AGM Statement

Morgan Sindall PLC
27 March 2003

                               MORGAN SINDALL PLC
                       ('Morgan Sindall' or 'the Group')
                        AGM Statement and Trading Update


John Morgan, Executive Chairman of Morgan Sindall, will make the following
comments at the Group's Annual General Meeting to be held today:

Current Trading

The Group has started the year in line with expectations across all divisions.

I am pleased to report that volumes in Fit Out in the first quarter are showing
improvement over volumes in the second half of 2002. Our Regional Construction
Division, Bluestone, is continuing to focus on longer term programmes to improve
the quality and visibility of its order book and the recent selection of
Bluestone as the Construction partner in the winning consortium for the Barnsley
NHS Local Improvement Finance Trust - a 20 year building programme - is an
excellent example of the new policies working.

Both our Affordable Housing and Infrastructure Services divisions are benefiting
from the increased level of Public Expenditure with order books remaining
healthy.

Given our broad portfolio of businesses and our long-term and growing order book
we are well positioned for the future despite the uncertainties in the economy.

EGM

As indicated in our preliminary statement the development of the Group into
different businesses has resulted in the Company utilising modest overdraft
facilities. Under the Group's existing Articles of Association the maximum
amount which the Group can currently borrow is £33 million, which is
inappropriate for the current size and mix of the Morgan Sindall business.
Accordingly, we plan to convene an Extraordinary General Meeting for 29 April
2003 for shareholders to approve a change to the Articles to increase the
maximum permitted level of borrowing to give the Company sufficient headroom for
its future needs.

A circular will be sent to shareholders shortly.


                                                                   27 March 2003


ENQUIRIES:

Morgan Sindall plc                                    Tel: [phone] (today)
John Morgan, Executive Chairman                  Tel: [phone] (thereafter)
John Bishop, Finance Director

College Hill                                                  Tel: [phone]
Matthew Smallwood/Kate Pope




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