BNT Basepoint

RNS Number:0484P
Basepoint PLC
20 July 2005




Basepoint PLC
20th July 2005


Basepoint plc 2005 Annual General Meeting

Chairman's Statement

Basepoint plc's Chairman, The Viscount Lifford, made the following statement at
the Company's Annual General Meeting, held at Winchester Guildhall at 11 am on
Wednesday 20th July 2005:


"The 2005 Annual Report was recently distributed to shareholders and contains
detailed information on the state of the company's affairs for the financial
year to the end of February and the subsequent period up to the date of that
Report, the 26th of May.


In my statement accompanying the Annual Report I was pleased to confirm that we
had achieved good performance against our strategic objectives. Those objectives
are to maximize the potential from our wholly owned MBECs, to build new centres
with or without an ownership interest and to develop an income stream from
development project and operational management activities.


I also reported that our core portfolio of MBECs had enjoyed outstanding
occupancy during the last financial year. I can now report that, although we
have experienced an increased level of tenant turnover in recent weeks, the
occupancy statistics remain strong. I am also pleased to record that occupancy
in the more recently opened immature centres which we manage for others has
shown improvement over the same period.


In March we were appointed by Kent County Council to act as the manager of its
centre in Northfleet. This contract has started well and is now generating an
additional income stream to the Company. We are close to finalising two similar
contracts with other public bodies and I anticipate that we shall shortly be in
a position to make a formal announcement regarding these appointments.


We are continuing to work on development contracts for new SEEDA centres in
Hastings and Newhaven under our project management agreement. Regrettably, the
start on the scheme at Newhaven has been put back by SEEDA which will defer our
recognition of income from that project. New Basepoint MBEC developments are
underway at Tewkesbury and, as a second phase, at our successful High Wycombe
centre; once complete these will expand our portfolio of wholly owned centres.
The geographical move towards Tewkesbury forms part of our expansion strategy as
we seek potentially successful areas with more reasonable land prices. This
strategy has been further developed following a successful competitive bid to
develop a Basepoint type centre on an Advantage West Midlands (AWM) regeneration
site in Bromsgrove, Worcestershire, where development activities are scheduled
to commence in the autumn. This will add to our portfolio of centres when it
comes on stream but may also lead to other development and management activity
with AWM which is seeking to develop a number of similar schemes in its region.


Progress within the Company is therefore sound and although profits in the 2005
year were reduced over those for 2004, for the reasons explained in the Annual
Report, we nevertheless have the confidence in the business going forward to
recommend a final dividend increased by 11% over last year.


In summary I believe that we are moving ahead satisfactorily with our strategy
on all fronts and I am confident that prospects for the medium and longer term
remain highly positive and that your company will then be well positioned to
build on the solid ground work now underway."


Contacts:

Robert Cleaver - Basepoint Plc, Chief Executive (robcleaver@basepoint.co.uk )


David Boakes - Basepoint plc, Director of Finance (davidboakes@basepoint.co.uk)


Nicola Horton - Smith & Williamson Corporate Finance Limited 
(nicola.horton@smith.williamson.co.uk)










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

END
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