TIDMMMC
RNS Number : 5039O
Management Consulting Group PLC
09 March 2009
9 March 2009
MCG Announces Record Underlying Results
Revenue from continuing operations up 60% and underlying profit up 33%
Management Consulting Group PLC ("MCG" or "the Group"), the international
management consultancy group, today announces its results for the year ended 31
December 2008.
Key points
* Revenue from continuing operations up 60% on last year to GBP343.1m (2007:
GBP214.5m)
* Underlying* profit from operations up 33% to GBP34.7m (2007: GBP26.1m). Loss
from operations GBP15.9m (2007: GBP21.9m profit)
* Underlying EPS up 5% to 6.2p (2007: 5.9p). Basic EPS -6.4p (2007: 4.7p)
* Cash generated by operations up 22% to GBP41.2m (2007: GBP33.8m)
* Net debt at year end up 2% to GBP62.1m (2007: GBP60.9m) but down 31% to GBP42.3m
at constant exchange rates
* Total dividend up 13% to 1.3p per share (2007: 1.15p per share)
* Business restructured during 2008 with significant cost reductions
* Current order book and revenue currently at similar levels to this stage last
year
*Throughout this statement the term 'underlying' is defined as 'before
non-recurring items and amortisation and impairment of acquired intangibles for
continuing businesses'.
Alan Barber, Executive Chairman:
"2008 was a challenging but ultimately very successful year for MCG. Record
underlying results and strong cash generation were achieved despite the
gathering economic recession and the need to carry out a restructuring of the
Group. By the end of the year we had created a more balanced and broad-based
business that is far less reliant on any one industrial sector or geography for
its success."
For further information please contact:
+-----------------------------+------------------------+--------------------------+
| Management Consulting Group | | |
| PLC | | |
+-----------------------------+------------------------+--------------------------+
| Alan Barber | Executive Chairman | 020 7710 5000 |
+-----------------------------+------------------------+--------------------------+
| Craig Smith | Group Finance Director | 020 7710 5000 |
+-----------------------------+------------------------+--------------------------+
| | | |
+-----------------------------+------------------------+--------------------------+
| Financial Dynamics | | |
+-----------------------------+------------------------+--------------------------+
| Ben Atwell | | 020 7831 3113 |
+-----------------------------+------------------------+--------------------------+
An analyst briefing will be held at the offices of Financial Dynamics at Holborn
Gate, 26 Southampton Buildings, London WC2A 1PB on Monday 9 March at 9.30 am.
Notes to Editors
Management Consulting Group PLC (MMC.L) is an umbrella organisation for a
diverse range of consulting and professional services offerings.
MCG operates through three divisions: Ineum Consulting, Kurt Salmon Associates,
and Proudfoot Consulting. Ineum Consulting provides consulting services with
industry expertise. Kurt Salmon Associates provides retail and healthcare
consulting. Proudfoot Consulting provides operational improvement consulting.
The Group operates worldwide. For further information, visit www.mcgplc.com.
Forward-looking statements
This preliminary announcement contains certain forward-looking statements with
respect to the financial condition, results of operations and businesses of
Management Consulting Group PLC. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon circumstances that
will occur in the future. There are a number of factors that could cause actual
results of developments to differ materially from those expressed or implied by
these forward-looking statements and forecasts. The forward looking statements
are based on the directors' current views and information known to them at 9
March 2009. The directors do not make any undertaking to update or revise any
forward looking statements, whether as a result of new information, future
events, or otherwise. Nothing in this announcement should be construed as a
profit forecast.
Chairman's Statement
Overview
2008 was a challenging but ultimately very successful year for MCG. Record
underlying results and strong cash generation were achieved despite the
gathering economic recession and the need to carry out a painful restructuring
of the Group. By the end of the year we had created a more balanced and
broad-based business that is far less reliant on any one industrial sector or
geography for its success.
