Losses widen at Pochin’s in ‘difficult times’

PRE-TAX losses widened at Cheshire construction group Pochin’s last year.

But the Middlewich group said it was better shape following the July disposal of its concrete pumping business and after settling liabilities on office schemes, Horton House and Walker House, in Liverpool.

The disposal has left it with two divisions, construction and property investment.

During the year to May 31 the group increased sales by 21% to £71.6m. But pre-tax losses nearly doubled to £1.1m.

The construction arm accounted for most of the firm’s income – £66.7m, but it only generated a profit of £400,000. Although the business considered this a “success in these difficult conditions”.

In his report chairman Richard Fildes said: “There is an increasing appreciation that urgent steps need to be taken by the Government to stimulate construction activity, particularly in the country’s regions. It is to be hoped that new Government initiatives, designed to encourage demand and to increase the availability of construction finance, will start to have the much needed beneficial effects.

“These are difficult times for a construction and property business, and the group has had to take steps which have been painful for employees and shareholders alike.”