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Mouchel profit slumps

Consultant Mouchel saw pre-tax profits nosedive one third after being hit with one-off integration costs following its £46 million takeover of business processing and IT group HBS last August.

The business has been merged with Mouchel’s Government services arm, a process which cost £4.6 million. As a result, pre-tax profits in the six months to 31 January dropped to £9.3 million from £13.6 million last time.

But the HBS deal helped swell revenue by nearly half to £308.1 million for the first half with the company also saying turnover had risen after a strong performance from car parking software company Traffic Support, water consultant Ewan and programme manager Hornagold & Hills which were all bought in November 2006.

Chief executive Richard Cuthbert said: “The general market outlook for our services remains good and we continue to be confident about our future prospects.”