Management Consulting Group PLC Interim Management Statement (9725K)
22 April 2015 - 6:45PM
UK Regulatory
TIDMMMC
RNS Number : 9725K
Management Consulting Group PLC
22 April 2015
22 April 2015
Management Consulting Group PLC ("MCG")
Interim Management Statement
To coincide with today's Annual General Meeting, Management
Consulting Group PLC ('MCG' or 'the Group') today provides an
Interim Management Statement for the period from 1 January 2015 to
22 April 2015.
The outlook for the Group remains as reported in our Preliminary
Results Statement on 5 March 2015.
Kurt Salmon had a good start to 2015. In France our revenues are
stable and there are some signs of improving market confidence, but
it remains to be seen whether this will have a significant positive
impact on our business this year. Elsewhere in Europe our financial
services and retail consulting practices are performing well. In
North America we are seeing continued strong demand for our
services. As previously reported, for Kurt Salmon overall we expect
the trends we saw in 2014 to continue in 2015. The current order
book in Kurt Salmon is at a similar level to the same period last
year.
Alexander Proudfoot had a satisfactory start to 2015 although
the rate of order input will need to build from current levels to
meet our objectives for the year as a whole. The current order book
is lower than the same stage last year but there is a promising
pipeline of opportunities. The investment and change initiatives
that we launched in 2014 to build a firmer platform for revenue
growth are continuing this year and, as previously reported, will
have some adverse effect on profitability. The implementation of
these initiatives is most advanced in the North American business
unit which delivered an improved performance in the first quarter
of 2015, offset by a slightly weaker outcome in the European and
African business units. At this stage the Board retains a cautious
view on the outlook for Alexander Proudfoot for 2015 as a
whole.
The first half of the year is typically not cash generative as a
result of the timing of the payment of the Group's annual bonuses
from the previous financial year. As a result net indebtedness will
increase at the 2015 half year compared to the end of 2014 as in
previous years, but we do not expect to report a year on year
increase in net debt at 30 June 2015.
Subject to shareholder approval at today's Annual General
Meeting, the final dividend of 0.595 pence per share will be paid
on 7 July 2015 to shareholders on the register on 15 May.
Nick Stagg, Chief Executive, commented:
"The outlook for the Group remains as reported at the time of
our 2014 results announcement in March. We are continuing to drive
change in Alexander Proudfoot, and have seen a positive impact in
the North American business unit, where the roll-out of these
initiatives is most advanced. In the short term our focus remains
on generating higher levels of order input in Alexander Proudfoot
over the year as a whole. Kurt Salmon has had a good start to the
year, with the larger practices in France and North America both
performing in line with our expectations, and an encouraging order
book and pipeline at this stage."
For further information please contact:
Management Consulting Group PLC
Nick Stagg Chief Executive 020 7710 5000
Chris Povey Finance Director 020 7710 5000
FTI Consulting
Ben Atwell
Victoria Foster
Mitchell 0203 727 1000
Notes to Editors
Management Consulting Group PLC (MMC.L) provides professional
services across a wide range of industries and sectors. It
comprises two independently managed practices: Alexander Proudfoot
and Kurt Salmon, which both operate worldwide. Alexander Proudfoot
helps clients to embed disciplined execution in their operations to
achieve growth targets, revenue and profit goals. Kurt Salmon
provides services to a wide range of industries. For further
information, visit www.mcgplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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