Craven House Capital Regulatory News (CRV)

13 Feb 2008 15:04

Medsea Estates Group PLC13 February 2008 MEDSEA ESTATES GROUP PLC RNS Announcement Trading Up-date Medsea Estates Group plc ("Medsea", "the Group") (AIM: MEA), theMediterranean-based property group is today providing shareholders with anupdate on trading. Based on unaudited management information, Medsea sold 1,051 properties in theyear ended 31st December 2007 compared to 1,086 in 2006. These numbers do notreflect any provision for cancellations. Sales in the second half of the yearwere disappointing, with volumes materially below the Board's expectations (443properties sold (2006: 662) as against the target of 580). The slow-down insales has been seen across all areas of the Group's activities and mainlyreflects a slowing of client visits in the last three months of the year whichappears to be a reaction to the less certain financial environment in the UK andEire. The average value of property sales for the year, on which the Group chargescommission, reduced by 6% compared to 2006. Commission rates remained at levelscomparable with the previous year. The Board expects to announce Medsea's results for the year ended 31st December2007 in the second half of April 2008. For further information:Medsea Estates Group plcTony Gatehouse, Chairman Tel: +34 96 570 40 02Juan Carlos Rodriguez Martinez, Chief Executive HB CorporateEdward Hutton / Rachel Kane / Imran Ahmad Tel: +44 (0) 20 7510 8600 Media enquiries:Threadneedle CommunicationsAlex White/Josh Royston Tel: +44 (0) 20 7936 9665 This information is provided by RNS The company news service from the London Stock Exchange