AGM Statement

26 Jul 2007 11:42

Caffyns PLC26 July 2007 CAFFYNS PLC AGM / INTERIM MANAGEMENT STATEMENT 26 July 2007 Caffyns is today issuing an interim management statement covering the periodsince the start of the financial year and including trading for the three monthsto 30 June 2007. This statement will also be delivered at the Group's AnnualGeneral Meeting, which takes place today. "The Chief Executive's comments on the Company's prospects were contained in ourAnnual Report. We continue to make steady progress, but remain mindful ofpressures on consumers as a result of the upward movement in interest rates,which are currently forecast to continue. We announced on 22 June 2007 that we have exchanged contracts for the sale ofour vacant freehold site in Hove, Sussex, conditional upon planning, for £4.5m.We have also exchanged contracts for the sale of our vacant freehold site inWorthing, Sussex, conditional upon satisfactory demolition of the existingbuilding and environmental remediation of the site which it is hoped will becompleted by the end of our financial year. The consideration of £1.075m is duein cash when these conditions have been satisfied. The VAT claim received (net of professional costs), referred to in ourannouncement on 16 July 2007, will result in approximately £2.9m being treatedas income in our Income Statement for the half year ending 30 September 2007. There have been no other significant changes in the financial position of theGroup over the period since the publication of its report and accounts for theyear ended 31 March 2007." Enquiries: Tel: 01323 730201 Simon Caffyn Chief Executive Mark Harrison Finance Director This information is provided by RNS The company news service from the London Stock Exchange