Mouchel shares collapse as restructuring leads to losses

Mouchel shares have fallen 30 per cent this morning, as the firm unveiled its preliminary results for the financial year ending 31 July 2010, which showed an exceptional charge of £45.2 million and pre tax losses of £14.7m.

This marks the second year in a row where the firm has experienced large exceptional charges. Last year exceptionals were £53.6m and the firm made a pre-tax loss of £13.5m.

Mouchel's turnover was £632.6m in the 2010 financial year, 15 per cent lower than the £740.6m revenue in the 2009 financial year.

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