Urban regeneration and land specialist records 24% decline in unit sales

Urban regeneration and land specialist Gleeson has reported a drop in revenue but a return to profit in its latest interim figures.

It said today that results for the six months to December 31 showed pretax profits of 拢400,000, with an operating result of 拢200,000 profit against a 拢200,000 loss for 2010.

Revenue from continuing operations dropped to 拢18.8m for the period against 拢24m for 2010.

Gleeson said sales had declined by 24% to 130 from 171 in 2010 owing to 鈥渢he timing of sales to registered social landlords鈥�.

It added that average selling prices had decreased from 拢122,000 to 拢117,000 due to a change in the mix of property type.

Chairman Dermot Gleeson said housing market conditions had remained relatively stable and that Gleeson Regeneration and Homes had substantially increased activity in the north of England, as well as achieving 鈥渁n encouraging increase鈥� in site visitors and private development completions.

鈥淭he board remains confident that the group鈥檚 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鈥檚 performance,鈥� he said.

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