GLEESON Building managing director Martin Smout said the private contractor was on target to break even in its first year after he led a management buyout of the firm from parent company MJ Gleeson.
Mr Smout said: 'We are still looking at breaking even despite £1.2 million in acquisition and exceptional costs.' The deal ? completed last summer ? came after MJ Gleeson was hit by £34 million in construction losses last year following a series of problem contracts.
Turnover in the first year of trading is set to be £205 million ? £20 million short of the £225 million expected.
Mr Smout added: 'Our turnover dipped because two public sector leisure projects have been held up and they haven't got to site yet.'