Gleeson FY losses widen

24th Sep 2009 08:01

Urban regeneration and strategic land specialist M J Gleeson said full year pre-tax losses deepened as market conditions in the housebuilding sector continued to deteriorate.Pre-tax loss of widened to £54.3m for the year ended 30 June compared with £20.8m the year before. Revenue from continuing operations fell 42% to £55.0m after "substantial reductions in both units sold and average selling price."Gleeson incurred exceptional charges of £46.0m compared with £17.4m the year before of which £44.6m was non-cash and related to downward asset revaluations.Chairman Dermot Gleeson commented, "Although conditions in the housing market remain very difficult, particularly in respect of regeneration areas in the North of England, recent months have seen some signs of improvement in buyer interest.""Visitor levels have increased, selling prices appear to be stabilising, at least for the time being, and reservations in the current financial year are ahead of prior year comparables," he added.