TWOD Taylor Woodrow

RNS Number:5076K
Taylor Woodrow PLC
12 May 2000


TAYLOR WOODROW ANNUAL GENERAL MEETING


Speaking at the Company's Annual General Meeting today, Taylor Woodrow chief
executive Keith Egerton provided an update on both the implementation of the
Group's strategic review and current trading conditions. 

Noting that the Group was making good progress in focussing its activities as
an international developer, he said, "We have announced our intention to
acquire the 45% interest in Monarch we do not already own. The closing date
for our offer is 20 May and we have already received an encouraging response.
In addition the Board of Monarch recently recommended the offer to
shareholders. 

 'Our Construction business has a strong future as a focused provider of value
added support to our own operations and those of our valued clients. It is
quitting low return / high-risk activities, greatly reducing its overhead and
streamlining every business process.
 
'Non-core activities are being sold. Following the sale of the Greenham
Construction Materials business in March, the Board has instructed our bankers
to sell Greenham Trading. We are in discussions with the management concerning
an MBO and this is being considered alongside other interest.

'2000 has started very well for our core housing and property businesses. Our
housebuilding activities have experienced healthy trading conditions in the
first four months of the year, which we expect to continue. For instance in
California we have already secured 70% of budgeted sales. 

'In the UK, Taywood Homes continues to make good progress with sales activity
over 15% ahead of the same period last year. Average selling prices have also
moved forward to #130,000 from a year end position of #119,400. In addition
commercial property markets continue to show strong demand for well located,
good quality schemes.  

'We have an excellent base to drive the new Taylor Woodrow forward. We are
ambitious. We have a clear focus on where we want to go, the growth markets we
wish to be in and the manner and style of our getting there.'

Analyst enquiries: 

David Green 
Tel: 020 7629 1201

Media enquiries:

Nicholas Jones, Taylor Woodrow
Tel: 020 7298 5165
Mobile: 07879 433119


END
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