The business is now structured as three resilient and client-focused practices:
Ineum Consulting, Kurt Salmon Associates and Proudfoot. These continue to enjoy
Group synergies while benefiting from independent management driving their
growth. Although our share price has fallen by 36% during 2008 this compares
favourably with a significant number of other small-cap companies. I hope that
our share price during 2009 will reflect the broad base of our profit stream,
the strong cash generation capability of our business and the benefits of the
cost reduction exercise completed late in 2008.
Proudfoot and Ineum Consulting, in particular, performed very well in 2008.
Proudfoot recorded its highest revenue and profit figures since the early 1990s
and Ineum Consulting continued its very successful growth, reaching almost
double its revenue in 2006, the year of its acquisition. Kurt Salmon Associates
experienced more difficult trading towards the end of the year, particularly due
to the slowdown in its core retail market. However it responded well by actively
managing its cost base in advance of the downturn and is in good shape to face
its future challenges.
The Group generates well over 90% of its business outside the UK and so the
current weakness of Sterling is beneficial to its reported revenue and profits.
Unless Sterling strengthens significantly against major currencies, this trend
will continue during 2009.
The Group again generated cash strongly during 2008, with excellent working
capital management across the divisions. Although the reported year-end net debt
figure is inflated by the weakness of Sterling and a cash outflow relating to
over GBP10m of non-recurring costs, at constant exchange rates debt decreased by
GBP18.6m during the year. We remained comfortably within our debt facility and
covenant limits throughout the year.
Shareholder returns remain uppermost in our priorities and, having restructured
the Group during 2008, we regularly review and consider all the strategic
options open to us as we look to maximise these returns.
Summary of trading performance
MCG reached record levels of revenue and underlying profit in 2008. Total
revenue for the year ended 31 December 2008 from continuing businesses was up
60.0% to GBP343.1m (2007: GBP214.5m). The Group benefited from full year trading
of the two 2007 acquisitions and the strength of the Euro and the US Dollar, the
Group's major trading currencies. Underlying profit from operations was up 33.3%
to GBP34.7m (2007: GBP26.1m). The weakness of Sterling compared to the Euro and
the US Dollar had a positive effect on the Group's results. If translated at
2007 exchange rates revenue would have been GBP34.4m lower and underlying profit
from operations GBP2.7m lower.
The performance of the Group's consultancies is set out below:
+-------------------------------------------------+------------+------------+
| | Year ended | Year ended |
+-------------------------------------------------+------------+------------+
| | 31 Dec | 31 Dec |
| | 2008 | 2007 |
+-------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------+------------+------------+
| Revenue | | |
+-------------------------------------------------+------------+------------+
| Ineum Consulting including Parson Consulting* | 153,109 | 123,809 |
+-------------------------------------------------+------------+------------+
| Kurt Salmon Associates | 82,971 | 17,078 |
+-------------------------------------------------+------------+------------+
| Proudfoot Consulting | 106,964 | 73,603 |
+-------------------------------------------------+------------+------------+
| Total revenue | 343,044 | 214,490 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| Operating profit | | |
+-------------------------------------------------+------------+------------+
| Ineum Consulting including Parson Consulting | 9,938 | 11,188 |
+-------------------------------------------------+------------+------------+
| Kurt Salmon Associates | 6,743 | 2,625 |
+-------------------------------------------------+------------+------------+
| Proudfoot Consulting | 18,055 | 12,255 |
+-------------------------------------------------+------------+------------+
| Underlying operating profit | 34,736 | 26,068 |
+-------------------------------------------------+------------+------------+
*Note that excluding the US, UK and Australian results of Parson Consulting,
Ineum Consulting would have recorded revenue of GBP131.0m (2007: GBP101.9m) and
operating profit of GBP13.9m (2007: GBP13.1m)
Non-recurring costs of GBP21.5m (2007: GBP2.5m) were incurred in respect of the
many restructuring programmes undertaken during 2008. There was a charge of
GBP26.7m (2007: zero) relating to the impairment of the goodwill in respect of
Parson Consulting. Consequently there was an overall loss from operations of
GBP15.9m (2007: GBP21.9m profit). The full year effect of the additional debt,
taken on during 2007 to finance acquisitions, has increased interest expense,
net of investment income, to GBP4.2m (2007: GBP2.1m). The loss before tax was
GBP20.0m (GBP19.8m profit).
