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Montpellier wants new image

Contractor Montpellier will ask shareholders to approve rebranding the firm as Renew Group in January in a bid to move the company on from its recent misfortunes.
Montpellier chairman Roy Harrison unveiled the proposal in the company's final results today.

He said: 'The past year has been an incredibly difficult and challenging period for the

group and there has been a great deal of change, including the sale and closure

of a number of the group's businesses. Reflecting this more focused approach,

the Board is proposing to change the group's name to Renew Group Plc.'

Montpellier has struggled with losses on a series of problem contracts, which prompted a major restructure at the company last year and the sale of several subsidiaries. In September the firm netted £18 million from a sale of Bullock to management.

The company crept back into the black for the year to September making pre-tax profits of £1.2 million, an improvement on last year's £6.9 million loss. Turnover barely shifted at £455 million compared with £459 million last time.

And Mr Harrison added that the legacy contracts which plagued the group are now under control following a further review by new chief executive Brian May.

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