Gleeson(M J)Group PLC
10 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 as
indicated in my statements in the Report and Accounts and the Preliminary
Announcement of 27 October 2006. The Group's exposure to risk has been greatly
reduced by the disposal of most of the Group's building and civil engineering
businesses and by the scaling down of traditional housebuilding. The Group's
principal retained businesses - housing regeneration, strategic land trading and
commercial property development - are all performing broadly in line with budget
and the Board believes that the Group's profits for the current year should be
in line with market expectations.
Since October 2006, there have been three Board changes, which have
significantly enhanced the ability of the Board effectively to lead and control
the Group in its new form. The non-executive appointment of Ross Ancell, the
Executive Chairman of Churngold (a groundworks, construction and recycling
business) 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 the
following month . Both have extensive expertise and experience relevant to the
development and implementation of the Group's new strategy. In addition, earlier
this month, Paul Wallwork, Interim Group Chief Executive since July 2006, was
appointed Group Chief Executive. Paul has overseen much of the implementation of
the Group's new strategy and the Board is confident that he is the right choice
to continue delivering the transformational change to which we are committed.
The asset disposal programme arising from our corporate strategy should ensure
that the Group, which has been cash positive since November 2006, will remain
significantly cash generative throughout the current financial year. In
consequence, an option that is likely to become available to the Board later
this calendar year is a return of cash to shareholders. The scale and timing of
any return will depend on the Board's assessment of the amount of capital that
our continuing businesses require in order to grow in line with our revised
strategy and of the returns that those businesses can achieve.'
Enquiries:
M J Gleeson Group plc
Dermot Gleeson (Chairman) 07785-708 096
Paul Wallwork (Group Chief 07715-042 480
Executive)
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
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