29th Jan 2014 10:43
LONDON (Alliance News) - Building firm Pochin's PLC, which is in takeover talks, Wednesday reported lower profits and revenues for the first half of the financial year due to disposals it has made since the year earlier period.
Its pretax profit from continuing operations was GBP286,000 for the six months to end-November, compared with GBP602,000 a year earlier, as revenues declined to GBP38.4 million, from GBP43.3 million.
Including discontinued operations it made a net profit of GBP271,000, up from GBP253,000 a year earlier.
It said its construction unit had maintained revenues during the period and profitability was in line with the previous year. Forward orders are satisfactory, it said.
Occupancy in its property investment portfolio remains high and the unit is still pursuing development opportunities. It said work is progressing on the development of the Altrincham Hospital scheme for the Central Manchester University Hospital Foundation Trust.
Pochin's also said it had experienced higher than normal borrowings at the end of the half, but borrowings had since returned to more normal levels thanks to receipts from completed construction contracts and the proceeds from two property disposals.
In December, the firm said it had received a takeover approach from Property Development Director James Nicholson. It has since extended the deadline for making an offer to February 3 as talks are continuing.
Nicholson is the grandson of the company's founder Cedric Pochin. He is being supported by other family members who are also shareholders. Together, the family members are known as the Cedric Pochin concert party and already own 42% of the stock. They would take the business private,
Pochin's shares last traded at 40 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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