15th Apr 2009 07:00
Pochin's PLC (the "Group")
Interim Management Statement / Board Changes
This Interim Management Statement covers the period from 26 January to date.
Trading conditions remain challenging in respect of each of the Group's four divisions.
Construction
It is therefore good to be able to report that in the Construction division the forward order book remains reasonably healthy. With direct costs under tight control, performance continues on budget notwithstanding the increasingly competitive market conditions.
Concrete Pumping
The Concrete Pumping division is being affected by a further deterioration in its market, particularly in the Midlands and North. Historically low levels of activity are being experienced which is impacting on the results of this division where utilisation of plant is a key factor in performance.
Property
The much publicised decline in the commercial property market continues, with its inevitable consequential effect on the value of the Group's development and investment portfolio. The division's investment portfolio remains substantially let with rental income being collected satisfactorily.
Residential
As previously reported, the primary objective of the Homes division is to realise the Group's investment in a controlled manner. Some progress has been achieved in the period at prices which are in line with expectations.
General
In the Group's year to date the cash flow has been positive and the previously reported emphasis on cash management continues to have beneficial effects.
The Board announces the appointment of Mr. John Moss as Group Chief Executive with effect from 1 June 2009. He will succeed Mr. David Shaw who will retire at 31 May 2009, the Group's year end. Mr. Moss has wide experience of the construction and civil engineering industries having previously served for fourteen years as a director of AMEC. During the past twelve months he has assisted Pochin's on a number of projects and has thus gained a good appreciation of the Group's activities.
Richard FildesChairmanPochin's PLC15 April 2009
Contact:
David Hedley Tel: 01606 833 333
Company Secretary
Pochin's PLC
Rick Thompson / Philip Davies / Carl Holmes Tel: 020 7149 6000
Charles Stanley Securities
Note
The company makes the following disclosure in connection with this appointment, pursuant to rule 9.6.13 of the Listing Rules. In addition to his directorship of the Company, Mr. Moss: (a) is or has been a director or partner of the following companies and partnership at any time in the previous 5 years:
Colas Rail Limited (No longer a director)
Colas Rail Systems Limited (No longer a director)
European Track Construction and Renewals Limited (No longer a director)
AMEC (BCS) Limited (No longer a director)
Morgan Ashurst PLC (No longer a director)
Great Gaming Grouping (G3) Limited (No longer a director)
(b) has no unspent convictions relating to indictable offences; (c) has had no bankruptcies or individual voluntary arrangements (d) has not been a director with an executive function of any company at the time of or within 12 months preceding any receivership, compulsory liquidation, creditors voluntary liquidation, administration, company voluntary arrangement or any composition or arrangement with creditors generally or any class of creditors of such company;
(e) has not been a partner of any partnership at the time of or within 12 months preceding any compulsory liquidation, administration or partnership voluntary arrangements of such partnership.
(f) has not been a partner of any partnership at the time of or within 12 months preceding a receivership of any assets of such partnership;
(g) has not had any of his assets subject to any receivership; and
(h) has not received any public criticisms by statutory or regulatory authorities (including recognised professional bodies) and has not been disqualified by a court from acting as a director of a company or from acting in the management or conduct of the affairs of a company.
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