Gleeson cautious as it settles dispute over West One
Housebuilder MJ Gleeson says it expects results for the current year to meet market expectations - but warns the figures are "crucially dependent" on meeting targets in light of difficult market conditions and a slowdown in the number of legal completions.
Gleeson has reached an out-of-court settlement in its legal dispute with Devonshire Green Holdings over a damages claim relating to the residential and retail complex West One in Sheffield, which was completed four years ago.
The firm will pay Devonshire £4.1m, reducing its full-year market expectations.
The group said the financial markets turbulence has also led to slower-than-expected disposal of its remaining commercial properties. Gleeson announced in March 2007 that it would withdraw from the commercial property sector.
Gleeson said it would now keep land purchases at minimum levels and subject construction work to rigorous review and control.
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Last Updated:
16 May 2008 9:57 AM
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Source:
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Location:
Yorkshire
