MJ Gleeson losses deepen

MJ Gleeson has seen its pre-tax loss for 2009 widen to £54.3m, on a heavily reduced turnover of £55m.

In the previous year the company made a £20.8m loss.

The company put the 42% reduction in revenue for the year to 30 June 2009 down to "substantial reductions in both units sold and average selling price."

The company sold only 317 homes in 2009, 27% lower than in the previous year. The average value of the homes it sold fell from £149,000 to £102,000.

The increased loss was as a result of exceptional charges of £46.0m, compared with £17.4m the year before.

Chairman Dermot Gleeson said: "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."