Consultant reports revenue of 拢555m in first full year since bank rescue
Consultant Mouchel is to embark on a hiring spree to service its 拢1bn of contract wins over the last year.
In its financial results for the year to 30 September 2013, the firm said it would hire 600 engineers, including graduates and technicians, over the next 12 months.
Contract wins in the year included a 拢700m deal to maintain motorways and trunk roads in southern England, the firm鈥檚 largest ever contract; a 拢125m contract to manage roads in the south-west of Scotland, through a joint venture with Balfour Beatty; and a 拢50m extension to its business services joint venture with Oldham council.
The firm reported revenue of 拢555m in its first full year of trading since its financial restructuring in the summer of 2012.
It reported a pre-tax profit of 拢16.6m.
The firm鈥檚 infrastructure services business accounted for most of the revenue (拢387.9m) in the year with the remainder (拢167.4m) coming from its business services division.
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.
The firm鈥檚 net debt stood at 拢45.5m at 30 September 2013, up from 拢40.1m the previous year.
Grant Rumbles, chief executive of Mouchel, said 2013 had been a 鈥測ear of transformation鈥� for Mouchel.
He added: 鈥淲e over achieved on all of our targets in our business plan. We reduced our cost base by 拢21m rather than the planned 拢18m and we have a very strong order book today in excess of 拢2bn. I am delighted to announce we are also recruiting again, 600 engineers in the next year alone.
鈥淎ll of this demonstrates our long held view that with the right debt structure, cost base and leadership team Mouchel is a profitable company with a strong and sustainable future.鈥�
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