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13 Aug 2010 15:59
NORTHACRE PLC (the "Company")
AGM Statement
13th August 2010
At the Company's AGM held on Friday 13th August 2010, all the resolutions were duly passed and Klas Nilsson, Chairman, made the following statement.
The year has been one of consolidation and since the year end we are beginning to see small signs of recovery in the economy and the prime residential sector. Nevertheless, cautious optimism remains at the forefront of our minds going forward for the next twelve months.
Since the Company's 2010 results were announced on 21st July 2010:
§ The Lancasters continues on programme for first phase completions in the Spring of 2011. Sales have now been secured representing almost 55% of the saleable area at values which demonstrate the strength at the top end of the market.
§ As announced on 3rd August 2010 the Company has sold its shareholding in The Vicarage scheme for £1.33m. We have also entered into new agreements for the provision of all the Group's services at market level fees together with an incentivised profit share. We are very pleased that the next stage of this development can now move forward with our new partners.
§ Steps have been taken to further reduce the level of the Company's overheads and these will be reflected in the results for the financial year to February 2011.
§ Positive discussions continue with Evans Randall and we are hopeful of securing at least one new scheme before the end of this financial year.
§ New commissions, both local and international, have been secured by our interior design subsidiary, Intarya, resulting in improved fee income.
§ The diversity of the Northacre Group Brand and the fee income from its subsidiary companies continues to prove be a real strength in challenging times.
§ We note the recent share price movements and confirm there are no other matters that the Board are aware of, other than those already announced.
§ It is also our belief that, as the global economy begins to recover, the senior debt lending market will improve allowing the Company to deliver its strategy of remaining as the leading brand in the prime residential sector in London.
All enquiries:
Northacre Plc
Klas Nilsson - Chairman and Chief Executive
Manish Santilale - Finance Director
Tel: +44 20 7349 8000
KBC Peel Hunt Ltd
Capel Irwin
Tel: +44 20 7418 8900
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