POCHIN’S ON THE UP
Pochin's PLC, one of the leading North West construction and development companies, has announced successful interim financial results for the six months ending 30th November 2005, with profits and turnover once again increased.
Group Summary
• Group profits before tax of £7.43m
(2004: £0.54)
• Turnover increased by 70% up to £77.7m (2004:
£45.7m)
• An interim dividend of 2.75 p per share (2004: 2.5p)
Divisional Summaries
Contracting
Pochin Contractors is making solid progress and has increased
turnover and contribution to profits in this half year with
£77million of work secured for financial year, with many of
these contracts now converting.
Construction Services
Following some concern over the trading conditions of various parts
of this division,
Construction Services has maintained its performance in the results
period, following the
successful reduction of costs last year, which has seen an
improvement in margins.
Property and Joint Ventures
Pochin Homes enjoyed an excellent level of success with
developments underway expected to bring returns for the Group in
coming years. This division has been assisted through investment in
joint ventures, namely at Holyhead and Deeside.
Pochin Homes
Considering the current market climate, the Group's residential
portfolio has grown in the results period, with higher levels of
sales expected in the second half.
Pochin Chairman John Woodcock said: "The interim results show that the Group is enjoying a successful year and current profit projections from sales within our property portfolio, as well as an overall improvement in the performance of the trading divisions, lead me to anticipate a satisfactory outcome for this financial year."