Mouchel revenue increases 46 per cent
Mouchel, the consulting and business services group, has reported an increase in revenue of 46 per cent to £656.7 million and a rise in pre-tax profits (before exceptional items) of 20 per cent to £38.8 million for the year ending 31 July 2008.The increase compared to last year (20 per cent) was due to the acquisitions of HBS and Hedra in the year under review. Excluding the acquisitions of HBS and Hedra, and the additional revenue from the acquisitions of Traffic Support, Ewan Group and Hornagold & Hills in the prior year, underlying revenue rose by 14 per cent which was in line with Mouchel's targeted organic growth rate of between 10 percent and 15 per cent a year.
Commenting on the results Mouchel Group chief executive Richard Cuthbert said: ""The last year has been another period of excellent progress for the rebranded Mouchel Group. We continue to benefit from working closely with our public sector and regulated industry clients to transform public services.
"All of our clients want to reduce costs and improve services and the pressure to do this is becoming greater in the current environment. We are now even better placed to support them following the acquisitions of HBS and Hedra. Importantly, given the defensive nature of the Group's activities, we have been relatively untouched by the recent turmoil in financial markets and the upheaval elsewhere in the economy.
"The outlook for our growing and increasingly diverse business remains promising and we are confident that the Group will continue to prosper in line with our long-term plans."
Mouchel continues to have a strong forward order book and bidding pipeline of £2.1 billion and £2.2 billion, respectively.
For the full prelims statement go to: