Trading Statement

Northacre PLC
09 February 2006


Northacre Plc ('Northacre' or 'The Group')

Trading Update

Following recent activity the Board of Northacre announces today the following
trading update:

Works In Progress


The Phillimores

With The Phillimores development complete, The Group expects to receive it's
full sales overage entitlement in the near future. The proceeds will be fully
utilised in redeeming the Group's debt position.


KINGS Chelsea

Northacre has agreed full and final settlement of it's profit share and fee
entitlement in respect of the KINGS Chelsea development in the sum of £1.6m.
Although this is at a level lower than anticipated, The Board decided that it
would be in the best interest of the Group to reach an early settlement in order
to allow the Group to move forward and focus more of its resources on new
business.

Vicarage Gate

Following the Planning Inspectorate's decision in November 2005, Northacre has,
together with it's investor partner Arcapita, decided to submit an application
to the High Court in the hope of quashing the Inspector's decision. The date of
the hearing and its outcome is expected by the end of 2006.

Park Street

Works commenced on site in July 2005 and are continuing apace with completion
due by the end of this year together with a launch of an Ambassadorial Show
Apartment in September 2006.

Trading

Following two new joint ventures with Minerva Plc and a general improvement in
market conditions the operational subsidiaries have seen an increase in activity
for development management and architectural services. The Directors also
anticipate an uplift in turnover for interior design services following the
recent appointment of a new Managing Director at Lifestyles (Interiors) Ltd.

9 February 2006
Enquires:

Northacre Plc Tel : [phone]

John Hunter, Chief Executive
Manish Santilale, Finance Director



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