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Investor Relations Presentation Half Year to 31 st December 2005 Investor Relations Presentation – Investor Relations Presentation Half Year to 31 st December 2005 Investor Relations Presentation – February 2006

Disclaimer This presentation is being made only to and is directed at (a) persons Disclaimer This presentation is being made only to and is directed at (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) any other persons to who it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its comments. The financial information set out in this document does not constitute the Company’s statutory accounts. Statutory accounts for 2005, which received an auditors’ report that was unqualified and did not contain any statement concerning accounting records or failure to obtain necessary information and explanations, have been filed with the Registrar of Companies. Investor Relations Presentation – February 2006

Introduction Overview • Record results again through good operational performance • Acquisition of Chartdale Introduction Overview • Record results again through good operational performance • Acquisition of Chartdale Homes • Construction • Margins at 2% • Order book at £ 1. 1 b • Housebuilding • Record operating profits • Margin maintained • In hand position at all time high • Affordable Housing Director appointed • Sale and leaseback on two properties • Strong platform for future growth Investor Relations Presentation – February 2006

Financial Review Highlights • Turnover up 7% at £ 372 million • Profit before Financial Review Highlights • Turnover up 7% at £ 372 million • Profit before tax up 10% at £ 14 million • Earnings per share up 10% at 4. 4 p • Interim dividend up 17% to 0. 7 p per share • Net debt of £ 8. 9 million (2004 £ 10. 1 m) represents gearing of 15% (2004 21%) NB – 2004 comparison based on restated IFRS figures Investor Relations Presentation – February 2006

Financial Review Summary Profit & Loss Account (£m) Dec 2005 Turnover (£m) Dec 2004* Financial Review Summary Profit & Loss Account (£m) Dec 2005 Turnover (£m) Dec 2004* 372. 2 347. 2 16. 3 14. 7 (2. 3) (2. 0) 14. 0 12. 7 Diluted earnings per share 4. 4 p 4. 0 p Dividend per share 0. 7 p 0. 6 p Bank interest 0. 6 0. 5 Interest on unwinding of discounted creditors 1. 4 1. 1 Net return on liability of pension fund 0. 3 0. 4 Total Interest 2. 3 2. 0 Profit before interest Interest Profit before tax Interest Analysis * based on restated IFRS figures Investor Relations Presentation – February 2006

Financial Review Segmental Analysis Group Turnover (£m) Dec 2005 Construction PPP Investments Housebuilding Dec Financial Review Segmental Analysis Group Turnover (£m) Dec 2005 Construction PPP Investments Housebuilding Dec 2004* 272. 8 0. 8 (1. 2) 98. 3 255. 8 Profit/(loss) (£m) Dec 2005 Dec 2004 * 5. 6 - 5. 3 (0. 5) 91. 1 13. 9 12. 7 0. 3 (2. 7) (2. 1) 372. 2 347. 2 16. 3 14. 7 Less net interest payable (2. 3) (2. 0) Profit before tax 14. 0 12. 7 Group * based on restated IFRS Figure Investor Relations Presentation – February 2006

Financial Review Cash Flow Summary Dec 2005 (£m) From operating activities Dec 2004* (£m) Financial Review Cash Flow Summary Dec 2005 (£m) From operating activities Dec 2004* (£m) 17. 5 16. 0 3. 0 (10. 2) (10. 9) (3. 7) 7. 4 23. 6 Increase/(decrease) in trade and payables (1. 8) (10. 9) Decrease in retirement benefit obligation (1. 2) (3. 4) (10. 5) (9. 4) 3. 5 2. 0 Net debt brought forward (12. 4) (12. 1) Net debt carried forward (8. 9) (10. 1) Increase in inventories and developments Decrease in land creditors Decrease in trade and other receivables Interest, tax, dividends, share capital & other movements Net inflow * based on restated IFRS figures Investor Relations Presentation – February 2006

