Urban housing and regeneration specialist MJ Gleeson has made a pre-tax loss of 拢54.3m after land writedowns of 拢44.6m
Turnover in the year to 30 June 2009 fell 42%, from 拢94.6m to 拢55m, after the company sold 317 homes 鈥� 27% less than last year.
The company operates in north-west England and the average value of its homes fell by almost a third, from 拢149,000 to 拢102,000.
However, Dermot Gleeson, the firm鈥檚 chair, said there had been signs of improvement in recent months.
The news follows last December鈥檚 announcement by Chris Holt, the chief executive, that the company would effectively hibernate in 2009 because it had 拢16m of cash in the bank.
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