Revenue falls to 拢47.5m as listed builder and developer forced to write down value of property joint ventures

Listed builder and developer Pochin鈥檚 has reported half year losses of 拢3.1m after revenue fell to 拢47.5m.

The firm, which is involved in construction, housebuilding, concrete pumping and development, had reported a 拢319,000 profit for the equivalent period in 2008, on revenues of 拢49.9m.

The loss comes after the firm was forced to write down 拢3.7m related to the value of property joint ventures.

Pochin鈥檚 chair Richard Fildes said: 鈥淎 re-assessment of value of one of the large jointly-held development sites has been necessary and, in another location, Pochin's is being required to support a joint venture where continuing voids in a completed development are proving painfully persistent.鈥�

In addition he said the company鈥檚 concrete pumping division was continuing to suffer 鈥渄amaging losses鈥� and that the recent bad weather had exacerbated the weakness in construction activity.

However it said its construction division had 鈥減erformed well鈥� and that commercial property values were stabilising.

He added it was 鈥渄ifficult to forecast an early return to the levels of development and construction activity of two years ago.鈥�

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