MJ Gleeson, the building, construction and property group, reduced its annual losses after selling three divisions to concentrate on urban regeneration, strategic land trading and commercial property.
Chief executive Paul Wallwork said Gleeson intended to sell off its remaining non-core assets to leave the group in a position to return cash to shareholders by the third quarter of 2007.
For the year ended 30 June, Gleeson reported losses of £3.01m, down from £17.8m the year before, on revenue from ongoing operations of £386.7m, compared with £522.4m the year before.
