posted on Dec 12, 2013 by NelsonHall Analyst
Mouchel has announced results for FY 2013, for the period ending 30 September 2013:
- Revenue was £555.3m
- EBIT was £28.1m, a margin of 5.1%.
Comparisons with the prior year were not provided as the company in its present from came into being in August 2012. For the new company, for the five weeks to the end of 2012 FY, revenue was £49.9m, EBIT, £1.1m and a margin of 2.2%.
Prior to the financial restructuring in August 2012, Mouchel made an operating loss.
Mouchel Business Services (MBS) results were:
- Revenues were £167m, in a challenging local authority market
- EBIT of £5.3m and margin of 3.2%.
The restructuring which started in early 2012 was completed at the end of March 2013.
Over the priod, Mouchel has reported > £1bn contract wins. These were mostly in its construction and infrastructure business. In its BPO business the company won a three-year, £50m, contract extension for the provision of business and ancillary services with the Unity Partnership, its JV with Oldham Council. It also also won a place on the North West Pensions Framework in July 2013.
In this period Mouchel also completed the acquisition of the 50% share of its joint venture, EnterpriseMouchel, a UK-based infrastructure support services company.
The company reported:
- Order book of £2bn up from £1.7bn at the year-end matches 2008 level, the highest in Mouchel’s 125-year history.
- Strong pipeline of opportunities worth £2.1bn
- Leads and prospects amount to over £5bn.
Mouchel’s finances have bounced back well since its restructuring in August 2012. The infrastructure business has seen the bigger share of growth, unsurprisingly, with an uptick in the construction and infrastructure markets.
Mouchel continues to face tough conditions in its local government business. It sees growth opportunities in other sectors; in particular it will be targeting the universities sector with its established brand in the outsourcing market and its BPO expertise. It is also looking to leveradge its pensions administration expertise in the private sector.