Gleeson reports strong cash balance

Gleeson, the urban regeneration and strategic land specialist, announced its Interim Management Statement saying that the Group's strong balance sheet enabled the payment of a special dividend in March 2010 of £7.9m. The cash balance at 30 April 2010 was £12.4m.

In the period modest improvements in housing market conditions have maintained buyer interest.Private completions are ahead of the comparable period last year with selling prices generally stable and on some sites showing improvement.

As expected, Gleeson Strategic Land did not sell any sites with planning permission during the period. However, as shown by the sales achieved in the first half of the year, the demand for development land from housebuilders has increased and further sites are likely to be sold before the financial year end.

The group expects:" trading to remain stable. However, a sustained upturn in house sales must await a further increase in both mortgage availability and consumer confidence. Meanwhile, the Group will continue to focus on rigorous cost control and on the acquisition of low cost land in the North of England in order to provide growth opportunities once more normal conditions return."