29th Jan 2014 07:00
Pochin's PLC (the "Group")
Half year report for the six months to 30 November 2013
Chairman's Statement
Results
The results for the 6 months ended 30 November 2013 show a profit after tax of £0.29m (2012: £0.27m which included a loss on discontinued activities of £0.23m). No interim dividend is being proposed by the Board.
Construction
During the period the division maintained turnover and achieved profitability in line with that for the comparable period last year. Immediately after the period end activity levels fell temporarily but they have now returned to normal following the commencement of replacement work. Forward orders remain at a satisfactory level.
Property
Occupancy levels in the division's investment portfolio remain high. The division continues to pursue non-speculative development opportunities and in this connection work is progressing on the development of the Altrincham Hospital scheme for the Central Manchester University Hospital Foundation Trust.
Group
At the period end the Group experienced higher than normal borrowings albeit within the agreed bank facilities. These have since returned to more usual levels, partly as a result of receipts from completed construction contracts, and partly from two property disposals which were achieved before the end of the calendar year.
Stock Exchange Announcements
On 9 December 2013 the Group announced that it had received an approach from James Nicholson and members of the Cedric Pochin concert party which may or may not lead to an offer for the Group.
On 6 January 2014, it was announced that the period had been extended during which the party making the approach is required either to declare a firm intention to make an offer or to announce that it does not intend to do so. The deadline was extended to 3 February and therefore shareholders may expect a further announcement on or before that date.
Richard Fildes
Chairman
Enquiries:
Pochin's PLC
John Moss, Chief Executive 01606 833 333
Nigel Rawlings, Finance Director
Consolidated income statement
Notes | 6 months ended 30 November 2013 £'000 | 6 months ended 30 November 2012 £'000 | 12 months ended 31 May 2013 £'000 | |||
Revenue 6 | 38,368 | 43,305 | 77,958 | |||
Cost of sales | (36,134) | (41,028) | (76,116) | |||
Gross profit | 2,234 | 2,277 | 1,842 | |||
Operating expenses | (3,080) | (2,714) | (6,343) | |||
Other operating income | 1,592 | 1,512 | 3,144 | |||
Losses on revaluation of investment properties | - | - | (4,457) | |||
Operating profit/(loss) | 746 | 1,075 | (5,814) | |||
Share of profit after taxation in joint ventures | 23 | 23 | 45 | |||
Finance income | 530 | 536 | 1,074 | |||
Finance cost | (1,013) | (1,032) | (2,023) | |||
Profit/(loss) before taxation from continuing operations 6 | 286 | 602 | (6,718) | |||
Taxation | - | (100) | (177) | |||
Profit/(loss) for the period from continuing operations | 286 | 502 | (6,895) | |||
Discontinued operations | ||||||
Loss for the period from discontinued operations | - | (234) | (236) | |||
Profit/(loss) for the period | 286 | 268 | (7,131) | |||
Attributable to: | ||||||
Equity holders of the company | 271 | 253 | (7,163) | |||
Non controlling interests | 15 | 15 | 32 | |||
Profit/(loss) for the period | 286 | 268 | (7,131) | |||
Basic and diluted earnings/(loss) per share | ||||||
from continuing operations 9 | 1.3p | 2.4p | (34.0p) | |||
from discontinued operations 9 | - | (1.2p) | (1.2p) | |||
Total | 1.3p | 1.2p | (35.2p) | |||
Consolidated statement of comprehensive income
6 months ended 30 November 2013 £'000 | 6 months ended 30 November 2012 £'000 | 12 months ended 31 May 2013 £'000 | ||||
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Profit/(loss) for the period | 286 | 268 | (7,131) |
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Other comprehensive income |
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Actuarial gains and losses | (151) | (2) | 733 |
