16th Jul 2007 13:11
Northacre PLC16 July 2007 NORTHACRE PLC ("NORTHACRE" OR "THE GROUP") TRADING UPDATE Northacre announces today a trading update. WORKS IN PROGRESS The Lancasters Planning consent for The Lancasters was secured in May 2007 with works due tocommence on site in August 2007. The programme anticipates completion of thislandmark Hyde Park development will begin in 2010. The Kensington A planning decision on The Kensington, (formerly The Odeon Kensington HighStreet), is due to be determined at Committee in September 2007. Having carriedout extensive consultation with local residents and planning officers over thelast twelve months the Group anticipates a positive outcome. The Vicarage Following a favourable decision in the High Court in April 2007, the Group ispursuing an early settlement of this long-standing planning wrangle. A furtherannouncement on the progress of these discussions will follow within the nextfew weeks. Park Street Following a very successful marketing campaign all the Park Street apartmentshave now been sold. The Group anticipates the final account will confirm aprofitshare entitlement of £2.6m due to Northacre, of which £2.4m has beenreceived on account. Trading In addition to the successful outcome at Park Street, the Group subsidiaries atNilsson Architects and Lifestyles Interiors, also report improved activity. TheBoard of Directors are therefore confident that an improvement in turnover willbe maintained as there continues to be a strong demand for the Northacre brandof high quality residential schemes. The results for the year ended February2007 will be announced in the week commencing 20th August 2007. 16th July 2007 Enquires: Northacre Plc Tel: 020 7349 8000 John Hunter, Chief Executive Manish Santilale, Finance Director KBC Peel Hunt Ltd: Tel: 020 7418 8900 Capel Irwin Nicholas Marren This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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