TIDMPCH
RNS Number : 0953G
Pochin's PLC
26 January 2010
?
Pochin's PLC
Interim Report
30 November 2009
Headlines
* Revenue GBP47.5m (2008: GBP49.9m)
* Loss before tax GBP4.4m after Property related impairments GBP4.23m (2008:
GBP0.6m profit)
* Net assets reduced to GBP33.7m (2008: GBP48.6m)
* Net debt down GBP1.6m in the period to GBP26.8m (2008: GBP37.3m)
Chairman's Statement
The results for the 6 months ended 30 November 2009 show a loss before tax of
GBP4.374m after property related impairments of GBP4.23m (2008: profit
GBP0.574m) on turnover of GBP47.5m (2008: GBP49.9m). No interim dividend is
declared (2008:1.5p).
Subdued levels of construction activity and weakness in the occupational market
for commercial property continue to affect the Group's performance.
In this context it is good to report that the construction division has
performed well during the period. In particular, large projects at Widnes,
Cheshire and at Chester have achieved satisfactory completions. No improvement
in the concrete pumping market can be reported and the Group continues to
sustain damaging losses from this activity. In the small residential division,
the Group continues to realise its investment in both built houses and housing
land. The recent exceptional weather conditions have exacerbated the weakness in
construction activity such that the Group's trading divisions are unlikely to
show an improvement in the second half of the year.
Values of commercial property have stabilized and the recent rise in the
Investment Property Databank UK Monthly Index is encouraging. The Group's
rental income from its core portfolio has increased during the period and this
wholly owned property has proved resilient. In the Group's joint ventures the
performance is less satisfactory. A 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.
Write-downs associated with the joint ventures referred to above account for
almost all of the loss reported for the period. Group costs remain under tight
control with further reductions in overheads being delivered. Net borrowings
have fallen during the period.
After such a dramatic collapse in the values of commercial property combined
with the well publicised contraction in available credit for the industry, it is
difficult to forecast an early return to the levels of development and
construction activity of two years ago. Nevertheless, some improvement is
perceptible and Pochin's remains well placed to benefit from it.
Richard Fildes
Chairman
Enquiries:
Pochin's PLC
John Moss, Chief Executive 01606 833
333
John Edwards, Finance Director
Charles Stanley Securities
Philip Davies/ Rick Thompson 0207 149
6457
Consolidated income statement
+-----------------------------+--------+----------------+----------------+----------------+
| | | 6 months ended | 6 months ended | 12 months |
| | | | | ended |
+-----------------------------+--------+----------------+----------------+----------------+
| | | 30 November | 30 November | 31 May 2009 |
| | | 2009 | 2008 | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Revenue | 3 | 47,502 | 49,935 | 101,961 |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Cost of sales | | (44,507) | (43,382) | (94,247) |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Gross profit | | 2,995 | 6,553 | 7,714 |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Operating expenses | | (8,196) | (5,676) | (14,349) |
+-----------------------------+--------+----------------+----------------+----------------+
| Other operating income | | 1,253 | 1,915 | 2,719 |
+-----------------------------+--------+----------------+----------------+----------------+
| Losses on revaluation of | | - | (2,000) | (3,219) |
| investment properties | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Operating profit | | (3,948) | 792 | (7,135) |
+-----------------------------+--------+----------------+----------------+----------------+
| Share of loss after | | (557) | (365) | (2,962) |
| taxation in joint ventures | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Share of (loss)/profit | | 211 | 14 | (149) |
| after taxation in | | | | |
| associates | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Finance income | | 1,041 | 1,563 | 2,815 |
+-----------------------------+--------+----------------+----------------+----------------+
| Finance cost | | (1,121) | (1,430) | (1,948) |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| (Loss)/Profit before | 3 | (4,374) | 574 | (9,379) |
| taxation | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Taxation | | 1,300 | (255) | 662 |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| (Loss)/Profit for the | | (3,074) | 319 | (8,717) |
| period | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Attributable to: | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Equity holders of the | | (3,092) | 303 | (8,749) |
| company | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Minority interest | | 18 | 16 | 32 |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | (3,074) | 319 | (8,717) |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Earnings per share (basic) | 6 | (15.2)p | 1.5p | (43.0)p |
+-----------------------------+--------+----------------+----------------+----------------+
| Earnings per share | 6 | (15.2)p | 1.5p | (43.0)p |
| (diluted) | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
| Dividends proposed for the | 5 | - | 1.5p | - |
| period | | | | |
+-----------------------------+--------+----------------+----------------+----------------+
Consolidated statement of recognised income and expense
+-----------------------------+--------+----------------+----------------+-----------------+
| | | 6 months ended | 6 months ended | 12 months ended |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | 30 November | 30 November | 31 May 2009 |
| | | 2009 | 2008 | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Actuarial losses on defined | | (1,443) | (1,530) | (3,675) |
| benefit pension scheme | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Deferred taxation on | | 404 | 428 | 1,028 |
