AGM Statement

Northacre PLC
28 September 2004



                                 Northacre Plc


                                 AGM Statement


At today's AGM, at which all resolutions were duly passed, John Hunter the Chief
Executive made the following statement:

'Northacre PLC's financial results to Feb 04 have again been adversely impacted
by further planning and construction delays combined with a lower level of
market activity.

The sale of the company's offices for £2.85m has now completed, £2m of these
proceeds have been used to redeem the indebtedness to Coutts & Co the company's
bankers.

The imminent completion of two major developments at The Phillimores and KINGS
Chelsea and will provide profitshare entitlement to the company within the next
financial year.

Following a review of the company's activities, a significant reduction in the
Group's overheads has been achieved.  The Directors aim to implement further
strategic measures for achieving more focus on Northacre's core business.

The pipeline of new business since the year end is promising, with a healthy
prospect of securing new opportunities for additional fee income'.










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