The Independent on Sunday says building group Mowlem remains a solid buy and is, at is looking cheap at 205.25p. Mowlem released impressive full-year results last week, with a 2.5bn order book and an above-expectations 37% profits rise to 45.2m.

There are concerns about whether the group can repeat the impressive rise in profits, helped by selling investments in two Government projects.

But Mowlem stands a good chance of getting in on the act with rebuilding contracts in Iraq, with the US tipped to name winners of the second round of contracts at the end of March or early next month. The signs so far look good, the paper says.

Mowlem Plc
29 March 2004


Mowlem reaches financial close on 315m Exeter Schools PFI

Mowlem plc and Innisfree, as equal partners in Modern Schools (Exeter) Ltd, have
reached financial close on a 315m, 30-year contract with Devon County Council
to build and service six new schools in Exeter under the Government's Private
Finance Initiative (PFI).

Modern Schools (Exeter), who were named preferred bidder in June 2003, will now
begin work on a 79m construction programme, scheduled for completion in
December 2005, after which Mowlem will deliver a range of facilities management
services to the schools for a further 28 years, bringing the total-life value of
the project up to 315m.

Sir John Gains, Mowlem Chief Executive, said: 'We are delighted to have signed
this important contract in the South West, where Mowlem has a strong regional
presence. It reinforces Mowlem's position as a leader in schools PFI, following
on from our successes at Leeds and Cornwall Schools. The provision of capital
works and support services to the project also underlines our integrated and
bundled services capability.'

Contact: Brian O'Neill Telephone: 020 8568 9111



End of Message

Away she goes. price now 2.22. Plenty more to come thinks me.

Beginning of a bull run here? Any opinions?