Consultant engineer posts 拢13.5m loss after 'difficult' year
Mouchel has posted a loss of 拢13.5m loss after being hit by 拢53.6m exceptional loss.
Mouchel said its Middle Eastern division had been hit hard by the downturn, and it had been forced 鈥渟ubstantially restructure鈥� its business in the Gulf, which included redundancies.
The group added that it had been spent the last month attempting to secure sums owed to it in the Middle East, and had incurred a 拢15m exceptional impairment charge against fees earned which it has not yet received.
The group said revenue rose 13% from 拢656.7m in 2008 to 拢740 in 2009 in preliminary results for the year ended July 31 2009.
Underlying profit before tax increased marginally from 拢38.8m in 2008 to 拢40.1m in 2009.
Commenting on the results, chief executive Richard Cuthbert said: "This has been a difficult and disappointing year for Mouchel. In the second half we have had to deal with the substantial withdrawal from the rail market, together with the impact of the economic downturn on our Middle East and management consulting businesses."
鈥淭hese have clouded what has otherwise been another year of growth and strong performance in our core business,鈥� he added.
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