15th Oct 2010 11:37
Pochin's PLC
("Pochin's" or the "Group")
Interim Management Statement
This Interim Management Statement covers the period from 1 June 2010 to date. The Chairman's Statement and the Business Review, included in the announcement dated 29 September 2010 of the annual results for the year to 31 May 2010, set out the general position of the Group at that time. This statement provides an update on the trading situation of the Group.
The Construction division is performing creditably and continues to win new business in an increasingly competitive market. A recent example is the appointment of Pochin's as contractor to build the £8m new Ronald McDonald House at the Royal Manchester Children's Hospital.
The Concrete Pumping division is still loss making but there are now discernible benefits evident from the re-organisation described in the Chairman's Statement and Business Review referred to above.
The Property division, which now incorporates the remaining residential activity, is performing acceptably with few vacancies in its wholly owned commercial portfolio. Opportunities for development activity remain limited. In the property joint ventures, some progress has been made in reducing the Group's exposure to the costs of servicing unoccupied completed developments.
Stability has been established in the regional commercial property market, but the prospects for increased construction activity in both the public and private sectors seem unlikely to improve in the short term.
Richard Fildes
Chairman
Pochin's Plc
15 October 2010
Enquiries:
Pochin's Plc Tel: 01606 833 333
John Moss
Chief Executive
John Edwards
Finance Director
Charles Stanley Securities Tel: 020 7149 6000
Russell Cook / Carl Holmes
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