The consulting and business services group said the future pipeline had decreased by nearly 20% from £2.2bn in July 2011 to £1.6bn as at end of November 2011 - primarily as a result of the company’s failure to win the West Sussex Council bid to provide outsourced services worth around £400m within the pipeline.
Mouchel is also currently in discussions with Rochdale Council to mutually agree an amicable exit from its joint venture Partnership Impact Partnership which was to provide highways, property, ICT, contact centre and payroll in the Rochdale borough over a 15 year period from April 2006. If achieved, Mouchel said the order book will decrease by circa £130M but with negligible impact to operating profit and cash.
However, future trading has been supported by a number of other significant new contract wins (totalling £79M since July 2011) as well as expansions and extensions to existing contracts, including:
- a four year contract with the London Borough of Croydon for a Transforming Highways Maintenance contract awarded in October initially valued at £18m;
- the £15m combined value for the third phase New Horizon and the Thomas Fairchild School project under a ten-year Building Schools for the Future (BSF) contract with the London Borough of Hackney awarded in August;
- a two year contract in August by the Department for Regional Development in Northern Ireland for circa £10m - an extension under the Northern Ireland Road Service Framework contract; and
- a 5 year framework contract worth an estimated £16m by the Highways Agency for procurement of services for Traffic Management Technology.
“Our expectations for the year to July 2012 remain unchanged. The economic environment continues to put pressure on margins across our markets, as clients face cutbacks in spending. We have however, continued to win contracts and the actions to right-size the business are well under way, including plans to restructure the balance sheet of the Group within the first half of 2012 and return the Group to growth.”
The Group said it retains an adequate level of cash headroom under its facilities, with net bank borrowings of £108m at the end of November (£109m at the same time last year). The average 12 month rolling net debt improved from £114m at November 2010, to £107m at November 2011. Mouchel said it was continuing to focus on opportunities to improve cash generation and on the efficient management of working capital.
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