| Mouchel Parkman profits up: changes name |
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| Tuesday, 16 October 2007 | |
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Engineer and consultant Mouchel Parkman posted robust full year profits of close to £50 million and announced that it to change its name to the Mouchel Group. Pretax profits were up over 80 per cent to £48.1 million on turnover up 20 per cent to £448 million. The results were somewhat flattered by an exceptional gain of £18 million due to changes in its final salary pension scheme Without this gain, pretax profit rose 18 per cent. The company said its bidding pipeline reached £2.5 billion, while its order book stood at £2.2 billion, reflecting its success in tendering and securing new work and the wide range of opportunities which the company is currently pursuing. The order book was boosted by the acquisition of HBS, the business process outsourcing company, which it bought in August for £46 million. The company said it is re-branding its name to Mouchel Group with the HBS brand being discontinued as well. |
