MJ Gleeson says it has a strong balance sheet and has managed to “substantially reduce” its overheads, leaving it able to survive the recession.
The company fell further into the red in the half year to the end of December. Pretax losses came in at £23.7m compared with a loss of £300,000 last time. Sales fell 37% to £30.6m.
Dermot Gleeson, chairman, said the housing market was unlikely to recover this year and would need more support from banks and the government first. The shares climbed 3.75p to 81.5p.
26/02/09 Times 46, 49
Daily Telegraph B5
