Reece PLC
21 July 2000
Reece Plc('the Company')
CHAIRMAN'S AGM STATEMENT
At the Company's AGM today, the Chairman commented that
the dominant features in the first half of this year have
been the sale of the loss making Cycles division on 5 May
2000 and the significant reduction in the losses from
Service Engineers as export orders have picked up. APP,
the door panel business, has had a profitable but
volatile first half as the Euro fluctuated sharply.
The discussions held in respect of the sale of a division
and a significant acquisition have been terminated,
largely due to valuation differences. We shall continue
to seek means for focussing and enlarging the Group.