AGM Statement

RNS Number:0352I
Country & Metropolitan PLC
27 February 2003


                                                               27 February 2003





                           Country & Metropolitan PLC



                                 AGM Statement





The Annual General Meeting of Country & Metropolitan Plc, a housebuilder and
leading developer of Brownfield regeneration projects will be held at Harefield
House, High Street,  Harefield, Middx. UB9 6RH.  At the meeting, David Laing
M.A. R.I.B.A. Chairman will make the following statement.



"The Group's pre-tax profits before amortisation of goodwill increased by 81% to
#3.99 million.  This translated into basic earnings per share of 16.56p per
share, an increase of 34% over the previous year. This is our fifth year of
uninterrupted growth during which time we have increased earnings per share at a
compound rate of 31.5% per annum.



In line with the progressive dividend policy, the Board is recommending a final
divided of 2.14p per share which together with the interim dividend of 0.61p per
share makes a total of 2.75p per share, an increase of over 22%.



Shareholders funds have risen to #19.4 million that represents net asset value
of 102.7p per share.



We have strengthened the Group by the acquisition of the NorthCountry Homes
Group which has been a particularly successful step forward for Country &
Metropolitan.  We are now one of the market leaders in the provision of low cost
homes for sale in the North of England.  The enlarged group is now within the
top 30 house builders in the country in terms of volume with a large proportion
of our developments in the North of England where market conditions are still
buoyant.



House price inflation has eased in most areas from recent high levels,
particularly at the "top end".  We welcome this return to a more stable market
as it provides a much sounder basis for medium term, sustainable profit growth.
The prospects for housing remains very positive, bearing in mind the shortage of
supply and continuing low level of real interest rates. Recent comments by the
Government confirm demand for homes in most regions is significant and that
there are more household formations than homes available.



The supply of new homes must therefore accelerate to cope with this increasing
demand particularly at the affordable level; with much of the output to be
provided by urban regeneration.



Country & Metropolitan is well placed in this respect with land owned or
controlled totalling 3,900 plots of which 1,250 plots already have consent.



We have continued to make outstanding progress in the period following the
results for the year ended 31st August 2002 and I am delighted to report that
the enlarged group has forward sales of #31.8 million which is well ahead of
budget.



The Group is fast becoming a market leader in urban regeneration, particularly
in the North of England and our success is based on strong organic growth
together with selective acquisitions.



A new project of note is our acquisition of a 50% interest in a joint venture
company that has conditionally contracted to purchase High Royds Hospital in
Menston near Leeds. This 280 acre site for one of the largest mixed use urban
villages in the North of England will include the conversion of approximately
500,000 square feet of listed buildings. We expect to obtain consent for this
scheme within 12 months and anticipate that the project will provide a
contribution to future profitability of the Group for some years ahead.





We remain a highly focused management team who will continue to maximise returns
and profitability from our activities for the benefit of all our shareholders."



For further information:


Country & Metropolitan                                         Tel: [phone]

Stephen Wicks, Chief Executive

Jean Atkins; Group PR & Marketing Director

Buchanan Communications Ltd                                   Tel: [phone]

Mark Edwards/Jeremy Garcia




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