Building and civil engineering contractor Pochin's PLC (LSE: PCH) said trading in all its four divisions remains challenging as it announced the appointment of John Moss as group chief executive with effect from June 1 2009.
Moss, who worked at AMEC as a director for 14 years, will succeed David Shaw who is retiring at the end of the group’s financial year, May 31.
In an interim management statement covering the period from January 26 to date, Pochin’s said in the Construction division the forward order book remains reasonably healthy and performance continues on budget in an increasingly competitive market conditions.
The Concrete Pumping division is being affected by a further deterioration in its market, and the Property business is seeing a continuing decline in the commercial property sector.
The process of realising the value of the residential Homes division is progressing, with the company having sold property at prices which were in line with expectations.
“In the group's year to date the cash flow has been positive and the previously reported emphasis on cash management continues to have beneficial effects,” Pochin’s added.