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Deferred taxation on actuarial gains and losses | - | - | (244) |
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Realisation of revaluation reserve on disposal | - | (38) | - |
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Revaluation of property, plant and equipment | - | - | (60) |
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Total comprehensive income/(loss) for the period | 135 | 228 | (6,702) |
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Attributable to non controlling interests | 15 | 15 | 32 |
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Attributable to equity holders of the company | 120 | 213 | (6,734) |
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135 | 228 | (6,702) |
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Consolidated statement of changes in equity
Share capital £'000 |
Own shares £'000 |
Revaluation reserve £'000 |
Retained earnings £'000 | Total attributable to equity holders of the company £'000 |
Non-controlling Interest £'000 |
Total £'000 | |
At 1 June 2013 | 5,200 | (745) | 2,167 | 5,635 | 12,257 | 201 | 12,458 |
Equity dividend | - | - | - | - | - | (17) | (17) |
Transactions with owners | - | - | - | - | - | (17) | (17) |
Profit for the period | - | - | - | 271 | 271 | 15 | 286 |
Other comprehensive income | |||||||
Actuarial losses | - | - | - | (151) | (151) | - | (151) |
Total comprehensive income for the period | - | - | - | 120 | 120 | 15 | 135 |
At 30 November 2013 | 5,200 | (745) | 2,167 | 5,755 | 12,377 | 199 | 12,576 |
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Share capital £'000 |
Own shares £'000 |
Revaluation reserve £'000 |
Retained earnings £'000 | Total attributable to owners of the parent £'000 |
Non-controlling Interest £'000 |
Total £'000 | |
At 1 June 2012 | 5,200 | (745) | 2,245 | 12,304 | 19,004 | 197 | 19,201 |
Equity dividend | - | - | - | - | - | (14) | (14) |
Transactions with owners | - | - | - | - | - | (14) | (14) |
Profit for the period | - | - | - | 253 | 253 | 15 | 268 |
Other comprehensive income | |||||||
Actuarial losses | - | - | - | (2) | (2) | - | (2) |
Realisation of revaluation reserve on disposal | - | - | (38) | - | (38) | - | (38) |
Total comprehensive income for the period | - | - | (38) | 251 | 213 | 15 | 228 |
At 30 November 2012 | 5,200 | (745) | 2,207 | 12,555 | 19,217 | 198 | 19,415 |
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Share capital £'000 |
Own shares £'000 |
Revaluation reserve £'000 |
Retained earnings £'000 | Total attributable to owners of the parent £'000 |
Non-controlling Interest £'000 |
Total £'000 | |
At 1 June 2012 | 5,200 | (745) | 2,245 | 12,304 | 19,004 | 197 | 19,201 |
Share based payments | - | - | - | (13) | (13) | - | (13) |
Equity dividend | - | - | - | - | - | (28) | (28) |
Transactions with owners | - | - | - | (13) | (13) | (28) | (41) |
Loss for the period | - | - | - | (7,163) | (7,163) | 32 | (7,131) |
Other comprehensive income | |||||||
Actuarial gains | - | - | - | 733 | 733 | - | 733 |
Deferred tax on actuarial gains | - | - | - | (244) | (244) | - | (244) |
Revaluation of property, plant & equipment | - | - | (60) | - | (60) | - | (60) |
Realisation of revaluation reserve on disposal | - | - | (38) | 38 | - | - | - |
Realisation of revaluation reserve on reclassification | - | - | 20 | (20) | - | - | - |
Total comprehensive income for the period | - | - | (78) | (6,656) | (6,734) | 32 | (6,702) |
At 31 May 2013 | 5,200 | (745) | 2,167 | 5,635 | 12,257 | 201 | 12,458 |
Consolidated balance sheet
Notes | As at 30 November 2013 £'000 | As at 30 November 2012 £'000 | As at 31 May 2013 £'000 | ||||
Non current assets | |||||||
Property, plant and equipment | 1,499 | 1,583 | 1,541 | ||||
Investment properties | 29,198 | 33,655 | 29,198 | ||||
Investments | |||||||
Joint ventures | 2,370 | 3,838 | 2,370 | ||||
Deferred tax assets | 1,939 | 1,939 | 1,939 | ||||
Total non current assets | 35,006 | 41,015 | 35,048 | ||||
Current assets | |||||||
