PROPERTY sell-offs have lifted Cheshire construction contractor and property developer Pochin's sales and profits, it emerged today.

Half-year results for the period to November 30, 2005, were boosted by the '30m sale of a development of a 790 bedroom hall of residence pre-let to Manchester Metropolitan University in Crewe, which was bought by a group of private investors last September.

Profits soared from '540,000 to '7.43m on turnover of '77.7m, up from '45.7m in the first half of 2004.

The proceeds of the Crewe Green sale were used to cut group borrowings from '35.6m to '21m, and to raise investment in development opportunities and in joint ventures.

Chief executive David Shaw said the Middlewich company, which employs around 450 people in the north west, was looking for improved performance from its trading divisions in the second half.

Pochin's contracting business's order book stands at '77m. While profits were affected in the first half by contract delays outside Pochin's control, such issues have been resolved.

Developments

Mr Shaw said: "These results are dominated By the Crewe Green development. That will not be repeated every year by any means. Going forward for the rest of this year we are looking for some profits from the trading divisions and trying to stoke the developments that will contribute in future years."

Chairman John Woodcock also paid tribute to deputy chairman Peter Dickson, who was killed in an accident on December 30 during a holiday in the Caribbean. Mr Dickson, the former chief executive and chairman of the Yates pub group, had served on the board since January 2002.

Mr Woodcock said: "He was hugely valued as a member of the team. We shall miss him greatly."

The company is now on the look out for an experienced non-executive director.

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