| pension scheme deficit | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Cashflow hedging | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Current year fair value | | (718) | - | (2,050) |
| movement | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Reclassification to profit | | - | - | (470) |
| or loss | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Deferred taxation on | | | | |
| cashflow hedging | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Group | | (28) | - | 277 |
+-----------------------------+--------+----------------+----------------+-----------------+
| Joint Ventures | | 229 | - | 428 |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Net expense recognised | | (1,556) | (1,102) | (4,462) |
| directly in equity | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| (Loss)/Profit for the | | (3,074) | 319 | (8,717) |
| financial period | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Total losses recognised | | (4,630) | (783) | (13,179) |
| since last period | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Attributable to: | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Equity holders of the | | (4,648) | (799) | (13,211) |
| company | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| Minority interest | | 18 | 16 | 32 |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | (4,630) | (783) | (13,179) |
+-----------------------------+--------+----------------+----------------+-----------------+
| | | | | |
+-----------------------------+--------+----------------+----------------+-----------------+
Consolidated Balance Sheet
+---------------------------+--------+----------------+----------------+----------------+
| | | As at | As at | As at |
+---------------------------+--------+----------------+----------------+----------------+
| | | 30 November | 30 November | 31 May |
+---------------------------+--------+----------------+----------------+----------------+
| | | 2009 | 2008 | 2009 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Non current assets | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Property, plant and | | 2,779 | 3,132 | 2,929 |
| equipment | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Investment properties | | 25,917 | 44,167 | 25,917 |
+---------------------------+--------+----------------+----------------+----------------+
| Investments | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Joint | | 9,840 | 17,547 | 13,782 |
| ventures | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Associates | | 2,597 | 2,789 | 2,626 |
+---------------------------+--------+----------------+----------------+----------------+
| Available | | 2,730 | 2,507 | 2,730 |
| for sale | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | | 15,167 | 22,843 | 19,138 |
+---------------------------+--------+----------------+----------------+----------------+
| Deferred tax assets | | 2,944 | - | 1,284 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Total non current assets | | 46,807 | 70,142 | 49,268 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Current assets | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Inventories | | 26,960 | 29,594 | 29,824 |
+---------------------------+--------+----------------+----------------+----------------+
| Trade and other | | 14,699 | 16,911 | 25,183 |
| receivables | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Cash and cash equivalents | | 8,434 | 8,779 | 8,470 |
+---------------------------+--------+----------------+----------------+----------------+
| Corporation tax | | 206 | - | 570 |
| recoverable | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Total current assets | | 50,299 | 55,284 | 64,047 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Current liabilities | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Trade and other payables | | 20,688 | 21,995 | 31,502 |
+---------------------------+--------+----------------+----------------+----------------+
| Corporation tax | | - | 699 | - |
+---------------------------+--------+----------------+----------------+----------------+
| Bank loans | | 13,219 | 10,504 | 15,178 |
+---------------------------+--------+----------------+----------------+----------------+
| Bank overdrafts | | 21,992 | 22,961 | 21,541 |
+---------------------------+--------+----------------+----------------+----------------+
| Financial derivatives | | 890 | 1,745 | 991 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Total current liabilities | | 56,789 | 57,904 | 69,212 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Net current liabilities | | (6,490) | (2,620) | (5,165) |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
+---------------------------+--------+----------------+----------------+----------------+
| Non current liabilities | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Bank loans | | - | 12,578 | 104 |
+---------------------------+--------+----------------+----------------+----------------+
| Retirement benefit | | 3,826 | 452 | 2,441 |
| obligation | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Deferred tax liabilities | | - | 214 | - |
+---------------------------+--------+----------------+----------------+----------------+
| Provisions | | 91 | 482 | 481 |
+---------------------------+--------+----------------+----------------+----------------+
| Other payables | | 2,741 | 5,204 | 2,741 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Total non current | | 6,658 | 18,930 | 5,767 |
| liabilities | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Net assets | | 33,659 | 48,592 | 38,336 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Shareholders' equity | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Share capital | | 5,200 | 5,200 | 5,200 |
+---------------------------+--------+----------------+----------------+----------------+
| Own shares | | (745) | (954) | (745) |
+---------------------------+--------+----------------+----------------+----------------+
| Revaluation reserve | | 75 | 89 | 75 |
