Macfarlane Grp. Regulatory News (MACF)

4 Feb 2005 13:41

Macfarlane Group PLC04 February 2005 MACFARLANE GROUP PROPERTY DISPOSALS Macfarlane Group PLC ("Macfarlane") is pleased to report that it has todayagreed terms for the sale of two properties, for an aggregate net cashconsideration of £4.6m, which will result in a profit on disposal ofapproximately £1.3m. The first disposal is of a vacant site in Govan, near Glasgow, for a cashconsideration after attributable expenses of £2.7m. This will give rise to aprofit on disposal of £1.3m in Macfarlane's current financial year to 31December 2005. The second disposal is of a six-bay distribution site inGrantham, with Macfarlane, as part of the disposal, taking a lease at marketrent for the two bays from which its Grantham distribution business operates.Sale proceeds for the Grantham site of £1.9m after attributable expenses equateto book value. 2004 was viewed as a year of critical importance in the Group turnaround andthese property disposals are consistent with the objectives set last year by theMacfarlane Board of reducing debt and improving the Group's trading performance.The considerable efforts made in 2004 resulted in good progress and theMacfarlane Board is confident that the Group's recovery continues to gainmomentum. These disposals, combined with the improvement in trading performance,are adding further to the Group's financial strength and prospects. Macfarlane's preliminary announcement of results will be made on Tuesday 22March 2005. This information is provided by RNS The company news service from the London Stock Exchange