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Sun June 20 2021

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Mouchel returns to profit

12 Jun 13 Restructured consulting engineer Mouchel, taken over by its lending banks last year, has returned to profit in the first half of its current financial year.

Mouchel made a £7.5m pre-tax profit on revenues of £260.6m for the six months to 31 March 2013.

Underlying EBITDA was £19.3m (a margin of 7.4%) and underlying operating profit was £13.8m (a margin of 5.3%).

Before the financial restructuring in August 2012, Mouchel was operating at a loss.

The order book was up by £200m to £1.3bn from the year-end and has since swollen to £1.8bn as a result of further contract wins.  The order pipeline is at its highest for three years, at £1.9bn.

Net debt at 31 March was £53.5m compared to £40.1m at 30 September 2012 but this was after funding the acquisition of the 50% shareholding in EnterpriseMouchel that was not already owned by the group. Since the period, end net debt has reduced to £45.5m as a result of continuing cash generation.

Chairman David Shearer said: "As Mouchel celebrates 125 years in business I am pleased to report a strong set of interim results for the group which are ahead of the board's budgeted expectations.  In the six months to 31 March 2013 the broup has made excellent progress both operationally and financially.

"The operational restructuring which has been undertaken over the last 12 months was brought to a conclusion at the end of March and the group is delivering on all of its strategic objectives. The revenue, profit, cash generation and order book results all show clearly the positive outcome of the restructuring and provide a strong financial platform for growth.”

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