Following an underlying effective tax rate of 33% (2007: 31%), the underlying
earnings per share from continuing operations were up 4.9% to 6.2p (2007: 5.9p).
Basic earnings per share were -6.4p (2007: 4.7p). An interim dividend of 0.40p
per share (2007: 0.33p per share) was paid on 21 October 2008. The directors
recommend a final dividend of 0.90p per share (2007: 0.82p per share) to be paid
on 2 July 2009 to ordinary shareholders on the register at 5 June 2009.
Cash generation was strong throughout the year and net debt at year end was
GBP62.1m (2007: GBP60.9m). The vast majority of the Group's debt is in Euros and
US Dollars and so was adversely affected by exchange movements during the year.
At 2007 exchange rates, year-end net debt would have been GBP42.3m.
Group structure and strategy
Ineum Consulting and Kurt Salmon Associates are industry-led consultancies
offering strategic and business management consultancy services. Proudfoot is an
operational improvement business. To maintain the appropriate focus on these
three practices I have revamped the organisational structure of the Group so
that each reports directly to me. As a consequence their results will be shown
separately in this report. During 2008 Parson Consulting and Viaduct Consulting
were integrated into Ineum Consulting and their names discontinued. In December
2008 the stake in Salzer Consulting was sold back to the original owner.
In parallel to these organisational changes a strategic review was undertaken to
develop a blueprint for the future direction of the Group. This too was
completed just as the credit squeeze began to take hold and the global economy
headed towards recession. Growth opportunities for the Group were identified
during the process and the Group intends to invest cautiously in the resource
required to exploit these as external economic conditions allow. Likewise many
cost saving opportunities became evident and the Group has embraced these
quickly and expediently in order to refocus the business to its three key brands
and its appropriate geographical footprint. Non-client facing costs,
particularly central costs, have been minimised during 2008. Around a dozen
properties have been withdrawn from during the year and a further five
downsized. The Group has restructured its old Parson Consulting and Viaduct
Consulting businesses, integrating these into Ineum Consulting, sold its stake
in Salzer Consulting and downsized its operations in China to reduce
substantially the losses in the region.
The strategy of MCG remains to maximise shareholder value through organic growth
and selected small acquisitions whilst reducing the net debt of the business,
with a view to becoming debt free before the expiry of the current committed
banking facility in 2012.
People
On 19 February 2008, Rolf Stomberg, Chairman and Kevin Parry, Chief Executive,
stood down from the Board. On the same day I was appointed Executive Chairman
and continue to have overall executive responsibility for the Group. On 19 March
2008, Luiz Carvalho, Miguel de Fontenay and Mark Wietecha joined the Board as
Executive Directors. On 23 April 2008, Mark Wietecha was appointed Deputy
Chairman and Luiz Carvalho and Miguel de Fontenay appointed Managing Directors
of MCG. On 19 February 2008, Craig Smith, Finance Director, announced his
resignation but on 23 April 2008 agreed to withdraw this and continue in that
role. On 8 October 2008, Julian Waldron was appointed to the Board as
Non-executive Director. At the 2008 Annual General Meeting Mark Wietecha will
relinquish his position as Deputy Chairman and become a Managing Director of MCG
with executive responsibility for Kurt Salmon Associates. The Board currently
has five Non-executive Directors and is seeking to appoint one more to reflect
the geographical diversity of MCG. I would like to take this opportunity to
thank all the Directors who worked with MCG during 2008, and indeed all the
employees, for their sterling efforts during this turbulent year in the Group's
history.
