Pochin’s faces ‘ongoing challenge’ with new group chief

Diverse property and construction group, Pochin's, said all areas of its business remained challenged by market conditions as it unveiled a new group chief executive.

Former Amec director, John Moss, who has been advising Pochin's for the past 12 months as a consultant, takes the helm of the Cheshire-based company.

Pochin's said outgoing boss David Shaw will retire on 31 May 2009, the group's year end, and hand over to Moss.

The construction division has a 'reasonably healthy' order book, Pochin's went on to say in its trading statement, but the market is 'increasingly competitive'.

The concrete pumping is following a deteriorating market with low levels of development activity taking its toll on plant hire.

The development arm has a 'substantially let' investment portfolio but is still seeing values decline.

On the performance of the residential division, Pochin's said: "As previously reported, the primary objective of the homes division is to realise the group's investment in a controlled manner. Some progress has been achieved in the period at prices which are in line with expectations."

Overall cashflow in the year to date has been positive and the focus on cash management 'continues to have beneficial effects', the company said.

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