Last year鈥檚 拢300,000 operating loss became a 拢900,000 operating profit this time. Profit before tax was 拢1.5m (2010: 拢400,000).
Revenue for Gleeson Regeneration and Homes increased by 56% to 拢35.4m (2010: 拢22.7m).聽 Revenue for Gleeson Strategic Land fell from 拢10.5m to 拢5.8m.
Gleeson Commercial Property Developments, which contributed 拢13.2m in 2010, completed its disposal programme and made no revenue in the past year.
Chairman Dermot Gleeson said: "During the year, conditions in the housing market remained challenging.聽 However, the selling prices of new homes remained generally stable and towards the end of the period there was a welcome increase in the number of higher loan to value mortgages available for first time buyers.聽 Against this background, the group, which has net cash balances, continued to increase its selling outlets and residential landholdings in the north of England and to enter new option and promotion agreements with landowners in the south.
鈥淭he short term outlook for housing demand remains difficult to predict.聽 However, the board continues to be confident that the group's strategic focus on low cost brownfield聽 development in the north of England and on the promotion and sale of high value green field sites in the south, will ensure a strong and sustainable improvement in performance."
Retrenchment at Gleeson reduced the average number of employees during the financial year down to 100, compared with 285 the year before.
Got a story? Email news@theconstructionindex.co.uk
