Developer says trading remained in line with expectations even though fewer people visited sites in the summer

Developer MJ Gleeson has announced that fewer people had visited its housing sites between 1 July and 14 September than in the same period last year.

It said it had also seen a slowing down in the number of legal completions due to turmoil in the financial markets and high interest levels.

But Gleeson said its trading outlook remained in line with market expectations in spite of the volatile markets. It said it remained upbeat about the “general economic environment” in which the group operates.

It said: “As long as interest rates do not continue to rise, unemployment remains materially unchanged and the ‘credit crunch’ proves to be short-lived, the general economic environment in which the Group operates should remain positive.”

It added the board believed its transformation from contractor to regeneration specialist would bring long-term rewards to shareholders.

Last month, the group announced a pre-tax profit of £8.3m for the year to 30 June, compared with a £12.3m loss in 2006.

The group is in the process of disposing of its commercial property arm.