With the loss-making concrete pumping division being treated as a discontinued operation, Pochin’s has reported a 17% fall in revenue from continuing operations for the six months to 30 November 2011, at £30.7m (2010: £37.0m, including an £11m property disposal).
Profit after tax from continuing operations for the six months to 30 November 2011 was £490,000 (2010: £30,000).
Net loss (including discontinued operations) was £330,000 (2010: £490,000 loss)
Chairman Richard Fildes said that the construction division had “performed well in testing market conditions with improved results”.
He added: “While it remains particularly difficult to win new work in a fiercely competitive market, highly valued established clients continue to provide good opportunities which should enable this division to maintain its improved performance in the second half of the year.”
Plans to sell non-core assets from the company’s property portfolio have been stymied, however, by depressed land values.
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