Business
Interim Results
Interim Results.
About this update from Mj Gleeson Plc
[{"type":"text","content":"\n Gleeson(M J)Group PLC\n29 February 2008\n\n\n\nFriday 29 February 2008\n\n\n\n M J GLEESON GROUP PLC - INTERIM ANNOUNCEMENT\n\n\nGleeson (GLE.L), which is in its first full year as a housing regeneration and\nstrategic land specialist, announces its results for the half year to 31\nDecember 2007, a time of extremely challenging market conditions for the\nhousebuilding industry, mainly in consequence of the reduced availability of\nmortgage finance. However, there is still significant buying interest in well \ndesigned and competetively priced houses and the Board remains convinced that, \nin the medium to long-term, the housebuilding market and in particular the \nregeneration sector will provide the Group wih attractive opportunities for growth.\n\n\n\nFinancial Highlights\n\n\n •In what is traditionally much the weaker half in terms of financial results,\n the loss before tax was unchanged at £0.3m on continuing revenue of £48.9m\n (2006/07: £78.9m).\n •Period end net cash totalled £27.9m (30 June 2007: £38.0m; 31 December\n 2006: £18.7m).\n •Period end shareholders' funds totalled £179.4m (30 June 2007: £183.3m;\n 31 December 2006: £178.7m), which equates to net assets per share of 344p.\n •An interim dividend per share of 2.0p (2006/07: 1.9p), up 5.3%, is\n declared.\n\n\nCommercial Highlights\n\n\n •Gleeson Regeneration & Homes and Gleeson Strategic Land reported a combined\n operating loss of £0.7m (2006/07: £0.5m). Gleeson Strategic Land recorded \n no material land transactions during the period, as was the case in the comparable \n period.\n •Powerminster Gleeson Services reported an operating profit of £0.4m (2006/07: £0.1m).\n •Gleeson Capital Solutions reported an operating profit of £0.7m (2006/07: £1.6m).\n The prior period included a profit of £1.5m in relation to the disposal of one \n non-core (i.e. non-housing) PFI investment.\n\n\nProspects\n\n\nWith regard to Group prospects, Dermot Gleeson, Chairman, stated, 'The Group\nremains on target to achieve a financial outcome for the full year materially in\nline with market estimates. However, this could become increasingly difficult to\ndeliver, unless conditions in the housebuilding and commercial property markets\nshow at least some improvement in the near future'.\n\n\nEnquiries\n\nM J Gleeson Group plc 01252-360 300\nPaul W...