RNS Number:0851L
Swan Hill Group PLC
14 May 2003




14 May 2003


                              Swan Hill Group PLC

                      STATEMENT AT ANNUAL GENERAL MEETING
                              HELD ON 14 MAY 2003


In the preliminary statement of results for 2002, the Board cautioned that
activity in our areas of operation was slowing. This trend has continued
notwithstanding reduced uncertainties following the cessation of hostilities in
Iraq. The housing market has proved more difficult so far this year,
particularly at the premium end of the market and in the south east where the
Staines and Horsham regions operate. The performance of the Bristol region has
held up better but is still being impacted by market conditions. Buyers are
proving cautious with little incentive to commit rapidly unless they have
particular reasons to move quickly.

As a result, sales in respect of certain key sites, which were particularly
important for performance in the first half, have suffered with reservations
below those anticipated. First half profits will be below the comparable period
last year although we are seeking the sale of one of our two sites near
Peterborough which would go some way towards mitigating the impact of the
current market. We have received offers for this site but it is not yet clear
whether the sale will be completed before the end of the first half.

We have made further land purchases during the early part of this year including
sites at Hampton, Haslemere and Weybridge in the south east and a site at
Horsington in Somerset. We believe that good opportunities to acquire further
land at sensible prices are beginning to emerge at this stage of the housing
cycle.

We continue to make progress on the disposal of our remaining commercial
property developments. The city centre retail development at Stockton-on-Tees is
69% let with another 6% subject to contract. It remains a priority for the Group
to dispose of the residual commercial developments enabling the proceeds to be
reinvested in the housing business, and saving associated overhead costs.

With debt at #14 million at the end of April, the Group remains well positioned
to take advantage of opportunities to invest in future growth of our housing
activities.


                                    - Ends -

Enquiries to:

Swan Hill Group PLC
John Theakston, Group Chief Executive    01784 464 351
Colin Archer, Group Finance Director     from 10.00 am to 5.30 pm


Weber Shandwick Square Mile
Terry Garrett                            020 7067 0717



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