Gleeson said the group was switching to new-build projects because their costs were more predictable than refurbishment projects. He added that Roger Dunlop, formerly of Countryside Properties and Bryant, had been appointed operations director to help implement the new strategy.
He said: “The division’s problems relate largely to the recent past and assuming housing demand continues to benefit from historically low mortgage rates, a strong recovery is expected next year.”
The division’s problems relate to the recent past: a strong recovery is expected next year
Dermot Gleeson, chief executive, Gleeson
Gleeson added that, despite the housing division’s disappointing performance, the group was performing well and was on track to meet market expectations. He said the construction division was enjoying strong growth and its property arm was doing well.