Mouchel suffers after a mauling in the Middle East
11 April 2012
Mouchel, the support services group that escaped a takeover from VT Group after its suitor was bought by Babcock, today revealed its wounds from the Middle East downturn, posting a 28% fall in first-half profit.
Highway-maintenance specialist Mouchel has a big portfolio of business in crisis-struck Dubai and said it was in advanced negotiations to sell its business in the Middle East.
Chief executive Richard Cuthbert blamed "difficult" trading in the region for the lower earnings. Profit for the six months to February came in at £15 million, on revenues 14% lower at £366 million.
Cuthbert added: "We remain increasingly optimistic about the group's longer-term prospects."
