Last year the company was taken over by its lending banks and delisted from the stock exchange after seeing the value of the company plunge 95%.
After that restructuring, which involved removing £87m of debt from the balance sheet, and a cost-cutting programme by new management, Mouchel is now profitable and has its highest order book ever, at £2bn. The company now plans to recruit 600 engineers to its Infrastructure Services business over the next 12 months, including apprentices, technicians and graduates.
For the year to 30 September 2013 Mouchel had revenue of £555.3m underlying EBITDA of £37.0m and pre-tax profit of £16.6m.
Chief executive Grant Rumbles said: “2013 has been a year of transformation for Mouchel. We over-achieved on all of our targets in our business plan. We reduced our cost base by £21m rather than the planned £18m and we have a very strong order book today in excess of £2bn. I am delighted to announce we are also recruiting again, 600 engineers in the next year alone. All 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. We have created an excellent platform for further progress, with scope for significant turnover and margin growth, and look forward to the next year with confidence.”
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