BUILDING group MJ Gleeson today plunged into the red as house builders faced up to “the worst market conditions in living memory”.

The group axed its dividend after making losses of £20.8m for the year to June 30 against profits of £8.3m last time.

Gleeson, which faced one-off charges of £17.4m, said revenue from continuing operations fell by 51% to £94.6m.

Gleeson said the second half of the year had seen “a wholly unprecedented decline” in house sales.