11th Dec 2009 10:30
Friday 11 December 2009
M J GLEESON GROUP PLC
AGM Statement
At the AGM of M J Gleeson Group plc (GLE.L), the urban regeneration and strategic land specialist, convened for 10.30 am today in London, the non-executive Chairman, Dermot Gleeson, will state:
"Turning to the current year and beyond, I have only a little to add to the Interim Management Statement issued on 19 November 2009.
There have been continuing signs that the very difficult trading conditions that have been experienced by the Group's house building business during the last two years may be starting to ease. House sales by Gleeson Regeneration and Homes are still ahead of the comparable period last year and selling prices appear to have stabilised or even in some areas to have improved.
Since the year end the Group has been cash generative; and following the appointment of Jolyon Harrison as the business unit's Managing Director in early November, the Board has authorised Gleeson Regeneration and Homes cautiously and very selectively to recommence investment in suitable low cost development sites.
I should also mention that, since the publication of the Interim Management Statement, Gleeson Strategic Land has successfully sold a 20 acre site with a residential planning permission in Sussex."
Enquiries:
M J Gleeson Group plc 01252-360 300
Chris Holt (Group Chief Executive)
Alan Martin (Group Finance Director)
Bankside Consultants Limited 020-7367 8851
Charles Ponsonby/Rose Oddy
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