The firm posted an Interim Management Statement to the Stock Exchange today which industry observers were expecting to confirm a proposed sell-off to Lovell.

But the statement simply said: “Powerminster Gleeson Services continues to be profitable and cash generative and is managing to maintain margins within a sector which is becoming more competitive.”

Gleeson is understood have to received an offer for the Powerminster business but the conclusion of any deal is taking longer than anticipated.

Gleeson said there were signs of continuing improvement at its main house building division as consumer interest continues to rise and build costs have been brought down by a reduction in the number of different house designs under construction.