivalent to the dividends
paid over the vesting period on the underlying shares.
3
The LTIP awards include EPS and relative TSR targets for the Executive Directors as set out on page 141 together with non-market, profit-
related targets for other participants. Non-market conditions are not factored into the fair value of the awards but are instead captured by
adjusting the number of awards expected to vest.
4
Risk-free interest rate varies based on the type of target set; the weighted average of these is shown.
5
Volatility rates and fair value of options vary based on the type of target set; the weighted average of the three types is shown.
The total share-based payment charge to the consolidated income statement was £218,000 (2023: credit of £307,000).
25 Contingent liabilities
As set out in note 18, the Group is undertaking remediation assessment and works on buildings over 11 metres in which,
over the last 30 years, the Group had some involvement in developing. All of these buildings, including any external
wall systems or cladding, were signed off by approved inspectors as compliant with the relevant Building Regulations
at the time of their completion.
As set out in note 12, there are certain legacy activities of the Group where claims arise under historic contracts in
Gleeson Construction Services Limited which were carried out in the ordinary course of activities. There are no further
quantifiable contingent liabilities to disclose.
These financial statements have been prepared based on currently available information and the current best estimate
of the extent and future costs of work required, or in resolving known historic claims.
26 Capital commitments
At 30 June 2024, the Group had no material capital commitments (2023: £nil). The Company had no capital
commitments (2023: £nil).
MJ Gleeson plc Annual Report & Accounts 2024204
Notes to the Financial Statements CONTINUED
For the year ended 30 June 2024

27 Related party transactions
Identity of related parties
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on
consolidation. The Group has a related party relationship with key management personnel as disclosed below.
Transactions with key management personnel
The Group’s key management personnel are the Executive and Non-Executive Directors, as identified on pages 112
to 113, the Chief Executive of Gleeson Homes, the Managing Director of Gleeson Land, and the Divisional Managing
Directors of Gleeson Homes.
During the year ended 30 June 2021, the Group exchanged contracts on a conditional agreement to purchase an area
of land from Hampton Investment Properties Ltd (“HIPL”) for £1,050,000. HIPL is a company in which North Atlantic
Smaller Companies Investment Trust plc (“NASCIT”), a substantial holder in the company, holds a majority investment.
In addition, Christopher Mills, a Non-Executive Director of the Company, is considered a related party by virtue of his
interest in and directorship of NASCIT and his position as a Director of HIPL. The land, if purchased, will form part of a
new Gleeson Homes site being developed in the ordinary course of business. Approval of this purchase was granted
by the majority of shareholders at the AGM in December 2019.
Other than disclosed above, there were no other transactions with key management personnel in either the current or
prior year.
Identity of related parties with which the Company has transacted
The Company receives charges from various suppliers in respect of services for the whole Group. The Company
allocates and consequently invoices these charges to subsidiaries.
Subsidiaries
2,027
3,049
114,713
117,742
145,274
142,475
MJ Gleeson plc Annual Report & Accounts 2024 205
Financial Statements

Other
Information
MJ Gleeson plc Annual Report & Accounts 2024206
Limerick, Chimes Bank,
Wigton, Cumbria

Other Information
Five Year Review 208
Further Information 209
Other Information
207MJ Gleeson plc Annual Report & Accounts 2024

2024
£000
2023
£000
2022
£000
2021
£000
2020
£000
Revenue 345,345 328,319 373,409 288,575 147,181
Operating profit pre-exceptional items 28,553 33,559 56,797 43,083 5,929
Net finance expense (3,704) (2,070) (1,310) (1,372) (363)
Profit before tax and exceptional items 24,849 31,489 55,487 41,711 5,566
Exceptional items – (1,022) (12,867) – –
Profit before tax 24,849 30,467 42,620 41,711 5,566
Tax charge (5,543) (6,298) (7,531) (7,839) (758)
Profit after tax 19,306 24,169 35,089 33,872 4,808
Discontinued operations
1
– – – – (289)
Profit for the year 19,306 24,169 35,089 33,872 4,519
Total assets 378,047 376,328 367,558 313,134 322,051
Total liabilities (80,305) (90,312) (95,382) (68,203) (109,446)
Net assets 297,742 286,016 272,176 244,931 212,605
pence pence pence pence pence
Total dividend per share for the year 11.0 14.0 18.0 15.0 –
Earnings per share 33.1 41.5 60.2 58.2 8.7
Earnings per share – pre-exceptional items 33.1 42.9 78.1 58.2 8.7
Net assets per share 510 490 467 420 366
1
All results classified as continuing from 2021.
MJ Gleeson plc Annual Report & Accounts 2024208
Five Year Review

The production of this report supports the work of the
Woodland Trust, the UK’s leading woodland conservation
charity. Each tree planted will grow into a vital carbon store,
helping to reduce environmental impact as well as creating
natural havens for wildlife and people.
Corporate directory
Registered office
MJ Gleeson plc
6 Europa Court
Sheffield Business Park
Sheffield S9 1XE
Registered number
09268016
Incorporated in England and Wales
Company Secretary
Leanne Johnson
Independent auditors
PricewaterhouseCoopers LLP
Central Square
29 Wellington Street
Leeds LS1 4DL
Bankers
Lloyds Bank plc
10 Gresham Street
London EC2V 7AE
Santander UK plc
2 Triton Square
Regent’s Place
London NW1 3AN
Solicitors
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
40 Bank Street
Canary Wharf
London
E14 5DS
Registrars and transfer office
Equiniti
Aspect House
Spencer Road
Lancing BN99 6DA
Stockbrokers
Singer Capital Markets
One Bartholomew Lane
London EC2N 2AX
Investec Bank Plc
30 Gresham Street
London EC2V 7QP
Our website
For more information on our homes, investor relations
and career opportunities please visit
WWW.MJGLEESONPLC.COM
Shareholder information
Shareholder enquiries
Any shareholder with enquiries should, in the first
instance, contact our registrars using the address
provided in the Corporate Directory.
Share price information
London Stock Exchange
Symbol: GLE
Investor relations
MJ Gleeson plc
6 Europa Court
Sheffield Business Park
Sheffield S9 1XE
Email: companysecretary@mjgleeson.com
Tel: 0114 261 2900
Hudson Sandler
25 Charterhouse Square
London ECM1 6AE
Email: mgarraway@hudsonsandler.com
Tel: 07771 860938
Financial calendar
Financial year end 30 June 2024
Full year results announced 18 September 2024
Annual General Meeting 15 November 2024
Other Information
Further Information

MJ Gleeson plc
6 Europa Court
Sheffield Business Park
Sheffield
S9 1XE
companysecretary@mjgleeson.com
0114 261 2900
www.mjgleesonplc.com