Prospects
Life is as challenging for MCG as it is for many other businesses in today's
economic climate. However, during 2008 we have created a balanced portfolio of
practices and maintained a secure financial position and good cash generation
while continuing to develop a team of highly professional partners and staff.
Currently our order book and revenue are at a similar level to last year and we
remain very focused on meeting the significant economic challenge of today's
trading environment.
Alan Barber
Executive Chairman
9 March 2009
+------------------------------------------------+------+-----------+-------------+
| | | 2008 | 2007 |
+------------------------------------------------+------+-----------+-------------+
| | Note | GBP'000 | GBP'000 |
+------------------------------------------------+------+-----------+-------------+
| Continuing operations | | | Restated |
+------------------------------------------------+------+-----------+-------------+
| Revenue | | 343,055 | 214,490 |
+------------------------------------------------+------+-----------+-------------+
| Cost of sales | | (188,665) | (106,287) |
+------------------------------------------------+------+-----------+-------------+
| Gross profit | | 154,390 | 108,203 |
+------------------------------------------------+------+-----------+-------------+
| Administrative expenses - underlying | | (119,654) | (82,165) |
+------------------------------------------------+------+-----------+-------------+
| Profit from operations before non-recurring | | 34,736 | 26,068 |
| expenses and amortisation of acquired | | | |
| intangibles | | | |
+------------------------------------------------+------+-----------+-------------+
| Administrative expenses - non-recurring | | (26,695) | - |
| impairment | | | |
+------------------------------------------------+------+-----------+-------------+
| Administrative expenses - non-recurring other | | (21,502) | (2,480) |
+------------------------------------------------+------+-----------+-------------+
| (Loss) / profit from operations before | | (13,461) | 23,588 |
| amortisation of acquired intangibles | | | |
+------------------------------------------------+------+-----------+-------------+
| Administrative expenses - amortisation of | | (2,390) | (1,665) |
| acquired intangibles | | | |
+------------------------------------------------+------+-----------+-------------+
| Total administrative expenses | | (170,241) | (86,280) |
+------------------------------------------------+------+-----------+-------------+
| (Loss) / profit from operations | | (15,851) | 21,923 |
+------------------------------------------------+------+-----------+-------------+
| Investment income | | 1,232 | 1,104 |
+------------------------------------------------+------+-----------+-------------+
| Finance costs | | (5,394) | (3,194) |
+------------------------------------------------+------+-----------+-------------+
| (Loss) / profit before tax | | (20,013) | 19,833 |
+------------------------------------------------+------+-----------+-------------+
| Tax expense | | (907) | (6,459) |
+------------------------------------------------+------+-----------+-------------+
| (Loss) / profit for the year from continuing | | (20,920) | 13,374 |
| operations | | | |
+------------------------------------------------+------+-----------+-------------+
| Discontinued operations | | (1,099) | (193) |
+------------------------------------------------+------+-----------+-------------+
| (Loss) / profit for the year attributable to | | (22,019) | 13,181 |
| equity holders of the parent | | | |
+------------------------------------------------+------+-----------+-------------+
| | | | |
+------------------------------------------------+------+-----------+-------------+
| Earnings per share - pence | | | |
+------------------------------------------------+------+-----------+-------------+
| From continuing operations | | | |
+------------------------------------------------+------+-----------+-------------+
| Basic | 8 | (6.4) | 4.7 |
+------------------------------------------------+------+-----------+-------------+
| Diluted | 8 | (6.4) | 4.7 |
+------------------------------------------------+------+-----------+-------------+
| Basic - excluding non-recurring items and | 8 | 6.2 | 5.9 |
| amortisation of acquired intangibles | | | |
+------------------------------------------------+------+-----------+-------------+
| From (loss) / profit for the year attributable | | | |
| to equity holders of the parent | | | |
+------------------------------------------------+------+-----------+-------------+
| Basic | 8 | (6.8) | 4.7 |
+------------------------------------------------+------+-----------+-------------+
| Diluted | 8 | (6.8) | 4.7 |
+------------------------------------------------+------+-----------+-------------+
+------------------------------------------------+------+-----------+-------------+
| | | 2008 | 2007 |
+------------------------------------------------+------+-----------+-------------+
| | | GBP'000 | GBP'000 |
+------------------------------------------------+------+-----------+-------------+
