NTA.L Regulatory News (NTA)

9 Feb 2006 13:42

Northacre PLC09 February 2006 Northacre Plc ("Northacre" or "The Group") Trading Update Following recent activity the Board of Northacre announces today the followingtrading update: Works In Progress The Phillimores With The Phillimores development complete, The Group expects to receive it'sfull sales overage entitlement in the near future. The proceeds will be fullyutilised in redeeming the Group's debt position. KINGS Chelsea Northacre has agreed full and final settlement of it's profit share and feeentitlement in respect of the KINGS Chelsea development in the sum of £1.6m.Although this is at a level lower than anticipated, The Board decided that itwould be in the best interest of the Group to reach an early settlement in orderto allow the Group to move forward and focus more of its resources on newbusiness. Vicarage Gate Following the Planning Inspectorate's decision in November 2005, Northacre has,together with it's investor partner Arcapita, decided to submit an applicationto the High Court in the hope of quashing the Inspector's decision. The date ofthe hearing and its outcome is expected by the end of 2006. Park Street Works commenced on site in July 2005 and are continuing apace with completiondue by the end of this year together with a launch of an Ambassadorial ShowApartment in September 2006. Trading Following two new joint ventures with Minerva Plc and a general improvement inmarket conditions the operational subsidiaries have seen an increase in activityfor development management and architectural services. The Directors alsoanticipate an uplift in turnover for interior design services following therecent appointment of a new Managing Director at Lifestyles (Interiors) Ltd. 9 February 2006Enquires: Northacre Plc Tel : 020 7349 8000 John Hunter, Chief ExecutiveManish Santilale, Finance Director This information is provided by RNS The company news service from the London Stock Exchange