+---------------------------+--------+----------------+----------------+----------------+
| Hedge reserve | | (3,238) | (2,487) | (2,520) |
+---------------------------+--------+----------------+----------------+----------------+
| Retained earnings | | 32,166 | 46,540 | 36,112 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Equity shareholders' | | 33,458 | 48,388 | 38,122 |
| funds | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Minority interest | | 201 | 204 | 214 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
| Total equity | 3 | 33,659 | 48,592 | 38,336 |
+---------------------------+--------+----------------+----------------+----------------+
| | | | | |
+---------------------------+--------+----------------+----------------+----------------+
Consolidated Cash Flow Statement
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | 6 months ended | 6 months ended | 12 months ended |
+-----------------------------+--------+--------------------+-------------------+-------------------+
| | | 30 November | 30 November | 31 May 2009 |
| | | 2009 | 2008 | |
+-----------------------------+--------+--------------------+-------------------+-------------------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Net cash from operating | | | | | | | |
| activities | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| (Loss)/profit for the | | | (3,074) | | 319 | | (8,717) |
| period | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Income tax | | | (1,300) | | 255 | | (662) |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Finance income | | | (1,041) | | (1,563) | | (2,815) |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Finance cost | | | 1,121 | | 1,430 | | 1,948 |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Share of results of joint | | | 346 | | 351 | | 3,111 |
| ventures and associates | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Cash flow hedge movement in | | | 590 | | - | | 1,391 |
| joint ventures | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Depreciation charge | | | 106 | | 197 | | 357 |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Charge/(credit) in respect | | | - | | 20 | | (16) |
| of share based payments | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Profit on sale of property, | | | (14) | | (58) | | (103) |
| plant and equipment | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Losses on revaluation of | | | - | | 2,000 | | 3,219 |
| investment properties | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Provision against | | | 3,715 | | 389 | | 3,315 |
| investments in joint | | | | | | | |
| ventures | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Provision against | | | 515 | | - | | 657 |
| investments in available | | | | | | | |
| for sale investments | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Income from joint ventures | | | 27 | | 18 | | 34 |
| and associates | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Operating profit before | | | 991 | | 3,358 | | 1,719 |
| changes in working capital | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Decrease in inventories | | | 2,864 | | 2,583 | | 2,353 |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Decrease/(increase) in | | | 10,484 | | 6,631 | | (1,126) |
| receivables | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Decrease in payables | | | (11,617) | | (7,412) | | (590) |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | 2,722 | | 5,160 | | 2,356 |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Interest paid | | | (448) | | (724) | | (544) |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Income taxes | | | 364 | | (26) | | (240) |
| received/(paid) | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| Net cash from operating | | | 2,638 | | 4,410 | | 1,572 |
| activities | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+---------+---------+---------+---------+
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Investing activities | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Interest received | | 102 | | 714 | | 1,124 | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Purchase of property, plant | | - | | - | | (17) | |
| and equipment | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Proceeds from sale of | | 58 | | 342 | | 441 | |
| property, plant and | | | | | | | |
| equipment | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Net movement on disposal of | | - | | - | | 1,462 | |
| subsidiary undertaking | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| (Increase)/decrease in | | (707) | | 1,106 | | (1,027) | |
| interest in joint ventures | | | | | | | |
| and associates | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Increase in interest in | | (515) | | (350) | | (1,230) | |
| available for sale | | | | | | | |
| investments | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Net cash (used in)/from | | | (1,062) | | 1,812 | | 753 |
| investing activities | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Financing activities | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Proceeds from new loans | | - | | 414 | | 5,949 | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Repayment of loans | | (2,063) | | (277) | | (499) | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Dividends paid | 5 | - | | (611) | | (916) | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Net cash (used in)/from | | | (2,063) | | (474) | | 4,534 |
| financing activities | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Net (decrease)/increase in | | | (487) | | 5,748 | | 6,859 |
| cash and cash equivalents | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Cash and cash equivalents | | | (13,071) | | (19,930) | | (19,930) |
| at beginning of period | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| Cash and cash equivalents | | | (13,558) | | (14,182) | | (13,071) |
| at end of period | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
| | | | | | | | |
+-----------------------------+--------+---------+----------+--------+----------+---------+----------+
