Many thanks to Driver for his heads-up!

Full-year 2006 results out today show MEA making a nice profit, EPS 2.66p, for a very cheap PE of just 6 at current offer price of 16p a share.

The company is showing evidence of even better growth for this year (FY 2007) - sales so far appear to be around double those of the same time last year.

The pipeline appears strong and acquisitions are also on the cards.


Here are the highlights from today's RNS:

Medsea Estates Group - Final Results

RNS Number:4762T
Medsea Estates Group PLC
22 March 2007


For immediate release 22 March 2007

MEDSEA ESTATES GROUP PLC
('Medsea or 'the Company')

RECORD RESULTS FOR THE YEAR TO
31ST DECEMBER 2006

Medsea Estates Group PLC, the AIM-listed Spanish-based estate agency group,
announces audited results for the year to 31 December 2006.

HIGHLIGHTS

*Record pre-tax profits of 2.9 million (2005: loss of 52,000)
*Turnover rose by 55% to 13.3 million (2005: 8.59 million)
*Progressive improvement throughout the year
*Earnings per share of 2.66p (2005: loss of 0.11p)

Tony Gatehouse, Chairman, commented: 'I am delighted with the progress Medsea
has made in 2006. The investments we made during 2005 to reinforce our
operations in Spain and expand into other territories have helped drive the
Group forward across a broad front and resulted in a substantial increase in
revenues and record profits.

'The Group performed well right across the board but without doubt Italy was the
jewel in the crown last year where we quickly exceeded our initial contract and
continue to perform strongly.

'The current year has started well and our forward bookings are up on last year.
The Board anticipates further organic growth and we believe that there are
opportunities to build on the foundations of our geographic spread. We have set
ourselves demanding targets and look forward to the coming year with optimism.'

Earnings per share for year amounted to 2.66p (2005: loss of 0.11p).

The Group performed well across the board but without doubt Italy was the jewel
in Medsea's crown last year. Our initial contract for 110 units per annum in
Calabria was quickly exceeded. Subsequently, our Italian partners increased the
minimum number of units to be sold by us to 250 per annum, also renewing our
exclusive international selling rights for a minimum of five years.

In 2006, Group sales totaled 1,086 units, and we continue to perform strongly.
In January and February of 2007 we sold 161 units compared to 83 in the previous
year.



And a chart (although it doesn't seem to show the latest prices):




Further Info online (kindly supplied by Driver):

http://www.medseaestates-ir.com/

http://www.realestatetv.tv/content/propertysale/euromed/euromed.php

(Sorry, I can't post active links right now as this iMac won't support pop-ups. Will try and amend when I get my PC connected to the internet!)

Going down, got out a couple of weeks ago it had negative vibes.

Baled out this morning. probably got the worst price of the day - haven't dared to look to confirm.

Still, it wasn't a big punt.

soul
I should have posted when I got out, I still like this and will keep it on my watch list.



Shares in Spanish property companies have tumbled amid concerns about one of the biggest companies in the sector.

Astroc fell by as much as 25% this morning and have dropped by 66% in the past week on concerns that major shareholders could sell and the company's business would be affected by planning regulations.

There have been knock-on effects on other property companies, whose shares have surged because of the country's property boom, as well as the country's banks.
http://www.rte.ie/business/2007/0424/spain.html

The Independent has it as a sell today.

Yep, it was when I read the Independent that I decided to sack this one.

Still, it could provide a good recovery play one day!

Their just not playing the game.


Medsea Estates says trading since Q1 in line with market forecast 25/04/2007
http://www.moneyam.com/action/news/showArticle?id=1924413

Yes, and what happens - the SP finishes up on the day!! MEA Bid: 15p Offer: 17p Change: 0.25

I never should have let myself get frightened off!

These are starting to look cheap. Offer: 14p

Even cheaper now...3.5p

Even cheaper now .75

Is this a good recovery play? What is the yield? lol