Business
Interim Announcement
Interim Announcement.
About this update from Mj Gleeson Plc
[{"type":"text","content":"\n RNS Number : 5727H Gleeson(M J)Group PLC 24 February 2010 \n \n\n24 February 2010\n \nMJ GLEESON GROUP PLC - INTERIM ANNOUNCEMENT\n \nGleeson (GLE.L), the urban regeneration and strategic land specialist, announces its results for the six months to 31 December 2009. \n \nKey Points - Financial \n \n· Revenue from continuing operations increased by 17% to £36.0m (2008: £30.6m) \n· A pre-tax profit on continuing operations of £0.3m (2008: loss £23.7m) was made\n· Net cash increased in the period by £9.5m to £20.4m and today stands at £28.1m\n· Concluding that the Group has excess cash, the Board has decided to pay a special dividend per \n share of 15p \n \nKey Points - Commercial \n \n· Gleeson Regeneration & Homes made an operating loss of £1.5m (2008: loss of £11.7m) on the sale of 101 (2008: 150) units, down 33%, at an average selling price of £134,000 (2008: £101,000), up 33%\n· Like-for-like sales showed a modest increase in price; the increase in average selling price was primarily a result of a change in the mix of product sold\n· Gleeson Strategic Land made an operating profit of £2.4m (2008: loss of £3.0m) on the sale of two land sales (2008: nil), generating revenue of £9.8m (2008: £nil), and increased its portfolio of options to 3,858 (2008: 3,793) acres\n· Powerminster Gleeson Services' operating profit slightly decreased to £0.2m (2008: £0.3m), but the order book increased to £163m (2008: £158m)\n· The Group continued the run-off of Gleeson Commercial Property Developments with property disposals in the period generating revenue of £3.6m. Subsequent to the period end, the Group completed the sale of its last two remaining commercial property developments.\n· Group overheads further reduced to £1.1m (2008: £2.7m)\n \nCurrent Trading and Prospects\n \nDermot Gleeson, Chairman, stated: \"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 developm...