14 May 2010 – interim management statement

The improved trading conditions seen towards the end of 2009 have continued into the current year and, in the period 1 Jan to 7 May, the company has continued to trade profitably and in line with management expectations.  Debt has fallen by another £10m since the start of the year and there are signs that the market for land, new development and completed investments is improving albeit slowly.  Although in the short term the shares are only likely to mark time, net asset value per share was 135p at the last year end and the shares remain a LONG TERM BUY.