AGM Statement

RNS Number:0323Q
Your Space PLC
23 September 2003





                  Your Space Plc ("Your Space" or "the Company")

                                 AGM Statement


The following is the text of a statement to be made at the Company's Annual
General Meeting this morning.


Over the year to March 2003 the Group has been steadfastly building the
Workspace Northwest business, representing the centres in Birmingham and
Manchester, acquired in January last year, and this building we are meeting in
which was only opened in March last year. As these buildings represent the vast
bulk of the Group's existing operations, the results of the year to March 2003
are in reality the Group's first year's results in its present form.


During that year we have seen severe adverse business conditions and well
publicised troubles at Regus, HQ, MWB and other serviced office businesses,
leading to substantial loss of shareholders value and business failures. In
contrast, your Company has steadily built revenue and market position in what
is, as I have said, in reality, its first year of full operations. The Company
is also, unlike many serviced office companies, the owner of its property
assets, with approximately #4 million of net assets, equivalent to approximately
2.3p per share. These include liquid cash resources, augmented by our recent
placing to raise #240,000 (net) and the renegotiation and early repayment of
loan notes, which released some #180,000 from an escrow account.


During the current financial year, our business on the serviced office sector
has remained stable.  Occupancies in our London buildings stand at 86% at
Clerkenwell and 93% at Hammersmith. Our buildings in the Midlands and Northwest
continue to attract a wide range of businesses and occupancies continue to rise
with Manchester at 93% and Willenhall at 73%.


Our refurbishment programme in Manchester is due to be finalised in January
2004.  This has already enabled us to increase our rents to any new tenants from
#16 to #20 per square foot.


We see a slight improvement in rates in London and we are optimistic that we
will not only be able to maintain our levels of occupancy but further develop
our conference and virtual office business.


Our focus is to continue to increase our turnover and take on new management
contracts.  To this effect we are in the process of negotiating another contract
in the City of London, which should be due to commence in November of this year.







                      This information is provided by RNS
            The company news service from the London Stock Exchange

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