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Mouchel rebrands as profits soar

Mouchel Group's profits have soared by 23% to £33M in the year to July 31 2007 according to its annual report, released today.

The group has also decided to rebrand, dropping 'Parkman' to become simply, 'Mouchel Group'.

Turnover for the group increased by 20% from £374M to £448.4M over the year.

Mouchel's chief executive Richard Cuthbert said, "Our trading position remains strong having just announced record underlying operating profits; 23% up on last year.

"In addition, our order book and bidding pipeline are both at an all time high of £2.2 billion and £2.5 billion respectively, reflecting our success in tendering and securing new work and the wide range of opportunities which we are currently pursuing," he said.

Mouchel's major acquisition last year was HBS, for £46M. HBS specialises in business processing outsourcing (BPO), which Mouchel is increasing its focus on. The acquisition increased Mouchel's staff by one-third to more than 10,000.

"We have done much to support the future development of the Group, and this is reflected in the £90M invested in four acquisitions we have made over the last 12 months which significantly strengthen our standing in highways, water, management consultancy and, most recently in the BPO marketplace through the acquisition of HBS," said Cuthbert.

"In addition, today we have announced that we are re-branding to Mouchel Group. The HBS brand will also be discontinued. We intend to use this change to emphasise our positioning and differentiation in the marketplace and to reflect the Group's growth and development since the merger of Mouchel and Parkman in the summer of 2003.

Group marketing director Ian Parker said the rebranding was essential, as the business had grown and diversified so much since Mouchel merged with Parkman.

"In 2003, we specialised in Highway engineering and property. We still do a lot of this, but we now do a lot of outsourced Government business, Payroll, HR and IT. We were not the same sort of company we were since we floated," he said.

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