Business
Replacement Preliminary Annou
Replacement Preliminary Annou.
About this update from Mj Gleeson Plc
[{"type":"text","content":"\n RNS Number : 6096Z Gleeson(M J)Group PLC 24 September 2009 \n\nThe following amendments have been made to the Preliminary Announcement released today at 7.00 a.m. under RNS No 5720Z.\n\nDeferred tax liabilities: (291) replaces (271)\n\nTotal liabilities: (37,637) replaces (37,674)\n\nAll other details remain unchanged.\n\nThe full amended text is shown below.\n\nThursday 24 September 2009 \n\n\nMJ GLEESON GROUP PLC - PRELIMINARY ANNOUNCEMENT \n\nGleeson (GLE.L), the urban regeneration and strategic land specialist, announces its results for the year to 30 June 2009. \n\nDuring the year, market conditions in the housebuilding sector continued to deteriorate, as indicated in the Interim Announcement of 25 February 2009 and the Interim Management Statement of 15 May 2009. Since the year end, however, there have been some signs of improvement in buyer interest.\n\nKey Points - Financial\n\n\n\nRevenue from continuing operations decreased by 42% to £55.0m (2008: £94.6m), mainly reflecting substantial reductions in both units sold and average selling price. \n\n\nExcluding exceptionals, the pre-tax loss was £8.3m (2008: £3.4m).\n\n\nExceptional charges totalled £46.0m (2008: £17.4m), of which £44.6m (2008: £12.3m) was non-cash and related to downward asset revaluations. \n\n\nThe loss before tax from continuing operations was £54.3m (2008: £20.8m), equating to a loss per share of 109.3p (2008: 39.9p).\n\n\nYear end total shareholders' equity decreased by 35% to £103.4m (2008: £159.2m), representing net assets per share of 197p (2008: 304p), also down 35%. \n\n\nYear end net cash totalled £10.9m, which compares with £7.1m at 31 December 2008 and £21.9m at 30 June 2008. Since the year end, net cash has risen to £16.0m.\n\n\n\nKey Points - Commercial \n\n\n\nGleeson Regeneration & Homes and Gleeson Strategic Land made an operating loss of £ 43.7m (2008: £16.3m) on revenue of £34.2m (2008: £64.0m); excluding exceptionals, the loss was £6.3m (2008: £1.2m).\n\n\nGleeson Regeneration & Homes sold 317 (2008: 436) units, down 27%, at an average selling price of £102,000 (2008: £149,000), down 32%, reflecting a higher proportion of sales to registered social landlords.\n\n\nGleeson Strategic Land made no land sales, but increased...