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Large turnover growth and steady margins for Mouchel Parkman

Mouchel Parkman's interim results for the six months to the end of January revealed an increase in revenue of 18% up to £206.4M and pretax profit up 17% to £14.3M on the same period last year.
Operating margins remained at 6.9%. Government services work produced margins of 8.1% up from 7.9% and highways improved from 6.9% to 7.1% but in the increasingly tough regulated industry sector of the firm's business which includes water and rail, margins fell from 6.2% to 5.9%. This was mainly due to keen bidding for the limited rail signalling work on offer and prudent accounting of the firm's work on resignalling the Jubilee Line for Tubelines, which is three years into an eight year deal.Highlights in the interims include a record forward order book of £1.35bn and a bidding pipeline of £1.2bn. Key contract wins include a six year (extendable to 10 year) highways maintenance contract with Transport for London in south London won by the Accord MP 50:50 joint venture between Mouchel Parkman and Accord.

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