UK’s MJ Gleeson warns on profit as weak market delays land sale

June 9 (Reuters) - British homebuilder MJ Gleeson on Tuesday projected annual adjusted pretax profit below market expectations, as a slowdown in construction has delayed the sale of a site that accounts for about half of its forecast plot sales for the year. 

MJ Gleeson, which builds affordable homes, expects that house builders in the south of England will be rethinking their land buying strategies as Britain housing and construction market grapples with consumer uncertainty, rising energy and build costs amid the war in Iran.

The company expects the sale of its Gleeson Land plot to be delayed from the current year to the first half of fiscal year 2027, resulting in annual profit about £7.5 million ($10.02 million) lower than current market view.

Company-compiled average analyst consensus expects adjusted pretax profit of £17.8 million for the year ending June 30.

($1 = 0.7483 pounds)

(Reporting by Simone Lobo in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)