Firm reports revenue of 拢261m in first full six months of trading since bank rescue
Consultant Mouchel has reported a pre-tax profit of 拢10.6m for the first complete six months of accounting after the firm was bought out of administration.
The firm reported revenue of 拢261m for the six months to 31 March 2013 and a pre-tax profit of 拢10.6m.
Mouchel underwent a pre-pack administration and sale in August last year after banks agreed a deal to write off 拢87m of its debts in return for an 80% stake in the company.
This week the firm reported net debt of 拢54m at 31 March, up from 拢40m six months earlier, this increase in debt was driven by the acquisition of 50% of highways maintenance firm EnterpriseMouchel to bring it completely under Mouchel鈥檚 control.
The firm also reported a jump in the deficit of its pension scheme to 拢72m, up from 拢52m at the end of September 2012.
Writing in the accounts David Shearer, chair of Mouchel, said the group was 鈥渄elivering on all its strategic objectives鈥�.
He added: 鈥淭he results of our operational and financial restructuring have created a profitable business with robust finances providing a strong platform for growth in the year ahead.
鈥淥ur order book is at its highest level for over 3 years and the board looks forward to the future with confidence.鈥�
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