MJ Gleeson has posted a pre-tax profit of 拢400,000 for the 12 months to 30 June 2010

The figure compares with a loss of 拢51m in 2009, when the company took a hit of 拢41.3m in land writedowns.

Turnover was up from 拢43m in 2009 to 拢46.5m this year, thanks to the disposal of three major sites: Gleeson Regeneration & Homes made a 拢1.3m loss on 拢22.7m turnover, whereas its strategic land arm made a 拢2.2m profit on 拢10.5m turnover. On 30 June it sold its social housing maintenance division, Powerminster Gleeson Services, to Morgan Sindall for 拢6.6m.

Dermot Gleeson, the firm鈥檚 chairman, said: 鈥淒uring the year to 30 June 2010, conditions in the housing market showed signs of improvement, and the steep fall in selling price in the previous two years levelled off.鈥�

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