Notes
1. The interim report was approved by the board on 25 January 2010.
2. Basis of preparation
The interim financial information has been prepared applying the accounting
policies and presentation that were applied in the preparation of the group's
published consolidated financial statements for the year ended 31 May 2009.
3.Segmental information
For management purposes, the group is currently organised into four operating
business segments:
Construction, Property, Residential and Concrete Pumping.
As operations are carried out entirely within the UK, there is no secondary
segmental information.
Inter segmental pricing is done on an arms length open market basis.
6 months ended 30 November 2009
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | Concrete | Group | Group |
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | Construction | Property | Residential | Pumping | Management | Total |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Revenue | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| External | 38,775 | 1,225 | 2,513 | 4,989 | - | 47,502 |
| sales | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Inter-segment | 387 | - | - | 66 | - | 453 |
| sales | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Eliminations | (387) | - | - | (66) | - | (453) |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Total revenue | 38,775 | 1,225 | 2,513 | 4,989 | - | 47,502 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Segment result | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Operating | 906 | (3,540) | (168) | (773) | (373) | (3,948) |
| profit/(loss) | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Share of | - | (346) | - | - | - | (346) |
| results of | | | | | | |
| joint | | | | | | |
| ventures | | | | | | |
| and | | | | | | |
| associates | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Net finance | (18) | (42) | - | (17) | (3) | (80) |
| cost | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Profit/(loss) before | 888 | (3,928) | (168) | (790) | (376) | (4,374) |
| taxation | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Taxation | | | | | | 1,300 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Loss for the period | | | | | | (3,074) |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | Elimination | |
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | Concrete | of | |
| | | | | | inter-segment | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | Construction | Property | Residential | Pumping | items | Group |
| | | | | | | Total |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Assets and | | | | | | |
| liabilities | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Segment | 24,411 | 77,144 | 865 | 6,665 | (24,416) | 84,669 |
| assets | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Investment | - | 12,437 | - | - | - | 12,437 |
| in equity | | | | | | |
| accounted | | | | | | |
| joint | | | | | | |
| ventures | | | | | | |
| and | | | | | | |
| associates | | | | | | |
+ +-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Total | 24,411 | 89,581 | 865 | 6,665 | (24,416) | 97,106 |
| assets | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Segment | 18,929 | 61,954 | 3,748 | 3,232 | (24,416) | 63,447 |
| liabilities | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Net | 5,482 | 27,627 | (2,883) | 3,433 | - | 33,659 |
| assets/(liabilities) | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Other information | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Depreciation | 48 | 36 | - | 22 | - | 106 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Provision | - | 3,715 | - | - | - | 3,715 |
| against | | 515 | | | | 515 |
| investment | | | | | | |
| in joint | | | | | | |
| ventures | | | | | | |
| Provision | | | | | | |
| against | | | | | | |
| investments | | | | | | |
| for sale | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
Segmental information
6 months ended 30 November 2008
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | Concrete | Group | Group |
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | Construction | Property | Residential | Pumping | Management | Total |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Revenue | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| External | 35,329 | 7,054 | 1,221 | 6,331 | - | 49,935 |
| sales | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Inter-segment | 289 | - | - | 359 | - | 648 |
| sales | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Eliminations | (289) | - | - | (359) | - | (648) |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Total revenue | 35,329 | 7,054 | 1,221 | 6,331 | - | 49,935 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Segment result | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Operating | 106 | 3,633 | (1,791) | (494) | (662) | 792 |
| (loss)/profit | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Share of | - | (351) | - | - | - | (351) |
| results of | | | | | | |
| joint | | | | | | |
| ventures | | | | | | |
| and | | | | | | |
| associates | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Net finance | 82 | 15 | - | 24 | 12 | 133 |
| income | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Profit/(loss) before | 188 | 3,297 | (1,791) | (470) | (650) | 574 |
| taxation | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Taxation | | | | | | (255) |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Profit for the period | | | | | | 319 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | Elimination | |
