Gleeson has reported a 2% increase in annual pre-tax profit after its bottom line was hit by the need to put aside £12.9m for the fire safety developer pledge.

The housebuilder, in its results for the year to 30 June, reported pre-tax profit of £42.6m up slightly from £41.7m last year. However without the ‘exceptional’ fire safety cost pre-tax profit would’ve increased 33.1% to £55.5m.

The firm’s provision of £12.9m for meeting costs of the fire safety developer pledge was made after a “detailed assessment” of buildings, its said. Gleeson signed the pledge committing to fixing serious fire safety issues in blcoks over 11 meteres in height without using government funds.