Construction group has been hit by delayed projects and falling demand for houses
Construction and development group Pochin’s has reported a slow start to the financial year, with delayed projects and falling demand for new houses.
In a statement, the firm said its contracting division had experienced delays in the start of new projects, partly due to the wet summer weather.
It said its homes division had reported weaker demand for new houses and the property division was experiencing “uncertain trading conditions” due to turmoil in the UK commercial property market.
But it said the construction services division had benefited from a steady level of demand and the group expected to meet market expectations for the year overall.
Pochin’s chairman Richard Fildes said: “The change in sentiment for commercial property makes the Group cautious in its outlook. In the light of the tougher conditions which now prevail, it remains possible, though inevitably more challenging, to meet market expectations during the year.”
In September the firm announced a 3% fall in pre-tax profit for the year to 31 May 2007.