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BOVIS CONSTRUCTION GROUP APPOINTS THREE JOINT MANAGING DIRECTORS

The heads of Bovis Construction Group's three operation regions, John Anderson (Bovis Europe), Luther Cochrane (Bovis Inc., America) and Fritz Rehkopf (Bovis Asia Pacific) have been appointed Joint Managing Directors of the group.

All three will retain their existing roles and responsibilities. In addition they will work closely with the group's executive Chairman, Sir Frank Lampl, in shaping the future development and business strategy of the group.

Commenting on the appointments, Sir Frank said: "During 1996 we concentrated on the closer integration of our regional businesses. These new appointments will strengthen inter-regional co-operation and give increased emphasis to the group's global marketing policy, which is resulting in a steady growth of new business from international clients."

This month, Bovis signed a five-year Pan-European alliance with BP, to build and maintain all its filling stations in 16 countries. Bovis also confirmed today that it is close to finalising its plans to enter the South American market. This is a major new step which will significantly extend the group's global coverage, giving a presence in every populated continent. It will also reinforce the growing presence in South America of Bovis's parent, The Peninsular and Oriental Steam Navigation Company.

In 1996, Bovis Construction increased its work under management to £4.6 billion (1995 £4.5 billion). Operating profit increased by 17 per cent to £14.8 million (1995 £12.7 million). In the UK, Bovis won over £1 billion of new business in 1996 including four new shopping centres. Major overseas projects included its program management role in the $500 million Atlanta Olympic stadium building programme and topping out the world's tallest buildings, the Petronas Towers, in Kuala Lumpur.

Notes to Editors

1. John Anderson was appointed Managing Director of Bovis Europe in 1996 and Managing Director of the UK company Bovis Construction Limited in 1993. Previously he was Managing Director of P&O Developments. Luther Cochrane has been President and Chief Executive Officer of Bovis Inc., the holding company for the group's US operations, since September 1995. He is also Chairman and Chief Executive Officer of McDevitt Street Bovis. Fritz Rehkopf was appointed Managing Director of Bovis Asia Pacific in 1995. He was formerly President and Chief Executive Officer of the US company Schal Bovis.

2. The new appointments take effect from 1 April 1997. Sir Frank Lampl will remain executive Chairman.

Advisory to editors:

UNS does not warrant or make any representations regarding the correctness, accuracy or reliability of the contents of the press release. Under no circumstances shall UNS be liable for damages resulting from the use of information contained in the press release. All facts should be independently checked.

SOURCE Bovis Construction



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