David Chambers.

Chairman

Our turnover in 2008 was dominated by our new build activities, yielding a strong cash flow.  For 2008 our land activities (JV Developments and Housing) suffered from the downturn, but made positive contributions to our profitability nonetheless.

Refurbishment and Services more than held their own and with all our core activities making a profit in a difficult market, 2008 turned out better than expected.  We are not complacent and recognise that continous improvement is an essential ingredient for future success and that quality of service and product will be paramount in a recessionary marketplace - however, we are confident that with a sound financial base and a motivated workforce we will be equal to the challenges ahead.