Revenue falls to £47.5m as listed builder and developer forced to write down value of property joint ventures
Listed builder and developer Pochin’s has reported half year losses of £3.1m after revenue fell to £47.5m.
The firm, which is involved in construction, housebuilding, concrete pumping and development, had reported a £319,000 profit for the equivalent period in 2008, on revenues of £49.9m.
The loss comes after the firm was forced to write down £3.7m related to the value of property joint ventures.
Pochin’s chair Richard Fildes said: “A re-assessment of value of one of the large jointly-held development sites has been necessary and, in another location, Pochin's is being required to support a joint venture where continuing voids in a completed development are proving painfully persistent.”
In addition he said the company’s concrete pumping division was continuing to suffer “damaging losses” and that the recent bad weather had exacerbated the weakness in construction activity.
However it said its construction division had “performed well” and that commercial property values were stabilising.
He added it was “difficult to forecast an early return to the levels of development and construction activity of two years ago.”