Urban regeneration specialist announces gloomy interim results in housing market 'worst in living memory'
Urban regeneration and strategic land specialist MJ Gleeson has released its interim results, announcing net losses.
Headcount has been reduced by nearly 60% since June 2008, amid market conditions in the housebuilding sector that the group described as “the worst in living memory”. The figure excludes subsidiary Powerminster Gleeson Services.
Revenue from continuing operations decreased by 37%, with a loss before tax of £23.7m.
Its divisions each recorded gloomy results, with Gleeson Regeneration and Homes and Gleeson Strategic Land recording a combined operating loss of £14.7m. The latter division also recorded no material land transactions during the period.
Chairman Dermot Gleeson said: “Although there are some signs of increased interest on the part of potential buyers, the continuing dearth of mortgage finance means that the housing market is likely to remain extremely weak for at least the remainder of 2009.”