RNS Number:0573I
McLeod Russel Holdings PLC
27 February 2003


               McLeod Russel Chairman's AGM Statement


In my statement dated 10th January 2003, I indicated that the year had started
slowly, with sales running below the comparable period of 2002. That trend has
continued since then. I also said that there were signs of an improvement in the
second half order book and that remains the case. Consequently, while McLeod
Russel has always shown a bias towards greater second half sales and profits
compared with the first half, we expect the imbalance to be more pronounced this
year and profits for the year are likely to be lower than last year.
Shareholders will have noted the reduction in dividend for 2002, in order to
move to a dividend covered two times by earnings. We intend to aim for that
level of dividend cover when determining the dividend payment going forward.




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