Housebuilder MJ Gleeson has warned that its full-year results will be "very substantially below" market expectations.

In a trading statement released on Wednesday it said that the change in focus from speculative building to urban regeneration projects had led to some problems. Profit expected this year would now slip into the next financial year. Shares fell 7% to 364p after the news.

The focus on city centre regeneration schemes also includes disposals. The firm said that it was in advanced discussions over the sale of the concrete repairs business and reported interest in the engineering division and commercial property investment portfolio.

Financial director Paul Wallwark said the firm was talking to 75 employees after the relocation of its headquarters from Cheam in Surrey to Fleet in Hampshire, but that there would not be many job losses.