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | Concrete | of | |
| | | | | | inter-segment | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | Construction | Property | Residential | Pumping | items | Group |
| | | | | | | Total |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Assets and | | | | | | |
| liabilities | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Segment | 24,232 | 93,778 | 3,767 | 7,302 | (23,989) | 105,090 |
| assets | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Investment | | | | | | |
| in equity | | | | | | |
| accounted | | | | | | |
| joint | | | | | | |
| ventures | | | | | | |
| and | | | | | | |
| associates | | | | | | |
+ +-----------------------+----------+-------------+----------+---------------+----------+
| | - | 20,336 | - | - | - | 20,336 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Total | 24,232 | 114,114 | 3,767 | 7,302 | (23,989) | 125,426 |
| assets | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Segment | 18,488 | 75,058 | 5,524 | 1,753 | (23,989) | 76,834 |
| liabilities | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Net | 5,744 | 39,056 | (1,757) | 5,549 | - | 48,592 |
| assets/(liabilities) | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Other information | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Depreciation | 38 | 44 | | 115 | - | 197 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Provision | - | 389 | | - | - | 389 |
| against | | | | | | |
| investment | | | | | | |
| in joint | | | | | | |
| ventures | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
Segmental information
12 months ended 31 May 2009
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | Concrete | Group | Group |
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | Construction | Property | Residential | Pumping | Management | Total |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Revenue | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| External | 79,829 | 7,418 | 3,903 | 10,811 | - | 101,961 |
| sales | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Inter-segment | 405 | - | - | 790 | - | 1,195 |
| sales | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Eliminations | (405) | - | - | (790) | - | (1,195) |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Total revenue | 79,829 | 7,418 | 3,903 | 10,811 | - | 101,961 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Segment result | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Operating | 900 | (1,771) | (3,153) | (1,505) | (1,606) | (7,135) |
| profit/(loss) | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Share of | - | (3,111) | - | - | - | (3,111) |
| results of | | | | | | |
| joint | | | | | | |
| ventures | | | | | | |
| and | | | | | | |
| associates | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Net finance | 164 | 628 | - | 51 | 24 | 867 |
| income | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Profit/(loss) before | 1,064 | (4,254) | (3,153) | (1,454) | (1,582) | (9,379) |
| taxation | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Taxation | | | | | | 662 |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| Loss for the period | | | | | | (8,717) |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
| | | | | | | |
+-------------------------+--------------+----------+-------------+----------+------------+----------+
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | Elimination | |
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | Concrete | of | |
| | | | | | inter-segment | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | Construction | Property | Residential | Pumping | items | Group |
| | | | | | | Total |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Assets and | | | | | | |
| liabilities | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Segment | 33,910 | 77,376 | 3,084 | 6,259 | (23,722) | 96,907 |
| assets | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Investment | | | | | | |
| in equity | | | | | | |
| accounted | | | | | | |
| joint | | | | | | |
| ventures | | | | | | |
| and | | | | | | |
| associates | | | | | | |
+ +-----------------------+----------+-------------+----------+---------------+----------+
| | - | 16,408 | - | - | - | 16,408 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Total | 33,910 | 93,784 | 3,084 | 6,259 | (23,722) | 113,315 |
| assets | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Segment | 28,669 | 62,475 | 5,800 | 1,757 | (23,722) | 74,979 |
| liabilities | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Net | 5,241 | 31,309 | (2,716) | 4,502 | - | 38,336 |
| assets/(liabilities) | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Other information | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Capital | 17 | - | - | - | - | 17 |
| expenditure | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Depreciation | 74 | 87 | - | 196 | - | 357 |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Provision | - | 3,972 | - | - | - | 3,972 |
| against | | | | | | |
| investment | | | | | | |
| in joint | | | | | | |
| ventures | | | | | | |
| and other | | | | | | |
| investments | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
| Impairment | - | 500 | 625 | - | - | 1,125 |
| of | | | | | | |
| inventories | | | | | | |
+------------------------+-----------------------+----------+-------------+----------+---------------+----------+
4 Taxation
The taxation charge is calculated by applying the estimated effective annual tax
rate to the profit for the period.
