Mouchel recorded a pre-tax loss of £15m in the year to July 31, blaming the collapse of its workload in the Middle East, cuts in public spending and a huge restructuring exercise.
Revenue fell 15% to £633m and operating profit was down 13% at £41m. And exceptional items of £45m were incurred, predominantly through the need to restructure every one of the group’s divisions. The restructuring saw Mouchel’s staff numbers fall 8% to 10,210 during the year. A...
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