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£34m loss at Gleeson

GLEESON is putting a brave face on news that losses at its building division will top £34 million for 2004.

The business is being sold to a management buyout in a deal due to be wrapped up at the beginning of next month.

The company told the City that problems at its building arm and the cost of selling it would see overall group losses hit £10 million.

A spokesman said: 'The forecast building losses this year are very disappointing.

'Since the MBO was announced, the share price has moved up and remains near its record high.'