Inventories | 18,925 | 16,846 | 17,136 | ||||
Trade and other receivables | 10,569 | 13,070 | 11,250 | ||||
Corporation tax recoverable | - | 184 | - | ||||
Cash and cash equivalents | 796 | 1,978 | 1,790 | ||||
Total current assets | 30,290 | 32,078 | 30,176 | ||||
Total assets | 65,296 | 73,093 | 65,224 | ||||
Current liabilities | |||||||
Trade and other payables | 21,540 | 22,389 | 21,490 | ||||
Corporation tax | - | - | 41 | ||||
Bank overdrafts | 5,173 | - | 2,355 | ||||
Bank loans | 20,547 | 754 | 22,357 | ||||
Obligations under finance leases | 30 | 29 | 29 | ||||
Total current liabilities | 47,290 | 23,172 | 46,272 | ||||
Liabilities classified as held-for-sale | - | 1,456 | - | ||||
Net current (liabilities)/assets | (17,000) | 7,450 | (16,096) | ||||
Non current liabilities | |||||||
Bank loans | 1,070 | 23,140 | 1,104 | ||||
Obligations under finance leases | 11 | 41 | 26 | ||||
Retirement benefit obligation | 2,348 | 2,980 | 2,214 | ||||
Other payables | 893 | 889 | 891 | ||||
Provisions | 1,108 | 2,000 | 2,259 | ||||
Total non current liabilities | 5,430 | 29,050 | 6,494 | ||||
Total liabilities | 52,720 | 53,678 | 52,766 | ||||
Net assets | 12,576 | 19,415 | 12,458 | ||||
Equity | |||||||
Share capital | 5,200 | 5,200 | 5,200 | ||||
Own shares | (745) | (745) | (745) | ||||
Revaluation reserve | 2,167 | 2,207 | 2,167 | ||||
Retained earnings | 5,755 | 12,555 | 5,635 | ||||
Total shareholders' equity | 12,377 | 19,217 | 12,257 | ||||
Non-controlling interest | 199 | 198 | 201 | ||||
Total equity | 6 | 12,576 | 19,415 | 12,458 | |||
Consolidated cash flow statement
Notes | 6 months ended 30 November 2013 | 6 months ended 30 November 2012 | 12 months ended 31 May 2013 | |||||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||
Net cash from operating activities | ||||||||
Profit/(loss) for the period | 286 | 268 | (7,131) | |||||
Loss for the period from discontinued operations | - | 234 | 236 | |||||
Income tax | - | 100 | 177 | |||||
Finance income | (530) | (536) | (1,074) | |||||
Finance cost | 1,013 | 1,032 | 2,023 | |||||
Share of profit in joint ventures | (23) | (23) | (45) | |||||
Depreciation charge | 42 | 49 | 92 | |||||
Credit in respect of share based payments | - | - | (13) | |||||
Profit on sale of property, plant and equipment | - | (2) | (4) | |||||
Losses on revaluation of investment properties | - | - | 4,457 | |||||
Losses on revaluation of property, plant and equipment | - | - | 60 | |||||
Provision against investments in joint ventures | - | 149 | 1,534 | |||||
Income from joint ventures | 23 | 23 | 45 | |||||
Operating profit before changes in working capital | 811 | 1,294 | 357 | |||||
(Increase)/decrease in inventories | (1,789) | 3,165 | 2,875 | |||||
Decrease/(increase) in receivables | 681 | (985) | 835 | |||||
(Decrease)/increase in payables | (1,196) | 2,603 | (307) | |||||
Cash flows used in operating activities (discontinued) 10 | - | (559) | 74 | |||||
(1,493) | 5,518 | 3,834 | ||||||
Interest paid | (437) | (465) | (888) | |||||
Income taxes (paid)/received | (41) | 46 | 14 | |||||
Net cash (used in)/from operating activities | (1,971) | 5,099 | 2,960 | |||||
Investing activities | ||||||||
Interest received | 3 | 4 | 9 | |||||
Purchase of property, plant and equipment | - | (9) | (70) | |||||
Proceeds from sale of property, plant and equipment | - | 3 | 5 | |||||
Increase in interest in joint ventures | - | (355) | (272) | |||||
Net cash used in investing activities | 3 | (357) | (328) | |||||
Financing activities | ||||||||
Proceeds from new loans | - | 18,862 | 985 | |||||
Repayment of loans | (1,844) | (2,619) | (3,052) | |||||
Net cash (used in)/from financing activities | (1,844) | 16,243 | (2,067) | |||||
Net (decrease)/increase in cash and cash equivalents | (3,812) | 20,985 | 565 | |||||
Cash and cash equivalents at beginning of period | (565) | (19,007) | (1,130) | |||||
Cash and cash equivalents at end of period (continuing) | (4,377) | 1,978 | (565) | |||||
