CEO comment
“2012 is a year of transition for Mouchel. The first half of this financial year has remained challenging, but we are seeing signs of stabilisation in our core markets. We have completed our strategic review, which looks at every aspect of the business, and have started implementing the changes required to build on our market-leading positions in infrastructure and business services. These changes will concentrate on simplifying our operations and significantly reducing group support costs, while improving our technical ability and client focus. The changes we are announcing today will enhance our ability to deliver operational excellence to our clients. Our lenders are supportive of our plans.
“Mouchel is a good business, with a strong, enduring brand, and we have established that this can be a successful, profitable business with the right cost base and balance sheet. We continue to win important contracts such as the expansion of our contract in Bournemouth to include HR and Finance. We are evaluating all options for restructuring our balance sheet. These options include a significantly dilutive equity raise. The restructure is expected to be completed by the end of the 2012 financial year.”
Grant Rumbles, Chief Executive. Thursday 29 March 2012.