RNS Number:5847O
Spring Grove Prop. Maintenance PLC
12 August 2003





FOR IMMEDIATE RELEASE :  12 AUGUST 2003


                         SPRING GROVE PROPERTY MAINTENANCE PLC
                           ('SPRING GROVE' OR THE 'COMPANY')

                                 AGM STATEMENT

At the Annual General Meeting of the Company held on 4 August 2003, Chris
Phillips, chairman, made the following statement to shareholders :



"Following my statement accompanying the Report and Accounts, prepared in early
June this year, I would like to take this opportunity to update shareholders on
the steps your board has taken to develop the Company over the past quarter.



Following the announcement of our annual results on 19 June 2003 your board has
undertaken a detailed review of overheads and current business prospects.  Your
board has implemented a number of cost savings which have enabled Spring Grove
to restore its gross margins to historic levels.  As part of this exercise, we
have appointed a new financial controller and are in the process of recruiting a
new finance director to join Spring Grove by the Autumn.



Whilst the period from November 2002 to July 2003 has been a difficult one in
terms of the marketplace for our services, I am pleased to inform shareholders
that the core business is now showing an upturn in turnover which we expect to
be sustained throughout the second half.  This, allied to the restoration of
profit margins, should enable Spring Grove to achieve a level of profitability
for the six months ending 31 January 2004 which will show an improvement over
the six months ended 31 July 2003.



In the Spring Grove business we are close to signing new partnering initiatives
which should enable the Company to achieve a profitable expansion of turnover
and also strengthen its position in the provision of repair and maintenance
services to Registered Social Landlords and Local Authorities.  The newly formed
Planned Maintenance division is performing well and has won contracts with the
London Borough of Camden and Zebra Housing Association.  The Robt Hawkins
business acquired at the end of 2002 has won three new contracts and has also
seen a modest recovery in activity with its key customers.



Your  executive directors and the staff continue to work tirelessly to restore
profitability and increase turnover.  These efforts, allied to the strengthening
of the management team and the cost savings resulting from the recent strategic
review should be reflected in an improved trading performance over the coming
months."



All the resolutions proposed at the AGM were duly passed.


12 August 2003


For further information :

Kevin Childs / Andrew Milne, Spring Grove                  Tel: 020 8577 8040


Alex Borrelli / Jonathan Nelson, Shore Capital             Tel: 020 7408 4090


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

AGMPTMJTMMIBBMJ