1. The interim report was approved by the board on 28 January 2014.
2. General information and basis of preparation
The interim financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 May 2013. They do not include all of the information required in the annual financial statements in accordance with IFRS, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 May 2013.
3. Significant accounting policies
The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 May 2013.
4. Estimates
When preparing the interim financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the interim financial statements, including the key sources of estimation and uncertainty were the same as those applied in the Group's last annual financial statements for the year ended 31 May 2013.
5. Going concern
After making enquiries, which include a detailed review of the Group's working capital requirements and an assessment of the likelihood of obtaining continuing support from the Group's bankers and renewal of facilities in the forthcoming year, the directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
6. Segmental information
The Group is organised into two operating business segments based on the different services provided by each division: Construction and Property development and investment. The concrete pumping segment was previously classified as discontinued.
As operations are carried out entirely within the UK, there is no further consideration of information on geographical areas in determining the Group's operating segments. The measurement policies used for segment reporting reflect those used for internal reporting and for the Group's financial statements. Inter-segmental pricing is done on an arms length open market basis.
6 months ended 30 November 2013
Construction | Property development & investment |
Group operations | Total continuing operations |
Discontinued operations | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Revenue | |||||
External sales | 36,161 | 2,207 | - | 38,368 | - |
Inter-segment sales | 1,661 | - | - | 1,661 | - |
Eliminations | (1,661) | - | - | (1,661) | - |
Total revenue | 36,161 | 2,207 | - | 38,368 | - |
Segment result | |||||
Operating profit/(loss) | 313 | 1,059 | (626) | 746 | - |
Share of profit after taxation in joint ventures | - | 23 | - | 23 | - |
Net finance cost | (38) | (443) | (2) | (483) | - |
Profit/(loss) before taxation | 275 | 639 | (628) | 286 | - |
Taxation | - | - | |||
Profit for the period | 286 | - |
Within the construction segment, external sales of £8,771,000 (24%) arise from customer A £4,324,000 (12%) and customer B £4,447,000 (12%) that individually account for more than 10 per cent of the entity's revenues. These are also considered to be major customers.
Construction £'000 |
Property development & investment £'000 |
Elimination of inter-segment items £'000 |
Total continuing operations £'000 |
Discontinued operations £'000 | |||
Asset and liabilities | |||||||
Segment assets | 27,795 | 122,744 | (87,613) | 62,926 | - | ||
Investment in equity accounted joint ventures | - | 2,370 | - | 2,370 | - | ||
Total assets | 27,795 | 125,114 | (87,613) | 65,296 | - | ||
Segment liabilities | (21,645) | (118,688) | 87,613 | (52,720) | - | ||
Net assets | 6,150 | 6,426 | - | 12,576 | - | ||
Other information | |||||||
Depreciation | 33 | 9 | - | 42 | - | ||
6 months ended 30 November 2012
Construction |
Property development & investment |
Group operations |
Total continuing operations |
Discontinued operations | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Revenue | |||||
External sales | 38,311 | 4,994 | - | 43,305 | 1,392 |
Inter-segment sales | 932 | - | - | 932 | - |
Eliminations | (932) | - | - | (932) | - |
Total revenue | 38,311 | 4,994 | - | 43,305 | 1,392 |
Segment result | |||||
Operating profit/(loss) | 334 | 1,340 | (599) | 1,075 | (221) |
Share of profit after taxation in joint ventures | - | 23 | - | 23 | - |
Net finance cost | (29) | (464) | (3) | (496) | (13) |
Profit/(loss) before taxation | 305 | 899 | (602) | 602 | (234) |
Taxation | (100) | - | |||
Profit/(loss) for the period | 502 | (234) | |||
Within the construction segment, external sales of £15,513,000 (40%) arise from customer A £11,658,000 (30%) and customer B £3,855,000 (10%) that individually account for more than 10 per cent of the entity's revenues. These are also considered to be major customers.
