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Gleeson says targets still achieveable

MJ Gleeson said it expects results for 2008 to be in line with market expectations.

But it admitted that this was dependent on housing and strategic land divisions meeting their most recent forecasts.

The firm, which carries out house building in regeneration hotspots, said market conditions had deteriorated further since it reported at the end of February.

In its interim management statement, the builder also said its full-year results would take a £4.1 million hit after it recently settled its legal dispute with Devonshire Green Holdings.

In the current uncertain environment, Gleeson added that land purchases were being kept at minimum levels and overheads were being subjected to rigorous review and control to protect the interest of the company’s shareholders.