Investor Relations Presentation September 2002

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Agenda Introduction David Calverley Chief Executive Highlights “ Key Financials Frank Nelson Finance Director Construction George Marsh Deputy Chief Executive Housebuilding David Calverley Chief Executive Summary “ Preliminary Statement

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Introduction/Overview Strategy for sustainable growth: Construction: A market leader in the delivery of a complete construction service through a partnership approach, with a strong sector focus Housebuilding: A leading regional developer with strong local brands, specialising in individually designed developments with an expertise in brownfield conversion Introduction Profit before tax (£m) Full year (*pre-exceptional) Page 1

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Highlights Financial: Turnover up 14% to £650 million (2001: £571 million) Profit before tax of £18 million up by 19% (2001 pre exceptional profit: £15.1 million) Earnings per share up 14% to 5.8 p (2001: 5.1 p) Final dividend of 1.0 p per share making total up 7% at 1.5 p for the year (2001: 1.4p) Borrowings of £12.9 million representing gearing of 24% (2001: borrowings £14.1 million - gearing 32%) Return on shareholders funds of 34% (2001: 35%) Operational: Record performance from housebuilding Acquisitions successfully integrated Joint Venture to develop Fairfield Hospital, near Letchworth 3 year joint venture contract from United Utilities Strong construction order book at £592 million Highlights Page 2

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Key Financials Page 3 Summarised Profit and Loss Account For the year ended 30 June £000 Turnover649,783570,673 Operating profit 20,16816,419 Interest(2,153)(1,293) Profit before tax and exceptional items18,01515,126 Exceptional items-(10,212) Profit before tax18,0154,914 Earnings per share (pre exceptional) 5.8p5.1p Dividend per share1.5p1.4p

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Key Financials Page 4 Segmental Analysis For the year ended 30 June £000£000£000%£000% Construction487,296457, , Housebuilding161,959111,38022, , Group5281,994(2,730)(2,635) Exceptionals-(10,212) 649,783570,67320,1686,207 Less net interest payable(2,153)(1,293) Profit before tax18,0154,914 Group Turnover (including joint venture) Profit/(loss)

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Key Financials Page 5 Summarised Balance Sheet As at 30 June 2002 June June £m£m£m£m Fixed assets and investments Developments Land Work in progress Others Stocks Debtors Net borrowings (including loan notes)(12.9)(14.1) Creditors(188.1)(172.0) Shareholders’ funds Gearing24%32%

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Construction Strategy A market leader in the delivery of a complete construction service through a partnership approach with strong sector focus Key Issues Good performance in areas of sector focus: Water United Utilities AMP 3 Framework £215 million JV RailFramework contracts in Northwest and Midlands Affordable Housing2200 units new build and refurb Telecomms1000 cell sites Expansion of design and rigging services LeisurePartnerships with Compass, Wimbledon, Bass Education40 projects undertaken PilingLeader in Continuous Flight Auger Piling Poorer performance in older, competitively tendered, contracts Page 6

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Construction Page 7 Market Trends 5% + real growth in affordable housing, infrastructure and public sector Flat market in commercial and industrial Overall 2% real growth Emphasis on partnership and “best value” Order Book £592m forward order book 73% secured on value criteria Objectives Improve operating margin Exit areas of poor risk/reward Concentrate on areas of sector focus and partnership Cash generation Competitive advantage through best practice Segmental Analysis of Order Book 11% (17%) 2% (9%) 1% (-%) 20% (4%) 34% (7%) 19% (45%) 6% (7%) 7% (11%)

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Housebuilding Increase % Units ASP £000’s Turnover £m Margin % ROCE % % 21 39% 256 units ASP £248K 305 units ASP £154K 338 units ASP £144K S34% Key Achievements: Increased volumes and selling prices Improved margins Successful integration of Gerald Wood/Knapp Homes Repositioning of Stamford Homes into higher value areas Fairfield: Non-recourse joint venture Acquired 44 acre development Stamford to project manage entire site JV revenues expected to exceed £45m 106 units for Stamford 30% 40% Page 8 Geographical Analysis Key Statistics:

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Housebuilding Order Book: Up 19% on last year at 234 units Outlook: Slower rate of house price inflation Planning challenges Strong underlying demand for new homes Opportunities for three brands to expand further Land Bank: 1145 units acquired for £56m 2½ years supply 607 acres under option Units2,2522,044 Value £m9475 Av Plot Cost4237 Land Bank Page 9

INVESTOR RELATIONS PRESENTATION - SEPTEMBER 2002 Summary Construction - repositioning for growth through specific market sector focus Housebuilding – opportunity for strong regional brands to increase market share Short term growth more modest as construction refocuses. Confident of delivering substantial growth going forward Summary Page 10