PGI Pgi Grp

    RNS Number : 5520U
  PGI Group PLC
  15 May 2008
   





    PGI Group Plc

    Interim Management Statement

    This is PGI Group Plc's first Interim Management Statement made in accordance with the requirements of the UK Listing Authority's
Disclosure and Transparency Rules.

    The statement covers the period from 1 January 2008 to date.

    During the period there have been no material events or transactions affecting the Group and no significant change in the financial
position.  The Group's net bank borrowings have remained at a similar level to those at the end of 2007.

    Overall the Group's financial performance has been satisfactory and in line with management expectations.

    The food group businesses have had a mixed performance.  Tea production has been lower due to the unusually early onset of winter in
Malawi and continuing poor labour availability in Zimbabwe. Higher tea prices have compensated for the volume reduction. 

    Rose production from the Group's Zambian estates has been held back by exceptionally high rainfall in the early part of the year but US$
rose prices are up 9% on 2007.

    Higher energy and fertilizer costs are impacting severely on the cost base. Further productivity improvements continue to be sought to
limit the impact of these increases.

    Jensen Group began the disposal of selected assets from its earlier funds as it continues to develop the properties it acquired in
Jensen Group I Limited Partnership. Most notably, Jensen has continued to successfully re-tenant its retail portfolio at attractive rental
rates and complete the permissions needed for its Petrovsky Arsenal project.




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