Craven House Capital Regulatory News (CRV)

25 Apr 2007 14:42

Medsea Estates Group PLC25 April 2007 For immediate release 25 April 2007 MEDSEA ESTATES GROUP PLC ("Medsea or "the Company") Medsea has noted today's UK press commentary on the Spanish property market andin the light of the subsequent share price movement this morning, the Company isupdating the market on first quarter trading. •Unit sales in Spain in the first quarter of 2007 were marginally ahead of last year at 110 compared to 105 unit sales in the same period of 2006. •Unit sales in Italy were 151 in the first quarter of 2007 compared to 41 in the first quarter of 2006. •Since the first quarter, current trading across the Company is in line with market expectations. Tony Gatehouse, Chairman, commented "While there have been some issues in theCosta del Sol market, that is a localised problem and Medsea does not operate inthat region. We are selling residential property in other coastal areas whereselling prices are being sustained and demand from international buyers, whoaccount for the bulk of our sales, remains firm. "Meanwhile our operations in Italy are performing particularly strongly as canbe seen in the first quarter sales and selling prices remain buoyant havingrisen by approximately 40 per cent in the last 12 months." For further information please contact: HB CorporateImran Ahmed/ Ed Hutton/ Rachel Kane 020 7510 8600 Weber Shandwick FinancialTerry Garrett/ Alex White/ John Moriarty 020 7067 0700 This information is provided by RNS The company news service from the London Stock Exchange