Craven House Capital Regulatory News (CRV)

14 Jun 2007 07:01

Medsea Estates Group PLC14 June 2007 14 June 2007 MEDSEA ESTATES GROUP PLC AGM STATEMENT At today's annual general meeting, Mr Tony Gatehouse, Chairman, will make thefollowing statement:- "2006 was highly successful for Medsea with profits reaching a record £2.9million pre-tax. In the annual report, posted at the end of March, I toldshareholders that the current year had started well and we expected to achievefurther growth. I am delighted to tell you today that our view remains unchanged. "Sales in the five months to the end of May 2007 increased by 40% compared withthe same period last year. This is attributable to the excellent performance ofour Italian business where unit sales continue to beat targets substantially. InSpain, unit sales since the end of the first quarter have slowed compared tolast year and against budget, but the Spanish economy remains strong anddomestic buying is very buoyant. At the recent SIMA '07 exhibition in Madrid,Medsea achieved sales reservations in excess of £4 million from domestic buyers,coupled with nearly one hundred applications for site inspections. "The Board therefore remains confident that the Group's performance in the firsthalf of the year to 30 June will be in line with market expectations and that wewill continue to make progress in the second half of the year. "To help accelerate Medsea's growth, we recently announced a share placing toraise £700,000 and we are reviewing a number of opportunities that will enhanceour growth prospects and broaden our base." For further information please contact: Medsea Estates Group PLCTony Gatehouse, ChairmanJuan Carlos Rodriguez Martinez, Chief Executive 0034 96 570 40 02 HB CorporateImran Ahmad/ Edward Hutton/ Rachel Kane 020 7510 8600 Weber Shandwick FinancialTerry Garrett/ Alex White/ John Moriarty 0207 067 0700 This information is provided by RNS The company news service from the London Stock Exchange