| Exchange differences on translation of foreign | | 51,195 | 9,057 |
| operations | | | |
+------------------------------------------------+------+-----------+-------------+
| Actuarial (loss) / gains on defined benefit | | (12,674) | 734 |
| pension obligations and medical schemes | | | |
+------------------------------------------------+------+-----------+-------------+
| Loss on available for sale investments | | (1,652) | (26) |
+------------------------------------------------+------+-----------+-------------+
| Tax on items taken directly to equity | | 2,489 | 167 |
+------------------------------------------------+------+-----------+-------------+
| Net income recognised directly in equity | | 39,358 | 9,932 |
+------------------------------------------------+------+-----------+-------------+
| (Loss) / profit for the year | | (22,019) | 13,181 |
+------------------------------------------------+------+-----------+-------------+
| Total recognised income and expense for the | | 17,339 | 23,113 |
| period attributable to equity holders of the | | | |
| parent | | | |
+------------------------------------------------+------+-----------+-------------+
Group balance sheet
+------------------------------------------------+------+-----------+-------------+
| | | 2008 | 2007 |
+------------------------------------------------+------+-----------+-------------+
| | Note | GBP'000 | GBP'000 |
+------------------------------------------------+------+-----------+-------------+
| Non-current assets | | | Restated |
+------------------------------------------------+------+-----------+-------------+
| Intangible assets | | 307,992 | 262,800 |
+------------------------------------------------+------+-----------+-------------+
| Property, plant and equipment | | 5,057 | 3,572 |
+------------------------------------------------+------+-----------+-------------+
| Financial assets | | 7,076 | 6,650 |
+------------------------------------------------+------+-----------+-------------+
| Deferred tax assets | | 21,899 | 13,175 |
+------------------------------------------------+------+-----------+-------------+
| Total non-current assets | | 342,024 | 286,197 |
+------------------------------------------------+------+-----------+-------------+
| Current assets | | | |
+------------------------------------------------+------+-----------+-------------+
| Trade and other receivables | | 90,265 | 74,846 |
+------------------------------------------------+------+-----------+-------------+
| Cash and cash equivalents | | 35,761 | 20,895 |
+------------------------------------------------+------+-----------+-------------+
| Total current assets | | 126,026 | 95,741 |
+------------------------------------------------+------+-----------+-------------+
| Total assets | | 468,050 | 381,938 |
+------------------------------------------------+------+-----------+-------------+
| Current liabilities | | | |
+------------------------------------------------+------+-----------+-------------+
| Financial liabilities | | (31,780) | (29,205) |
+------------------------------------------------+------+-----------+-------------+
| Trade and other payables | | (145,638) | (106,561) |
+------------------------------------------------+------+-----------+-------------+
| Current tax liabilities | | (14,971) | (7,597) |
+------------------------------------------------+------+-----------+-------------+
| Total current liabilities | | (192,389) | (143,363) |
+------------------------------------------------+------+-----------+-------------+
| Net current liabilities | | (66,363) | (47,622) |
+------------------------------------------------+------+-----------+-------------+
| Non-current liabilities | | | |
+------------------------------------------------+------+-----------+-------------+
| Financial liabilities | | (66,112) | (52,619) |
+------------------------------------------------+------+-----------+-------------+
| Retirement benefit obligation | | (20,927) | (7,852) |
+------------------------------------------------+------+-----------+-------------+
| Non-current tax liabilities | | (8,992) | (11,627) |
+------------------------------------------------+------+-----------+-------------+
| Long term provisions | | (5,235) | (7,465) |
+------------------------------------------------+------+-----------+-------------+
| Total non-current liabilities | | (101,266) | (79,563) |
+------------------------------------------------+------+-----------+-------------+
| Total liabilities | | (293,655) | (222,926) |
+------------------------------------------------+------+-----------+-------------+
| Net assets | | 174,395 | 159,012 |
+------------------------------------------------+------+-----------+-------------+
| Equity | | | |
+------------------------------------------------+------+-----------+-------------+
| Share capital | | 82,817 | 82,225 |
+------------------------------------------------+------+-----------+-------------+
| Share premium account | | 48,981 | 48,894 |
+------------------------------------------------+------+-----------+-------------+
| Merger reserve | | 32,513 | 32,513 |
