Craven House Capital Regulatory News (CRV)

15 Jun 2005 11:00

Medsea Estates Group PLC15 June 2005 Embargoed to 11.00 a.m. Wednesday 15 June 2005 Medsea Estates Group PLC AGM Statement At today's annual general meeting Mr Tony Gatehouse, Chairman, will make thefollowing statement:- "When we launched on AIM last year, we outlined our plans to maintain thesuccessful growth of Medsea. I would like to take this opportunity to highlighta number of initiatives which have been undertaken since the beginning of theyear as part of that process. - We regularly review opportunities for physical expansion in Spain and I am pleased to announce that we are about to launch our latest office in Castillon, the Costa Azahar, or in English, the Orange Blossom Coast. This is an attractive area which is under exploited and we believe it will attract significant client interest. - In April, Euromed's first product, the Frondoso Valley development in Nuevo Torre Guil, Murcia, was launched. We believe this exciting development, that will ultimately be home to almost 800 residential properties, has great potential. - Last month we announced an agreement with Barca & Boom Real Estates of the Netherlands, which has been formed to market Medsea's properties exclusively throughout Holland, Germany, Belgium and Luxembourg. - We have recently invested in two top professionals for two key areas of the Group. A dedicated financial controller has joined the team and reviewed all our procedures and controls to ensure that we are in the best shape possible to maximise our performance as the business expands. We have also appointed an in-house marketing and advertising professional who will be working with our agents to take full advantage of the opportunities available to us to expand our client numbers. - A consultancy agreement was signed in February by Euromed Investments with the propsed Arc European Property Fund. It is intended that Euromed will source suitable investment properties for the fund. "While I have been pleased with our progress, problems within the UK housingmarket and general lack of consumer confidence have had an effect on ourbusiness. As already announced, unit sales in the first quarter to March werelower than the same period of 2004. I am pleased to report that since then wehave seen some improvement in performance although overall unit sales to dateare below the comparable period. I would reiterate my comment in the annualreport that we remain confident for the longer term prospects for our business." For further information contact:Tony Gatehouse, ChairmanMedsea Estates Group PLC Today 0207 067 0700 Thereafter 0034 96 570 40 02 Juan Carlos Rodriguez Martinez, Chief ExecutiveMedsea Estates Group PLC Today 0207 067 0700 Thereafter 0034 96 570 40 02 Roland Cornish/Noelle GreenawayBeaumont Cornish Limited 0207 628 3396 Terry Garrett/ Alex WhiteWeber Shandwick Square Mile 0207 067 0700 This information is provided by RNS The company news service from the London Stock Exchange