Craven House Capital Regulatory News (CRV)

25 Apr 2006 14:48

Medsea Estates Group PLC25 April 2006 For Immediate Release 25 April 2006 Medsea Estates Group Plc ("Medsea") PROGRESS IN FIRST QUARTER In the first quarter of 2006, Spanish-based property group Medsea showed in theunaudited management accounts a pre-tax profit of €432,270 - compared to only€132,300 for the same period last year, reflecting the investment made by Medseain its infrastructure last year and the success of Medsea's investment in itsnew Italian operations. Says Tony Gatehouse: 'I indicated in my 2005 Chairman's Statement that I wouldsoon be giving good news to the markeplace, but the first quarter has exceededmy expectations. Commissions in Spain were ten per cent up at €1,609,323,Euromed has began to fulfil its potential with pre-tax profit of €535,828, andin its first three months our Italian operation has already produced commissionsof €726,186. This also reflects our efforts to rebuild our market share and substantiallyincrease the number of supporting agents to the pre 2005 levels, due largely tothe efforts of two new, key management staff in the UK. Contact: Tony Gatehouse Tel: 0034 96570 4002Medsea Estates Group Plc Roland Cornish Tel: 0207 628 3396Beaumont Cornish Limited This information is provided by RNS The company news service from the London Stock Exchange