MJ Gleeson reveals £400k profit after last year’s slump

The figure compares with a loss of £51m in 2009, when the company took a hit of £41.3m in land writedowns.

Turnover was up from £43m in 2009 to £46.5m this year, thanks to the disposal of three major sites: Gleeson Regeneration & Homes made a £1.3m loss on £22.7m turnover, whereas its strategic land arm made a £2.2m profit on £10.5m turnover. On 30 June it sold its social housing maintenance division, Powerminster Gleeson Services, to Morgan Sindall for £6.6m.

Dermot Gleeson, the firm’s chairman, said: “During the year to 30 June 2010, conditions in the housing market showed signs of improvement, and the steep fall in selling price in the previous two years levelled off.”