Financial Review Balance Sheet, Financing Dec 2005 (£m) Shareholders’ funds Dec 2004* (£m) 58. Financial Review Balance Sheet, Financing Dec 2005 (£m) Shareholders’ funds Dec 2004* (£m) 58. 2 48. 3 8. 9 10. 1 Total capital employed 67. 1 58. 4 Gearing 15% 21% Interest cover > 7 times Net debt > 7 times * based on restated IFRS figures Investor Relations Presentation – February 2006

Construction Key Highlights • 2% margin achieved ahead of schedule • Affordable Housing expansion Construction Key Highlights • 2% margin achieved ahead of schedule • Affordable Housing expansion continues • Increased presence in Water • Financial Close Northampton Schools PFI • Successful integration of Pentland Investor Relations Presentation – February 2006

Construction Profitability RECOVERY STABILISATION GROWTH 2. 0%* 1. 7%* 1. 5 1. 1% 1. Construction Profitability RECOVERY STABILISATION GROWTH 2. 0%* 1. 7%* 1. 5 1. 1% 1. 0 0. 5 0. 0 (0. 01)% 2003 2004 2005 2006 * based on restated IFRS figures Investor Relations Presentation – February 2006

Construction Forward Order Book Turnover (£m) Half Year to Dec 05 Market Sectors Work Construction Forward Order Book Turnover (£m) Half Year to Dec 05 Market Sectors Work In Hand (£m) In Total Work Total Hand Non Competitive Non Price Competitive 37 Water 233 19 Rail 65 65 18 Infrastructure 45 30 15 Health 126 47 Education 330 282 89 Commercial 112 99 4 Interiors 14 13 21 Affordable Housing 145 110 15 Telecommunications 10 10 3 2 1082 969 8 273 Ground Engineering 90% Investor Relations Presentation – February 2006

Construction Water • Leading Framework Contractor • Scottish Water • United Utilities • Anglian Construction Water • Leading Framework Contractor • Scottish Water • United Utilities • Anglian Water Investor Relations Presentation – February 2006

Construction Education • Acknowledged as education specialists • Bedford Schools PFI handed over on Construction Education • Acknowledged as education specialists • Bedford Schools PFI handed over on time • Caludon Schools PFI Phase 1 handed over on time • Northampton Schools PFI – on site • Solihull Building Schools for the Future – ITN Stage Investor Relations Presentation – February 2006

Construction Health • Current LIFT schemes at FC 2/3 • Fourth Wave - selected Construction Health • Current LIFT schemes at FC 2/3 • Fourth Wave - selected on three schemes • Potential future opportunities in Scotland • Government Initiatives Community Hospital Schemes Investor Relations Presentation – February 2006

Construction Summary and Outlook • Profit growth by volume • Order book exceeds £ Construction Summary and Outlook • Profit growth by volume • Order book exceeds £ 1 billion • Partnering culture integrated throughout business • Profit margins now in upper quartile Investor Relations Presentation – February 2006

Investments PPP Investments • Northampton Closed – Construction commenced • BSF Solihull - £ Investments PPP Investments • Northampton Closed – Construction commenced • BSF Solihull - £ 75 m ITN stage • LIFT 4 th Wave ITN • South East Essex • South East Midlands • Bury Tameside Glossop • Community Hospital • Hinckley - £ 30 m • Market Harborough - £ 30 m • BSF • Birmingham - £ 60 m First Wave • Nottingham - £ 35 m First Wave Investor Relations Presentation – February 2006

Housebuilding Housing Highlights • Acquisition of Chartdale Ltd. • Record profits and margins maintained Housebuilding Housing Highlights • Acquisition of Chartdale Ltd. • Record profits and margins maintained • Sales volumes at all time high • Significant cost reductions achieved • Excellent customer satisfaction results • Strengthened ‘in-hand’ position Investor Relations Presentation – February 2006