5. Dividends
+------------------------------+------------------+------------------+------------------+
| | 6 months ended | 6 months ended | 12 months ended |
| | 30 November 2009 | 30 November 2008 | 31 May 2009 |
+------------------------------+------------------+------------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| Interim paid 1.5p per share | - | - | 305 |
+------------------------------+------------------+------------------+------------------+
| Final paid 3.0p per share | - | 611 | 611 |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
| | - | 611 | 916 |
+------------------------------+------------------+------------------+------------------+
| | | | |
+------------------------------+------------------+------------------+------------------+
6.Earnings per share
The calculation of earnings per share (basic and diluted) is based on group
profit after taxation and minority interests of GBP3,092,000 (2008: GBP303,000
profit) and the 20,800,000 ordinary shares of 25p in issue at 30 November 2009
and 30 November 2008.
The number of shares in the calculation has been reduced at 30 November 2009 for
the 438,000 (2008: 445,000) shares held in the Employee Share Trust. Basic
earnings per share are -15.2p (2008: 1.5p). The assumed conversion of dilutive
options has no impact on the number of shares and so diluted earnings per share
is equal to basic earnings per share.
+------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------+-----------------+-----------------+-----------------+
| | 6 months ended 30 November 2009 |
+------------------------------+-----------------------------------------------------+
| | | Weighted | |
| | | average | |
+------------------------------+-----------------+-----------------+-----------------+
| | Earnings | no. of shares | Per share |
+------------------------------+-----------------+-----------------+-----------------+
| | GBP'000 | '000 | p |
+------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------+-----------------+-----------------+-----------------+
| Basic EPS | (3,092) | 20,362 | (15.2) |
+------------------------------+-----------------+-----------------+-----------------+
| Effect of share options | - | - | - |
+------------------------------+-----------------+-----------------+-----------------+
| Diluted EPS | (3,092) | 20,362 | (15.2) |
+------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------+-----------------+-----------------+-----------------+
| | 6 months ended 30 November 2008 |
+------------------------------+-----------------------------------------------------+
| | | Weighted | |
| | | average | |
+------------------------------+-----------------+-----------------+-----------------+
| | Earnings | no. of shares | Per share |
+------------------------------+-----------------+-----------------+-----------------+
| | GBP'000 | '000 | p |
+------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------+-----------------+-----------------+-----------------+
| Basic EPS | 303 | 20,355 | 1.5 |
+------------------------------+-----------------+-----------------+-----------------+
| Effect of share options | - | 432 | - |
+------------------------------+-----------------+-----------------+-----------------+
| Diluted EPS | 303 | 20,787 | 1.5 |
+------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------+-----------------+-----------------+-----------------+
| | 12 months ended 31 May 2009 |
+------------------------------+-----------------------------------------------------+
| | | Weighted average |
+------------------------------+-----------------+-----------------------------------+
| | Earnings | no. of shares | Per share |
+------------------------------+-----------------+-----------------+-----------------+
| | GBP'000 | '000 | p |
+------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------+-----------------+-----------------+-----------------+
| Basic EPS | (8,749) | 20,359 | (43.0) |
+------------------------------+-----------------+-----------------+-----------------+
| Effect of share options | - | - | - |
+------------------------------+-----------------+-----------------+-----------------+
| Diluted EPS | (8,749) | 20,359 | (43.0) |
+------------------------------+-----------------+-----------------+-----------------+
| | | | |
+------------------------------+-----------------+-----------------+-----------------+
7.The comparative figures for the year ended 31 May 2009 do not constitute
statutory accounts for the purpose of
section 240 of the Companies
Act 1985. A copy of the statutory accounts for the year ended 31 May 2009, which
were
prepared under International Financial Reporting Standards and
which the auditors gave an unqualified report in
accordance with
section 235 of the Companies Act 1985, have been filed with the Registrar of
Companies.
8. This interim report is available on the group's website
(www.pochins.plc.uk).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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