+------------------------------------------------+------+-----------+-------------+
| Shares to be issued | | - | - |
+------------------------------------------------+------+-----------+-------------+
| Share compensation reserve | | 2,720 | 2,952 |
+------------------------------------------------+------+-----------+-------------+
| Own shares held by employee share trust | | (1,296) | (1,296) |
+------------------------------------------------+------+-----------+-------------+
| Translation reserve | | 55,091 | 3,896 |
+------------------------------------------------+------+-----------+-------------+
| Other reserves | | 5,386 | 7,038 |
+------------------------------------------------+------+-----------+-------------+
| Retained earnings | | (51,817) | (17,210) |
+------------------------------------------------+------+-----------+-------------+
| Total equity attributable to equity holders of | 10 | 174,395 | 159,012 |
| the parent | | | |
+------------------------------------------------+------+-----------+-------------+
Consolidated cash flow statement
+------------------------------------------------+------+-----------+-------------+
| | | 2008 | 2007 |
+------------------------------------------------+------+-----------+-------------+
| | Note | GBP'000 | GBP'000 |
+------------------------------------------------+------+-----------+-------------+
| Net cash inflow from operating activities | 9 | 40,688 | 31,197 |
+------------------------------------------------+------+-----------+-------------+
| Investing activities | | | |
+------------------------------------------------+------+-----------+-------------+
| Interest received | | 701 | 784 |
+------------------------------------------------+------+-----------+-------------+
| Acquisitions of subsidiaries, net of cash and | | - | (39,895) |
| overdrafts acquired | | | |
+------------------------------------------------+------+-----------+-------------+
| Purchases of property, plant and equipment | | (2,469) | (2,111) |
+------------------------------------------------+------+-----------+-------------+
| Purchases of intangible assets | | (784) | (994) |
+------------------------------------------------+------+-----------+-------------+
| Disposal of fixed assets | | 57 | - |
+------------------------------------------------+------+-----------+-------------+
| Purchase of financial assets | | (606) | (1,152) |
+------------------------------------------------+------+-----------+-------------+
| Disposal of financial assets | | 1,359 | - |
+------------------------------------------------+------+-----------+-------------+
| Net cash used in investing activities | | (1,742) | (43,368) |
+------------------------------------------------+------+-----------+-------------+
| Financing activities | | | |
+------------------------------------------------+------+-----------+-------------+
| Interest paid | | (4,591) | (3,420) |
+------------------------------------------------+------+-----------+-------------+
| Dividends paid | | (3,959) | (3,561) |
+------------------------------------------------+------+-----------+-------------+
| Proceeds from borrowings | | 1,695 | 45,069 |
+------------------------------------------------+------+-----------+-------------+
| Refinancing of acquired borrowings by term | | - | (2,587) |
| debt | | | |
+------------------------------------------------+------+-----------+-------------+
| Repayment of borrowings | | (8,833) | (12,657) |
+------------------------------------------------+------+-----------+-------------+
| Proceeds from issue of shares | | 679 | 13 |
+------------------------------------------------+------+-----------+-------------+
| Disposal of subsidiary | | (196) | - |
+------------------------------------------------+------+-----------+-------------+
| Net cash (used in) / raised by financing | | (15,205) | 22,857 |
| activities | | | |
+------------------------------------------------+------+-----------+-------------+
| Net increase in cash and cash equivalents | | 23,741 | 10,686 |
+------------------------------------------------+------+-----------+-------------+
| Cash and cash equivalents at beginning of year | | 20,895 | 10,278 |
+------------------------------------------------+------+-----------+-------------+
| Effect of foreign exchange rate changes | | (8,875) | (69) |
+------------------------------------------------+------+-----------+-------------+
| Cash and cash equivalents at end of year | | 35,761 | 20,895 |
+------------------------------------------------+------+-----------+-------------+
Notes
1.Basis of preparation
The financial information included in this statement does not constitute the
company's statutory accounts for the years ended 31 December 2008 or 2007, but
is derived from those accounts. Statutory accounts for 2007 have been delivered
to the Registrar of Companies and those for 2008 will be delivered following the
company's annual general meeting. The auditors have reported on those
accounts; their reports were unqualified, did not draw attention to any matters
by way of emphasis without qualifying their reports and did not contain
statements under S237(2) or (3) Companies Act 1985.
