Credit crisis impacts on Pochin’s profits

The slowdown in the property market has contributed to construction group Pochin's 18% decline in first-half net profit.

The abrupt financial change delayed the completion of important property disposals – resulting in its net income of £2.14m in the six months to the end of November 2007, compared with £2.63m in the same period in 2006. Revenue figures meanwhile, climbed 2.3% to £54.4m.

There was better news for the Middlewich-based group's contracting division, with turnover ahead of the same period last year and an order book of £88m. Construction services, meanwhile, showed a steady performance.

Pochin's said any further delay in the completion of some of its most important property disposals could have an impact on the group's full-year results.