Another good set of results. Outlook promising.

Not too sure what to make - something of a mixed bag. Some positive sounding comments. "But of course he would say that wouldn't he".

Turnover up appreciably but profits considering somewhat disappointing. A few selllective extracts included below. Anybody any comments.

* Turnover increased by 53% on the same period last year to #5.4 million.

* Anticipate selling 61 units in the current year.


Chief Executive Chris Johnson said: "This has been another good six months for
us. The Sitemaster acquisition has been fully integrated into the business and
has increased the size of our property portfolio substantially. We are now expanding our activities by working on a number of refurbishment and conversion projects that are proving extremely lucrative."

Chairman's Statement

I am pleased to report the unaudited results for the half-year ended 30th
September 2002. We have had a good period of trading, increasing turnover for
the period from #3,570,000 in 2001 to #5,487,000, an increase of 53%.


Our post-tax profitof #551,000 is a little down on the same period last year (2001: #561,000). Our earnings per share are also down to 0.77p from 0.92p due to the additional shares issued at the end of last year as part of the consideration for the acquisition of Sitemaster Limited.

We therefore remain optimistic with regards to achieving our pre and
post-tax profit targets for the year ended 31st March 2003.


Shareholders' funds, as at 30th September 2002, amounted to #8,459,000, up
substantially from #5,816,000 as at 30th September 2001, and net assets per
share have risen to circa 12p per share (2001: 9p).


On the business front, we are currently developing eight sites, ranging from
luxury apartments in Kensington and Sevenoaks to a two bedroom flat development
in Maidstone, and anticipate selling 61 units in the current financial year. In
the South East especially, the house building sector remains strong due to
demand for new housing and we are confident that this will continue.

We have commenced, or are about to commence development on seven new
sites totalling some 43 units, which will contribute to our turnover and
profitability for the year ended 31st March 2004.


Between now and then, we would also expect to obtain planning consent on other
land and properties owned by us or under option/conditional contract which would
form part of the development programme for the year ended 31st March 2004 and
onwards.


Whilst we principally undertake new developments, we have also expanded our
activities having recently completed a number of refurbishment and conversion
projects. The substantial country house we acquired early on in the year for
refurbishment, near Sevenoaks, Kent, has been completed and we are inviting
offers for it in excess of #2 million. We have already received an offer a
little under the asking price, which shows that there is still a market for
higher priced properties.

We remain committed to expanding the business, whether through acquisition or
organic growth and are presently considering a number of interesting
opportunities with a view to providing increased earnings per share.


Cheers

Th.