Regional contractor reports ‘challenging’ six months
Listed contractor and property firm Pochin’s has seen turnover for the six months to 30 November 2011 fall by 17% in a “challenging” market.
Including its loss making concrete pumping division, which it is due to sell, the firm fell to a loss of £0.33m, down by a third from the 2010 interims.
However, the firm managed to increase profits from continuing operations, to £485,000, from just 27,000 for the equivalent six months in 2010.
The company also admitted that more than 60% of its revenue came from just five customers, each of which individually account for more than 10% of company sales.
Richard Fildes, chairman, said: “The group’s property rental income and ongoing construction activities have performed creditably in difficult market conditions.
“Prospects for commercial property values remain a concern, as do those for an early return to profitable development activity. The second half of the year should see the disposal of the concrete pumping business, leaving the remaining divisions seeking to benefit from their established position in the challenging regional market.”