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Construction | Property development & investment | Elimination of inter-segment items | Total continuing operations |
Discontinued operations |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Assets and liabilities | |||||
Segment assets | 27,230 | 111,407 | (69,382) | 69,255 | - |
Investment in equity accounted joint ventures | - | 3,838 | - | 3,838 | - |
Total assets | 27,230 | 115,245 | (69,382) | 73,093 | - |
Segment liabilities | (21,994) | (99,610) | 69,382 | (52,222) | (1,456) |
Net assets/(liabilities) | 5,236 | 15,635 | - | 20,871 | (1,456) |
Other information | |||||
Capital expenditure | 9 | - | - | 9 | - |
Depreciation | 33 | 16 | - | 49 | - |
Provision against investment in joint ventures and available for sale financial assets | - | 149 | - | 149 | - |
12 months ended 31 May 2013
|
Construction | Property development & investment |
Group Operations | Total continuing operations |
Discontinued operations |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Revenue | |||||
External sales | 71,430 | 6,528 | - | 77,958 | 1,392 |
Inter-segment sales | 2,293 | - | - | 2,293 | - |
Eliminations | (2,293) | - | - | (2,293) | - |
Total revenue | 71,430 | 6,528 | - | 77,958 | 1,392 |
Segment result | |||||
Operating profit/(loss) | 32 | (4,841) | (1,005) | (5,814) | (45) |
Loss on remeasurement and cost of disposal | - | - | - | - | (191) |
Share of profit after taxation in joint ventures | - | 45 | - | 45 | - |
Net finance cost | - | (949) | - | (949) | - |
Profit/(loss) before taxation | 32 | (5,745) | (1,005) | (6,718) | (236) |
Taxation | (177) | - | |||
Loss for the year | (6,895) | (236) |
Within the construction segment, external sales of £21,888,000 (31%) arise from customer A that individually account for more than 10 per cent of the entity's revenues. This one customer is also considered to be a major customer.
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Construction £'000 | Property development & investment £'000 | Elimination of inter-segment items £'000 | Total continuing operations £'000 |
Discontinued operations £'000 |
Assets and liabilities | |||||
Segment assets | 26,190 | 121,619 | (84,955) | 62,854 | - |
Investment in equity accounted joint ventures and associates | - | 2,370 | - | 2,370 | - |
Total assets | 26,190 | 123,989 | (84,955) | 65,224 | - |
Segment liabilities | (20,496) | (117,225) | 84,955 | (52,766) | - |
Net assets | 5,694 | 6,764 | - | 12,458 | - |
Other information | |||||
Capital expenditure | 70 | - | - | 70 | - |
Depreciation | 67 | 25 | - | 92 | - |
Provision against investment in joint ventures and available for sale financial assets | - | 1,534 | - | 1,534 | - |
Impairment of inventories | - | 2,210 | - | 2,210 | - |
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7. Taxation
There is no taxation charge in the period due to the utilisation of tax losses brought forward.
8. Dividends
The directors are not proposing an interim dividend in respect of the financial period ending 30 November 2013.
9. Earnings per share
The calculation of earnings per share (basic and diluted) is based on Group profit after taxation and minority interests of £271,000 (2012: £253,000 loss) and the 20,800,000 ordinary shares of 25p in issue at 30 November 2013 and 30 November 2012. The number of shares in the calculation has been reduced at 30 November 2013 for the 440,500 (2012: 440,500) shares held in the Employee Share Trust. The assumed conversion of dilutive options has no impact on the number of shares and so diluted earnings per share is equal to basic earnings per share.
