Construction services provider and housebuilder MJ Gleeson has beefed up its board by appointing former Taylor Woodrow managing director John McKenna as a non-executive director
McKenna was managing director of Taylor Woodrow until his retirement in 1997 and has been in the housebuilding industry for 40 years.

McKenna joins the firm as stockbroker Teather & Greenwood issued a buy recommendation, saying the shares were undervalued by 25%, and claiming to have found "hidden gems" in the PFI and facilities management operations.

The stockbroker praised Gleeson Homes for building a strong landbank and concentrating on developing brownfield sites but warned that margins were low.

Teather & Greewood also predicted that property would continue to make a significant contribution to the group's earnings. Gleeson announced last week that turnover and profit had increased for the fifth successive year.