While the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
(IFRS), this announcement does not itself contain sufficient information to
comply with IFRSs.
The Group's Annual Report and Accounts will be sent to shareholders on 18 March
2009 and will be available at the Company's registered office at 10 Fleet Place,
London, EC4M 7RB, United Kingdom and on our website: www.mcgplc.com.
The Annual General Meeting will be held at 2pm on 21 April 2009 at the offices
of Baker & McKenzie LLP, 100 New Bridge Street, London, EC4V 6JA.
2.Accounting policies
The financial information has been prepared in accordance with IFRSs. These
financial statements have been prepared in accordance with those IFRS standards
and IFRIC interpretations issued and effective or issued and early adopted as at
the time of preparing these statements (as at 31 December 2008). The policies
have been consistently applied to all the periods presented.
Full details of the Group's accounting polices can be found in the 2007 Annual
Report in note 2 which is available on our website: www.mcgplc.com.
3.Going concern
The directors have acknowledged the latest guidance on going concern. Whilst the
current economic environment has caused general uncertainty, the Group has
committed borrowing facilities until September 2012, together with a balanced
and broad-based business which is not reliant on any one industrial sector or
geography. There is significant working capital headroom and strong covenant
compliance. As a consequence, the directors believe that that Group is well
placed to manage its business risks successfully and as such the Group's
financial statements have been prepared on a going concern basis.
4.Segmental information
The Group has one business reporting segment: management consultancy consisting
of the three consultancies: Ineum Consulting, Kurt Salmon Associates, Proudfoot
Consulting.
Primary reporting format - geographic segments
The Group operates in three geographic areas: the Americas, Europe and the Rest
of the World.
The Group reports segment information on the basis of geographic area as
follows:
(a)Income statement
+--------------------------------------+-----------+-----------+-----------+----------+
| | Americas | Europe | Rest of | Group |
| | | | World | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Year ended 31 December 2008 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+-----------+----------+
| Continuing operations | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Revenue | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| External sales | 126,293 | 183,702 | 33,060 | 343,055 |
+--------------------------------------+-----------+-----------+-----------+----------+
| Profit from operations before | 20,858 | 11,624 | 4,742 | 37,224 |
| acquisition integration costs, | | | | |
| depreciation and amortisation of | | | | |
| acquired intangibles | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Administrative expenses - | (26,695) | - | - | (26,695) |
| non-recurring impairment | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Administrative expenses - | (8,006) | (10,216) | (3,280) | (21,502) |
| non-recurring other | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Amortisation of acquired intangibles | (970) | (1,420) | - | (2,390) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Depreciation and other amortisation | (756) | (1,583) | (149) | (2,488) |
+--------------------------------------+-----------+-----------+-----------+----------+
| (Loss) / profit from operations | (15,569) | (1,595) | 1,313 | (15,851) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Finance cost (net) | | | | (4,162) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss before tax | | | | (20,013) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Income tax expense | | | | (907) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss for the year from continuing | | | | (20,920) |
| operations | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Discontinued operations | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| External sales | | | 1,988 | 1,988 |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss from discontinued operations | | | (272) | (272) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Finance cost | | | (63) | (63) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss before tax | | | (335) | (335) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Tax | | | (38) | (38) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss after tax from discontinued | | | (373) | (373) |
