With the loss-making concrete pumping division being treated as a discontinued operation, Pochin鈥檚 has reported a 17% fall in revenue from continuing operations for the six months to 30 November 2011, at 拢30.7m (2010: 拢37.0m,聽including an 拢11m property disposal).
Profit after tax from continuing operations for the six months to 30 November 2011 was 拢490,000 (2010: 拢30,000).
Net loss (including discontinued operations) was 拢330,000 (2010: 拢490,000 loss)
Chairman Richard Fildes said that the construction division had 鈥減erformed well in testing market conditions with improved results鈥�.
He added: 鈥淲hile 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.鈥�
Plans to sell non-core assets from the company鈥檚 property portfolio have been stymied, however, by depressed land values.
Got a story? Email news@theconstructionindex.co.uk
