Craven House Capital Regulatory News (CRV)

16 Jun 2006 07:00

Medsea Estates Group PLC16 June 2006 For Immediate Release - 16 June 2006 Medsea Estates Group Plc AGM Statement At today's annual general meeting, Mr Tony Gatehouse, Chairman, will make thefollowing statement:- "I am delighted with the progress that Medsea Estates Group is making in thecurrent year. Last year was a period of major investment for the Group as weexpanded our presence into new markets including Italy, Cyprus, Turkey, Portugaland Bulgaria as well as growing our activities in Spain. "This year we will begin to reap the rewards of those investments as many arealready making significant contributions and Euromed is set to fulfil itspotential. As already reported, unaudited management accounts for the firstquarter showed a pre-tax profit of Euro 432,270 which was some Euro 300,000 upon the comparable period and we continued to make excellent progress in Apriland May. "We believe that we are steadily regaining market share in the Spanish marketwith the help of an increasing number of supporting agents in the UK while ouroperations in the newer regions are making successful inroads into thosemarkets. In particular our move into the Italian market offering low-costbeach-front properties in Calabria, Southern Italy, through our new brand,Italian Connection Properties, is proving particularly successful. We anticipatethat our Italian activities will make an important contribution to the Group'sperformance this year. "Medsea has regained its momentum and I am pleased to state that the Boardexpects to report a significant recovery in first half profits for the sixmonths to 30 June 2006. " Media - For further information contact: Tony Gatehouse, Chairman, Medsea 0034 96 570 40 02 Juan Carlos Rodriguez Martinez, Chief Executive, Medsea 0034 96 570 40 02 Beaumont Cornish Limited Roland Cornish 0207 628 3396 Weber Shandwick Square Mile Alex White/Terry Garrett/John Moriarty 0207 067 0700 This information is provided by RNS The company news service from the London Stock Exchange