Mar City PLC AGM Statement (6244H)

TIDMMAR

RNS Number : 6244H

Mar City PLC

21 May 2014

MAR CITY PLC

('Mar City', 'the Group' or 'the Company')

AGM statement

Launch of Modular Construction Methods

Land Acquisitions

AGM statement

Mar City (AIM: MAR.L), the London and Midlands housebuilder, is holding its Annual General Meeting ("AGM") today at 11.30am at the Four Seasons Hotel, Park Lane, London, W1J 7DR.

At the AGM Tony Ryan, the Chief Executive of Mar City PLC will make the following statement:

"We are delighted with the strong levels of activity that we are seeing in terms of both sales and reservations during the current year and we believe that the trading outlook for the year as a whole remains very positive, with increasing levels of activity across all sites currently under development.

Launch of Modular Construction Methods

I am also very pleased to report that Mar City launched its first modular development, featuring 102 apartments in the up and coming area of Colindale in London on 15(th) May 2014. This development, which is already 80% pre-sold, showcased Mar City's new, groundbreaking modern method of construction, which was enthusiastically received by everyone who attended.

This modular method of construction is the culmination of significant R&D within Mar City and allows the building of quality affordable homes for both the private and public sectors to be constructed in a factory environment. In turn this allows the homes to be built up to three times faster than a traditional housebuild, saving time and labour costs whilst producing a build quality at least equal to, if not better than traditional methods, with a high energy efficiency rating and lower environmental footprint.

This innovative new concept has taken Mar City almost a decade to develop and whilst modern construction methods have been used in other industries, modular systems have never before been viable in residential house building on a volume scale. This is believed to be a first for the UK market and our methods are already receiving critical acclaim.

The Company is currently scheduled for a number of additional sites to move into the development stage in the second half of the year utilising this ground breaking concept.

Land Acquisitions

Mar City has also concluded the acquisition of a further 112 plots across 4 sites in London and the Midlands for an aggregate value of GBP6.47m. We are continuing to comfortably attain our target intake margins on new land and as a result we will continue to build our land bank and are already well on the way to acquiring our target of at least 3,000 plots this year, which would create a land bank of 3 years by the end of the year.

Outlook

We are delighted with the progress already made this year and foresee further strong progress in the Company's trading performance in the second half as we benefit from the high levels of interest in Mar City's open market sales developments.

I would like to take this opportunity of thanking everyone at Mar City for their excellent work during the last year and to all of our partners, shareholders and customers for their continued support. At Mar City, we have been building residential homes for well over 30 years and we look forward to creating more high quality and affordable homes to address the chronic housing shortage in the market.

I am wholly confident that our new modular construction concept will not only enable us to build even better homes, faster and more efficiently, but will ultimately result in a fundamental shift in the way that residential homes are built right across the UK."

Ends

 
 Enquiries: 
 
 Mar City PLC                      www.marcityplc.com   www.marcityhomes.com 
 Hamilton Anstead, Chairman 
  Tony Ryan, Chief Executive                            +44 (0) 20 7408 1102 
 Marcus Jones, Finance Director 
 
 WH Ireland Limited, Nomad and                          www.wh-ireland.co.uk 
  Joint Broker 
 Mike Coe                                               +44 (0) 117 945 3470 
 
 Shore Capital, Joint Broker                              www.shorecap.co.uk 
 Pascal Keane / Jamie Cameron                            +44 (0)20 7408 4090 
 
 Gable Communications                        marcity@gablecommunications.com 
  John Bick / Justine James                             +44 (0) 20 7193 7463 
                                                        +44 (0) 7872 061 007

This information is provided by RNS

The company news service from the London Stock Exchange

END

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