MJ Gleeson reports small profits

Gleeson ,the urban regeneration and strategic land specialist, have posted an interim pre-tax profit of £0.3m on continuing operations compared with a loss of £23.7m last time.

Revenues from continuing operations in the six months to the end of December increased by 17% to £36m while net cash rose by £9.5m to £20.4m and now stands at £28.1m.

The firm said discontinued operations recorded a post-tax loss of £47,000 (2008: profit £0.1m).

Chairman Dermot Gleeson said: "Although very limited in scale, there have been signs of a modest improvement in house buyer interest since the year end and Gleeson Regeneration & Homes is now seeking selectively to acquire new low cost development sites in areas in the north of England where there are opportunities to take advantage of much reduced land values.

"Gleeson Strategic Land completed two profitable land sales in the South of England.

"It is still too early to be confident that the modest improvement in the housing market referred to above heralds a sustained recovery.

"However, the group continues to have a strong balance sheet and costs across the group have been substantially reduced without compromising the quality and effectiveness of the group's skill base."