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6 months ended 30 November 2013 | 6 months ended 30 November 2012 | 12 months ended 31 May 2013 |
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Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p |
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Continuing operations |
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Basic EPS | 271 | 20,360 | 1.3 | 487 | 20,360 | 2.4 | (6,927) | 20,360 | (34.0) |
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Effect of share options | - | - | - | - | - | - | - | - | - |
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Diluted EPS | 271 | 20,360 | 1.3 | 487 | 20,360 | 2.4 | (6,927) | 20,360 | (34.0) |
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6 months ended 30 November 2013 | 6 months ended 30 November 2012 | 12 months ended 31 May 2013 | |||||||||||
|
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p | ||||
Discontinued operations | |||||||||||||
Basic EPS | - | - | - | (234) | 20,360 | (1.2) | (236) | 20,360 | (1.2) | ||||
Effect of share options | - | - | - | - | - | - | - | - | - | ||||
Diluted EPS | - | - | - | (234) | 20,360 | (1.2) | (236) | 20,360 | (1.2) | ||||
6 months ended 30 November 2013 | 6 months ended 30 November 2012 | 12 months ended 31 May 2013 | |||||||||||
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Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p | ||||
Total operations | |||||||||||||
Basic EPS | 271 | 20,360 | 1.3 | 253 | 20,360 | 1.2 | (7,163) | 20,360 | (35.2) | ||||
Effect of share options | - | - | - | - | - | - | - | - | - | ||||
Diluted EPS | 271 | 20,360 | 1.3 | 253 | 20,360 | 1.2 | (7,163) | 20,360 | (35.2) | ||||
10. Disposal group classified as held for sale
Pochin Concrete Pumping Limited has been treated as a discontinued operation and the business was sold as a going concern on 31 July 2012. The results of this operation are summarised below:
All below amounts are attributable to owners of the parent.
6 months ended 30 November 2013 £'000 | 6 months ended 30 November 2012 £'000 | 12 months ended 31 May 2013 £'000 | ||||
Revenue | - | 1,392 | 1,392 | |||
Cost of sales | - | (1,182) | (1,182) | |||
Gross profit | - | 210 | 210 | |||
Operating expenses | - | (242) | (242) | |||
Operating loss | - | (32) | (32) | |||
Finance cost | - | (13) | (13) | |||
Loss from discontinued operations before taxation | - | (45) | (45) | |||
Tax | - | - | - | |||
Net operating result from discontinued operations | - | (45) | (45) | |||
Remeasurement and disposal of assets held for sale | ||||||
Loss on remeasurement and cost of disposal | - | (189) | (191) | |||
Loss for the period from discontinued operations | - | (234) | (236) | |||
Net cash flows from discontinued operations | ||||||
Net cash flow from operating activities | - | (559) | 74 | |||
- | (559) | 74 | ||||
Net cash flow from discontinued operating activities | ||||||
Loss for the period | - | (234) | (236) | |||
Finance cost | - | 13 | 13 | |||
Operating cash flow before movement in working capital | - | (221) | (223) | |||
Decrease in receivables | - | 1,965 | 1,965 | |||
Decrease in payables | - | (2,290) | (1,655) | |||
Net interest paid | - | (13) | (13) | |||
- | (559) | 74 | ||||
Liabilities of disposal group classified as held for sale | ||||||
Trade and other payables | - | 351 | - | |||
Provisions | - | 1,105 | - | |||
- | 1,456 | - | ||||
11. Provisions
Provisions include other claims and provisions that arise from the normal course of contractual relationships.
12. The comparative figures for the year ended 31 May 2013 do not constitute statutory accounts for the purposes prescribed by the Companies Act 2006. A copy of the statutory accounts for the year ended 31 May 2013, which were prepared under International Financial Reporting Standards and on which the auditors gave an unqualified report in accordance with the Companies Act 2006, have been filed with the Registrar of Companies.
13. This interim report is available on the Group's website (www.pochins.plc.uk).
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