RNS Number:6043S
Country & Metropolitan PLC
28 November 2003


                                                                28 November 2003




                           COUNTRY & METROPOLITAN PLC

                                 AGM STATEMENT





The Annual General Meeting of Country & Metropolitan Plc, the developer of
brownfield residential and commercial projects, was held today at 11.00am. At
the meeting Chairman David Laing MA RIBA made the following statement.



"I would take this opportunity to once again comment briefly on the Group's
results for the shortened 10 month period ended 30 June 2003 and on trading
since the year end.



The Group's profit before tax and amortisation of goodwill increased by 72% to
#6.85m on a turnover of #62.8m.  This resulted in earnings per share of 25.91p,
an increase of 56% over the previous year.  I am pleased to say that earnings
per share have grown by a compound rate of 44% pa over the last five years.  The
Board has proposed an increase in the final dividend by 21.5% to 2.6p per share
which together with the interim dividend of 0.7p per share makes a total of
3.30p per share.  Net asset value per share as at 30 June 2003 has increased to
123.5p per share representing shareholders' funds of #23.3m .



Placing and Open Offer



I am very pleased to inform you that the recent Placing and Open Offer was
successful and that the Group's capital base has been strengthened by the issue
of 5,050,521 new shares at #1.65 each, raising approximately #7.9m net of
expenses.  Dealings in the new shares commenced on 19 November 2003.



In this connection we are delighted to welcome a number of new institutional
shareholders to our share register.



Operations



We are making good progress in the current financial year and our forward order
book continues to remain strong with contracted sales of #17.0m and reservations
of #40.4m giving total forward sales of #57.4m.



As expected the housing market in the South East of England has continued to
cool down with premium properties being particularly affected.  Our last two
remaining homes in this sector are now under offer.  Our focus in the South of
England is firmly on homes that are affordable for first time buyers with 22
units now under construction and a further 120 units either in for planning or
due to be submitted shortly.



Our developments in the Northern and North West regions have strong demand from
owner occupiers and investors with many units being sold off plan indicating
that these markets continue to be buoyant in spite of the recent increase in the
rate of interest.  Our city centre development, "Blue" at Granary Wharf, Leeds
is now approximately 60% sold and at Poole Hospital in Middlesborough we have
now secured 17 units of the 23 released at prices in excess of budget.  The
planning application for the development of High Royds Hospital in Menston near
Leeds is expected to be considered in December 2003.



NorthCountry Homes Group which specialises in provision of low cost homes for
sale in the North of England has also made good progress during the current
financial period with demand for its homes outstripping supply.  Delays in
receiving planning consents continue to hamper increases in outlets and some of
the regions are further challenged by labour and skills shortages.



We own or control 4,200 plots of which 1,750 have planning consent.



Outlook



With the current geographic spread and product range the outlook for the Group
remains positive and the Board is confident of the prospects for the current
financial year.  It also expects further growth both organically and by suitable
corporate acquisitions"




Enquiries:

Country & Metropolitan PLC
Stephen Wicks, Chief Executive                    01895 824 111


Buchanan Communications Ltd
Mark Edwards/Jeremy Garcia                        020 7466 5000




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