RNS Number:2292U
Development Securities PLC
15 January 2004



DEVELOPMENT SECURITIES INCREASES STAKE IN STEAD & SIMPSON


Development Securities PLC has acquired 18% of the Ordinary Share Capital of
shoe retailers Stead & Simpson.    As a consequence, Development Securities has
increased its holding in the retailer, in which it has long held an investment,
from 20% to 38%.


The consideration for the equity interest acquired was #127,500 compared to the
value of the attributable net assets in Stead & Simpson of #1.1 million.


Over recent years, under new management, the business has shown a significant
improvement in performance. Stead & Simpson reported pre-tax earnings of #2.25
million for 2002, up from a level of #0.6 million the previous year.  Sales
revenues for 2002 totalled #125 million.


On the back of increased revenues and margins, Stead & Simpson expects pre-tax
earnings for 2003 to be significantly ahead of the previous year's levels.


Michael Marx, Joint Managing Director of Development Securities PLC, commented:


"We are very pleased with the recent trading performance at Stead & Simpson.  We
are not planning to increase our equity stake any further and the improved
profile of the company should assist our orderly exit from this investment in
the medium term."


For further information:


Michael Marx

Development Securities PLC                Tel: 020 7828 4777


Daniel de Belder

The Communication Group plc               Tel: 020 7630 1411


Or visit:
www.developmentsecurities.com

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