25th Feb 2008 07:05
Northacre PLC25 February 2008 NORTHACRE PLC TRADING UPDATE The Lancasters And The Kensington With planning consent secured on The Lancasters and The Kensington progresscontinues for both schemes on schedule with our joint venture partners MinervaPlc who issued an update on these projects in their interim results announcedthis morning. Construction works on The Lancasters is now well in hand. Asignificant flow of enquiries has been generated as a result of the featurehoarding. The first phase of passive marketing has already generated securedsales revenue in excess of £100m which represents almost one third of the totalnumber of apartments. The Warwick And The Vicarage The Warwick and The Vicarage Gate schemes continue through the planning process- a decision on both sites will be determined later this year. In the case ofWarwick Road, it is useful that the Royal Borough of Kensington & Chelsea hasnow adopted a planning brief and a master plan. The next Vicarage planninginquiry will now be held in May 2008. Trading In addition to the progress of our developments, fee income for our operatingsubsidiaries continues to grow in accordance with our expectations. Inparticular, some new assignments for interior design services have recently beensecured. Although we recognise some downturn in market sentiment, we are,nevertheless, confident that further growth in our business activities will bemaintained. All Enquires: Northacre Plc Tel: +44 20 7349 8000 John Hunter Chief Executive Manish Santilale Finance Director KBC Peel Hunt Ltd Tel: +44 20 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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