StockMarketWire.com - Urban regeneration and strategic land specialist MJ Gleeson Group saw interim pre-tax profits from continuing operations rise to £0.4m - up from £0.1m last time.

Revenues from continuing operations in the six months to the end of December fell to £18.8m from £24,0m but the group's operating result improved posting a profit of £0.2m against a loss of £0.2m previously.

Chairman Dermot Gleeson said: "Conditions in the housing market have remained generally stable.

"Gleeson Regeneration & Homes has substantially increased its activity in the north of England, with eight sites opening during the period and a further ten sites due to open during the rest of this financial year.

"It has also achieved an encouraging increase in both site visitors and private development completions.

"This reflects the business unit's enhanced ability to provide first time buyers with homes that represent quite exceptional value for money.

"Meanwhile, Gleeson Strategic Land's recent success in securing residential planning permission on a number of attractive sites in the south of England means that it is well placed to benefit from the increasing appetite for consented land from the UK's volume housebuilders.

"The board remains confident that the group's focus on low cost brownfield developments in the north of England and on the promotion and sale of high value green field sites in the south will provide a strong and sustainable improvement in the group's performance."



At 9:28am: (LON:GLE) Glesson (M.J.) Group share price was -8.5p at 123p


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