Pochin's PLC Revaluation of Property (6229L)

TIDMPCH

RNS Number : 6229L

Pochin's PLC

14 August 2013

14 August 2013

Pochin's PLC

("Pochin's" or the "Group")

Revaluation of Property

Pochin's PLC (LSE: PCH.L) announces that as part of the preparatory process for completion of the Company's Annual report and Accounts for the year ended 31(st) May 2013, the Board has commissioned Knight Frank to undertake an external valuation of the Group's property holdings, including those held in joint venture.

Pochin's will make its preliminary announcement of the results in the second half of September.

Having now received the valuation from Knight Frank, which is the first independent valuation undertaken of these properties for three years, the Company anticipates that the final audited figures will require a reduction in property asset values amounting to GBP6.7m. This reduction is partly offset by an excess over book value of GBP3.4m in the value of certain land assets; however as these are held as inventory items, this increase in value cannot be reflected in the accounts.

The Group has recently disposed of its property in Keele Park Developments Limited, and has discharged its associated guarantee obligations at a cost in line with the previously taken provision of GBP1.2m. This leaves only one remaining significant joint venture of value on the Group balance sheet. The valuation exercise referred to above indicates an impairment of value which, if adopted, would result in a fall of GBP1.5m in the carrying value of the Group's interest in the joint venture.

A full trading report will be included in the forthcoming preliminary announcement of the Group's results to 31(st) May 2013.

Enquiries:

Pochin's PLC

John Moss, Chief Executive 01606 833 333

Nigel Rawlings, Finance Director

Charles Stanley Securities 020 7149 6000

Russell Cook

Carl Holmes

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The company news service from the London Stock Exchange

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