28th Sep 2005 10:30
Northacre PLC28 September 2005 Northacre plc AGM Statement 2005 - " The Group has again suffered further planning and constructiondelays in its' development programme. Less buoyant market conditions haveresulted in a slower rate of sales activity. - We now expect to receive our profit share entitlement for bothKINGS Chelsea and The Phillimores developments in the current financial year. - In respect of KINGS Chelsea an invoice for our £1m + VATThreshold Fee has been raised for which payment is due in October 2005. Afurther profit bonus is also due upon the sale of the last remaining unsoldapartment. - At The Phillimores, four of the remaining eight unsoldapartments are under offer, these four sales are due to exchange within the nextfew weeks. - The Vicarage Gate Appeal has now been heard and the Inspectors'decision is due towards the beginning of November. A positive outcome willresult in an early start of the building works on site. - During the year a new development opportunity at Park Street,Mayfair was acquired from Grosvenor with equity provided by private investors. Arevised planning consent has been secured and the works have now commenced. - Following the introduction of various measures to improveefficiency a 52% reduction in our group staff overhead has been achieved in thisfinancial year. - With a promising supply of new opportunities under considerationwe are confident of securing another new scheme for the Group in the nearfuture." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NTA.L