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Gleeson announces loss, will focus on social housing

Gleeson will focus on the construction of social and affordable housing for 2009 in a bid to minimise exposure to the more risky private market, as it announced losses of £23.7 million for the half year to 31 December 2008.

In an interim trading statement issued today the house builder also said that employment prospects have become “increasingly uncertain”.

Since June 2008 Gleeson has reduced its headcount by 60 per cent, including 65 job cuts last November.

Gleeson chairman Dermot Gleeson said: “The Group’s strategy remains to maximise cash inflows without sacrificing value and to minimise cash outflows by restricting building expenditure in the main to the construction of presold social housing projects.”

The house builder stated it has cash totalling £7.1 million, a decrease of £14.8 million in the period, and remains confident of staying in a cash positive situation.