10th Jan 2007 12:00
Gleeson(M J)Group PLC10 January 2007 Wednesday 10 January 2007 MJ GLEESON GROUP PLC AGM Statement At the AGM convened for midday today in London, the Chairman, Dermot Gleeson,will state: "Turning to the current year and beyond, our prospects are substantially asindicated in my statements in the Report and Accounts and the PreliminaryAnnouncement of 27 October 2006. The Group's exposure to risk has been greatlyreduced by the disposal of most of the Group's building and civil engineeringbusinesses and by the scaling down of traditional housebuilding. The Group'sprincipal retained businesses - housing regeneration, strategic land trading andcommercial property development - are all performing broadly in line with budgetand the Board believes that the Group's profits for the current year should bein line with market expectations. Since October 2006, there have been three Board changes, which havesignificantly enhanced the ability of the Board effectively to lead and controlthe Group in its new form. The non-executive appointment of Ross Ancell, theExecutive Chairman of Churngold (a groundworks, construction and recyclingbusiness) and formerly with George Wimpey, was effective from 1 October 2006;that of Terry Morgan, CEO of Tube Lines and formerly with BAe Systems, from thefollowing month . Both have extensive expertise and experience relevant to thedevelopment and implementation of the Group's new strategy. In addition, earlierthis month, Paul Wallwork, Interim Group Chief Executive since July 2006, wasappointed Group Chief Executive. Paul has overseen much of the implementation ofthe Group's new strategy and the Board is confident that he is the right choiceto continue delivering the transformational change to which we are committed. The asset disposal programme arising from our corporate strategy should ensurethat the Group, which has been cash positive since November 2006, will remainsignificantly cash generative throughout the current financial year. Inconsequence, an option that is likely to become available to the Board laterthis calendar year is a return of cash to shareholders. The scale and timing ofany return will depend on the Board's assessment of the amount of capital thatour continuing businesses require in order to grow in line with our revisedstrategy and of the returns that those businesses can achieve." Enquiries: M J Gleeson Group plcDermot Gleeson (Chairman) 07785-708 096Paul Wallwork (Group Chief 07715-042 480Executive) Bankside Consultants LimitedCharles Ponsonby 020-7367 8851 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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