JOHN WOODCOCK BOWS OUT WITH RECORD YEAR
Pochin's plc announces its most profitable year in history, which comes at the end of a highly successful leadership under chairman, John Woodcock. The Group has enjoyed another record year with turnover up x% on last year and increased profits up by x% to £x million.
The results come alongside the announcement that, after 40 years
with Pochin's plc, Mr
Woodcock will step down as chairman at the end of 2006 and that
Richard Fildes, who was appointed as an independent non-executive
director in August 2006, will be appointed as the first
non-executive chairman of the Group.
Group Summary
• xx% increase in Group profits before tax to £xx
million (2005: £6.2 million) on Group
turnover, which is at a record high of £xx, £xx million
up on last year.
• A final dividend of x.x p per share (2005: x.xp) is
proposed which would give a total
dividend for the year of x.xp per share (2005: 7.6p), representing
an increase of xx%.
• Net assets increased to £xx million.
Divisional Summaries
Contracting
Pochin's policy of long-term partnerships, risk management and
careful selection of projects has resulted in this division
returning to profit in the second half of the year.
• £xx million of work secured for the current year,
including a high proportion of repeat
business from existing clients xxxx
Construction Services
Over the last 12 months, Pochin's Construction Services
division has undergone considerable repositioning with the disposal
of the Avoidatrench business and the completion of MBO's with
Cheshire Concrete Products and Pipeline Drillers. The management
team has been restructured to concentrate on its concrete pumping
operations and continues to build on the standards and quality of
its service, whilst reviewing and improving the division's
fleet to ensure it is in line with customer requirements.
• £xx.x million turnover in 2006, up £xx million on
the previous year
Property
Pochin's property division has reported strong results and is
continuing to build on this
success by investing in the acquisition of strategic sites for
mixed-use purposes both on
Pochin's own account and within joint ventures.
• A good mix of lettings and sales have been achieved at
Crewe Green, with a number
of retail units, a hotel and public house and at Midpoint 18, with
a number of smaller
offices and industrial units.
Residential
Operating in a general housing market slow down, Pochin Homes has
produced solid results, with sales of 48 units and its first
profits to date. The company is actively searching for further
sites and has been successful in improving its land bank, which
stood at 154 units at the year end.
Chairman's statement
"Pochin's plc has continued to make excellent progress
over the past 12 months, producing yet another record set of
results," comments Chairman John Woodcock. "We have
started the new financial year with a good order book, a slimmed
down construction services division and a number of profitable
property transactions identified. The Group has a strong management
team and is well positioned to meet the challenges likely to be
encountered during the coming year.
"After 40 years with the Group I will be stepping down as
chairman and resigning from the Board at the end of 2006. I would
like to thank my fellow board members and all our
employees for their hard work and commitment - without their
efforts we would not be able to achieve continued good results -
and wish Richard Fildes and Pochin's every success for the
future."