Housebuilding Acquisition of Chartdale Ltd. • Negotiated, ‘bolt-on’ acquisition • Well established regional housebuilder Housebuilding Acquisition of Chartdale Ltd. • Negotiated, ‘bolt-on’ acquisition • Well established regional housebuilder • Substantial land bank c. 1350 plots on 23 sites • Acquisition on deferred payment terms • 200 units per annum projected • 95% of land bank for houses Investor Relations Presentation – February 2006

Housebuilding Key Statistics 6 Months to December 2005 2004* Increase % Units 484 387 Housebuilding Key Statistics 6 Months to December 2005 2004* Increase % Units 484 387 25. 1 Average Selling Price £ 000 203 228 (11. 0) Income per sq. ft. £ 232 220 5. 4 Turnover £m 98 91 7. 7 Margin % 14. 1 13. 9 1. 4 ROCE % 19 22 (13. 6) Sales in Hand Feb 06 £m 191 166 15. 1 Land bank Feb 06 units 3, 800 2, 464 54. 2 Strategic land Feb 06 acres 697 666 4. 7 * based on restated IFRS figures Investor Relations Presentation – February 2006

Housebuilding Market Conditions and Focus • Challenging market, but encouraging start to 2006 • Housebuilding Market Conditions and Focus • Challenging market, but encouraging start to 2006 • Difficulties with planning system remain • Highly competitive land market • Expertise in affordable Housing • Individually designed schemes and conversions • Avoid consortium sites and high rise apartments • Shortage in supply continues to underpin the market Investor Relations Presentation – February 2006

Housebuilding Midas & Gerald Wood Homes • Units 200 • Average selling price £ Housebuilding Midas & Gerald Wood Homes • Units 200 • Average selling price £ 000 170 • Brownfield and conversion 87% • Customer satisfaction 93% • Two ‘Golds’ at the What House Awards Investor Relations Presentation – February 2006

Housebuilding Stamford Homes • Units 128 • Average selling price £ 000 168 • Housebuilding Stamford Homes • Units 128 • Average selling price £ 000 168 • Brownfield and conversion 51% • Customer satisfaction 82% Investor Relations Presentation – February 2006

Housebuilding Try Homes Southern • Units 73 • Average selling price £ 000 278 Housebuilding Try Homes Southern • Units 73 • Average selling price £ 000 278 • Brownfield and conversion 100% • Customer satisfaction 89% • ‘Silver’ at the What House Awards Investor Relations Presentation – February 2006

Housebuilding Try Homes Thames Valley • Units 83 • Average selling price £ 000 Housebuilding Try Homes Thames Valley • Units 83 • Average selling price £ 000 272 • Brownfield and conversion 100% • Customer satisfaction 93% • ‘Silver’ at the What House Awards Investor Relations Presentation – February 2006

Housebuilding Summary & Outlook • All business units performing well • Land bank boosted Housebuilding Summary & Outlook • All business units performing well • Land bank boosted by acquisition of Chartdale • Exposure to apartments reduced • Land planning remain difficult • Well placed to maximise opportunities in Affordable Housing • Confident of achieving expansion plan Investor Relations Presentation – February 2006

Affordable Housing Construction and Housebuilding Divisions • Director of Affordable Housing appointed • Work Affordable Housing Construction and Housebuilding Divisions • Director of Affordable Housing appointed • Work in hand up to £ 145 m • Strategic Alliances & Framework Agreements • Strong Opportunities - East London Regeneration • Mixed Tenure Expertise • Opportunities for grant direct from Housing Corporation • Considerable scope for growth Investor Relations Presentation – February 2006

Summary and Outlook • Strong financial position • Construction: • Maintain profit margins • Summary and Outlook • Strong financial position • Construction: • Maintain profit margins • Increase turnover and cash generation • Growth in chosen markets • Housebuilding: • Continuing to perform in challenging market • Uncertain land planning environment • Proven business model • Cost reduction plan • Excellent opportunities in affordable housing • Confidence in growth plans: • Organic and by acquisition Investor Relations Presentation – February 2006