Shares fall 30% as losses hit Mouchel

摘要

Shares in the support services group Mouchel fell by 30% last week, after the local government contractor announced a loss of ￡14.7m.The group announced a 15% fall in revenue for the year ending 31 July and profits, before tax and exceptional items, of ￡30.5m.But Mouchel also incurred exceptional costs of ￡45.2m, after dealing with restructuring and debts from its Middle East businesses, and therefore, made the ￡14.7m loss over the time period.The MJ reported last month (19 October) that the group's shares had dipped after warnings of government spending cuts.