Mouchel says trading will remain tough June 15, 2011 TROUBLED support services firm Mouchel has said it faces “very challenging” trading conditions over the coming year. The firm said government cuts and cost cutting measures had slashed its clients’ budgets and could further impact on its financial performance. It also said a protracted offer period for the company, which included repeated bids from peers [...]
Speedy Hire sees bumpy road May 18, 2011 Tool-rental firm Speedy Hire expects the next 18 months for the business to be “bumpy”, and said its finance director Justin Read had resigned to join a bigger UK firm. Speedy Hire, whose customers include Tesco and British engineering firm Costain, forecast a further 0.8 per cent fall in construction output this year. Speedy Hire [...]
Symbolic sacrifice of FD won’t save the day June 15, 2011 WHEN Costain offered 164.3p-a-share for Mouchel, someone should have bitten its hand off. Yesterday, its shares closed at 59.75p, less than half of the amount that was on the table. Management said the bid was too low – but it wasn’t as low as a preceding offer from Interserve, which reduced its own bid from [...]
Mouchel warns on tough economy June 15, 2011 Business services group Mouchel has said recent tough trading conditions would likely continue over the coming months as many of its clients slash budgets and UK government cost cutting measures kick in. “The short-term outlook for the group continues to be very challenging and is heavily influenced by the steps the coalition government is taking [...]
Mouchel falls after bids fail April 5, 2011 SHARES in road maintenance group Mouchel dropped further yesterday after both Costain and Interserve walked away from their takeover offers, amid uncertainty about the company’s future. Mouchel’s shares have tumbled more than 40 per cent since rejecting a string of bids at the end of March, and yesterday analysts downgraded their forecasts. Numis analyst Francesca [...]
COSTAIN SLASHES PENSION DEFICIT November 8, 2010 CONSTRUCTION and engineering group Costain was boosted yesterday after slashing its pension deficit by £22m after transferring its interest in six PFI investments into its pension scheme. Chief executive Andrew Wyllie (above) said the valuation realised on the investments was higher than expected.
COSTAIN SLASHES PENSION DEFICIT November 8, 2010 CONSTRUCTION and engineering group Costain was boosted yesterday after slashing its pension deficit by £22m after transferring its interest in six PFI investments into its pension scheme. Chief executive Andrew Wyllie (above) said the valuation realised on the investments was higher than expected.
Mouchel tanks after rejecting two bidders March 29, 2011 MOUCHEL’S shares tanked yesterday after it announced it has rejected overtures from two possible buyers. Rival Interserve and construction firm Costain were both kicked to the curb by the Mouchel board, wiping £60m off its already battered market cap – more than a third of its value. Mouchel said it rejected the offer from Interserve, [...]
Crossrail chooses building shortlist for four stations April 19, 2011 CROSSRAIL management has picked a shortlist of companies to build four stations on the new pan-London railway, bringing the chosen construction firms closer to work worth nearly £1bn. A joint bid by Costain and Skanska has won a place on the shortlist for all four stations, while rivals including Laing O’Rourke, Ferrovial, Lend Lease and [...]
French family-run firm emerges as DTZ bidder May 12, 2011 FRENCH family-run property group Saint George Participations (SGP) has emerged as a potential bidder for British property consultant DTZ. SGP, which already owns about 55 per cent of DTZ, said yesterday that it was in “preliminary discussions” to buy the remainder of the London-listed company. SGP also revealed it is in talks with BNP Paribas’ [...]