Craven House Capital Regulatory News (CRV)

21 Apr 2005 12:42

Medsea Estates Group PLC21 April 2005 For immediate release 21 April 2005 Medsea Estates Group PLC Trading Update In the Company's preliminary announcement of results for the year ended 31December 2004, the Company reported that there had been a reduction in thenumber of units sold compared to initial expectations and that this pattern wasexpected to continue into the current year. Following a review of the first quarter results for 2005, the Company hasexperienced a further reduction in the number of units sold compared toexpectations, totalling some 184 units sold compared to 333 in the same periodon the previous year. This reduction is due both to the reduction in clients andthe reduction in closing ratios. The Company believes that this downturn in sales is being experienced by othercompanies within its sector and that the main external reasons are the drop inconfidence due to the static UK housing market, particularly in the South ofEngland from where the majority of buyers are generated and the competition fromother emerging countries. The Company will continue its emphasis on maintaining or improving margins,improving the closing ratio, enlarging the agency base and the clientthrough-put generated therefrom and focussing on marketing and advertising. 21 April 2005 For further information please contact : Medsea Estates Group PLCTony Gatehouse, ChairmanJuan Carlos Rodriguez Martinez, Chief Executive 0034 96 570 4002 This information is provided by RNS The company news service from the London Stock Exchange