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Mouchel rebrands as profits soar

Consultant Mouchel Parkman's this week reported a 23% increase in pre-tax profits in 2006/2007 to £33M and announced that it would be dropping the Parkman name to become simply Mouchel Group.
Turnover for the group increased by 20% from £374M to £448.4M over the year, while the forward order-book stood at a record £2.2bn.

Mouchel's chief executive Richard Cuthbert said that Mouchel's shopping spree, which had taken in three acquisitions last year, in addition to buying business processing outsourcing firm HBS in August this year, was not over, but would not be drawn on which areas Mouchel was looking at.

"We have secured a special fund from Lloyds TSB and RBS worth £125M. Half of this fund is still available. We have been very successful with our acquisitions so far, but a very easy way to wreck a business is to get acquisitions wrong."

Cuthbert said the group was keen to expand its work in the United Arab Emirates, and confirmed that Mouchel had undertaken a feasibility study on the recently-announced Dubai Canal scheme.

"The topography is huge for this project, so there would need to be some significant blasting, but nothing is impossible – especially there."

Explaining the rebranding, Cuthbert said: "We wanted to simplify things. I did call [former Parkman boss] Hugh Parkman, and he could understand the need."

Group communications manager Ian Parker added:
"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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