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17 Oct 2008 14:49
Pochin's PLC (the "Group")
Interim Management Statement
This Interim Management Statement covers the period from 1 June 2008 to date. The majority of that period is covered by the statements of both the Chairman and Chief Executive in the Annual Report and Accounts dated 22 September 2008.
As explained in those statements, trading conditions in each of the Group's divisions are challenging.
In the Contracting division, the benefits of the recent re-organisation are clearly visible and the forward order book remains reasonably healthy. The division has recently been successful in tendering a new c.£20m office building for the Welsh Assembly Government in Llandudno. Nonetheless, the market remains very competitive.
Conditions for the Concrete Pumping business remain difficult. Demand in Scotland and the South of England is still more resilient that that in the Midlands and North of England.
The Homes division continues to suffer from the collapse in the market. The Group is sustaining this operation at a minimum level of cost until a new, albeit reduced, level of activity can be re-established.
In the Property division, rental income is being maintained satisfactorily. Property yields continue to drift with a corresponding adverse effect on investment values and development appraisals. In this context, it is good to be able to report the recent completion of a useful and profitable land sale.
Overall the Group is performing creditably in difficult conditions.
Richard Fildes
Chairman
Pochin's PLC
17 October 2008
Contact:
David Hedley Tel: 01606 833 333
Company Secretary
Pochin's PLC
Philip Davies / Carl Holmes Tel: 020 7149 6000
Charles Stanley Securities
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