Construction group Pochin's is upbeat about its future after being taken private earlier this year. The Cheshire group, which was founded 80 years ago, said it will be profitable following the restructure, after posting a pre-tax loss in its final accounts as a listed business.
Middlewich-based Pochin's Ltd, which was taken private in August, has posted a pre-tax loss of £4.3m for the year to 31 May 2014.
This is compared with a pre-tax loss of £6.7m in the previous year.
The company was hit by exceptional losses of £8.5m during the year which pushed it to the loss.
This was caused by the ending of a small number of large remote contracts in the South of England and Scotland, which were taken on at a time when the construction sector was weak.
Pochin's said it is now profitable, excluding losses on these legacy contracts which are to complete shortly.
Meanwhile, the business also posted revenue of £62.2m for the year – down from £78m in 2013.
Middlewich Ltd, a company established by the descendants of founder Cedric Pochin, completed a deal to buy the group earlier this year, and the business is upbeat about its future.
In the directors' report accompanying the accounts, chairman Richard Fildes said its order book of profitable contracts is "encouraging".
"It is good to be able to report improved conditions in the regional property market, and in construction activity in the principal areas of operation in the North West and North Wales," he said.
"This improvement should enable Pochin's, in its reorganised form, to benefits from its established position as a well-regarded regional property and construction business."
Read more at www.insidermedia.com