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Powerminster Gleeson Services, the m&e maintenance service provider, made an operating profit of 拢1.1m (2007: 拢0.7m) on revenue of 拢19.5m (2007: 拢17.5m) and doubled its confirmed order book to 拢158.8m as at 30 June 2008.

The company increased its operating profit for a third successive year, as a result of maintaining its increased focus on the provision of property maintenance services. The business has substantially increased its long-term service and repair work for Registered Social Landlords and Local Authorities.

Contracts secured during the year include Avantage (Cheshire) and Leeds Independent Living Accommodation, with confirmed values of 拢29m and 拢46m, to be delivered over 30 years and 25 years respectively.

The company is seeking to extend its activities within the social housing sector throughout England. During the year, the firm invested in business development personnel so as to generate further organic growth.

Parent group M J Glesson reported a pre-tax loss of 拢20.8m (2007: profit of 拢8.3m) on turnover of 拢94.6m (51% down on 2007). Dermot Gleeson, chairman, said: 鈥淭he poor market conditions experienced during the year to 30 June 2008 have shown no improvement in the first three months of the current financial year.

鈥淭he Board believes that the housing market will not improve until mortgage finance becomes more freely available and confidence returns to the wider economy. The timing of these events is not possible to predict with accuracy, but the Board does not anticipate any material improvement before 2010.鈥