| operations | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss on disposal | | | (726) | (726) |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss for the year from discontinued | | | | (1,099) |
| operations | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Loss for the year attributable to | | | | (22,019) |
| equity holders of the parent | | | | |
+--------------------------------------+-----------+-----------+-----------+----------+
(b)Net assets
+--------------------------------------+-----------+----------+-----------+-----------+
| | Americas | Europe | Rest of | Group |
| | | | World | |
+--------------------------------------+-----------+----------+-----------+-----------+
| At 31 December 2008 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+----------+-----------+-----------+
| Assets | | | | |
+--------------------------------------+-----------+----------+-----------+-----------+
| Intangibles, including goodwill | 119,638 | 188,354 | - | 307,992 |
+--------------------------------------+-----------+----------+-----------+-----------+
| Other segment assets | 31,402 | 72,550 | 1,389 | 105,341 |
+--------------------------------------+-----------+----------+-----------+-----------+
| | 151,040 | 260,904 | 1,389 | 413,333 |
+--------------------------------------+-----------+----------+-----------+-----------+
| Unallocated corporate assets | | | | 54,646 |
+--------------------------------------+-----------+----------+-----------+-----------+
| Consolidated total assets | | | | 467,979 |
+--------------------------------------+-----------+----------+-----------+-----------+
| Liabilities | | | | |
+--------------------------------------+-----------+----------+-----------+-----------+
| Segment liabilities | (73,791) | (81,449) | (6,541) | (161,781) |
+--------------------------------------+-----------+----------+-----------+-----------+
| Unallocated corporate liabilities | | | | (131,803) |
+--------------------------------------+-----------+----------+-----------+-----------+
| Consolidated total liabilities | | | | (293,584) |
+--------------------------------------+-----------+----------+-----------+-----------+
| Net assets | | | | 174,395 |
+--------------------------------------+-----------+----------+-----------+-----------+
(c)Capital additions, depreciation and amortisation
+--------------------------------------+-----------+-----------+-----------+----------+
| | Americas | Europe | Rest of | Group |
| | | | World | |
+--------------------------------------+-----------+-----------+-----------+----------+
| Year ended 31 December 2008 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+-----------+----------+
| Capital additions | 654 | 719 | 58 | 1,431 |
+--------------------------------------+-----------+-----------+-----------+----------+
| Unallocated corporate additions | - | - | - | 1,192 |
+--------------------------------------+-----------+-----------+-----------+----------+
| Total capital additions | 654 | 719 | 58 | 2,623 |
+--------------------------------------+-----------+-----------+-----------+----------+
| Depreciation and amortisation | 1,725 | 3,003 | 140 | 4,868 |
+--------------------------------------+-----------+-----------+-----------+----------+
(d)Income statement
+--------------------------------------+-----------+-----------+----------+-----------+
| | Americas | Europe | Rest of | Group |
| | | | World | |
+--------------------------------------+-----------+-----------+----------+-----------+
| Year ended 31 December 2007 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+----------+-----------+
| Continuing operations | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
| Revenue | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
| External sales | 60,815 | 139,904 | 13,771 | 214,490 |
+--------------------------------------+-----------+-----------+----------+-----------+
| Profit from operations before | 9,633 | 18,710 | (432) | 27,911 |
| non-recurring items, depreciation | | | | |
| and amortisation of acquired | | | | |
| intangibles | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
| Non-recurring items | (799) | (1,681) | - | (2,480) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Amortisation of acquired intangibles | (441) | (1,224) | - | (1,665) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Depreciation and other amortisation | (447) | (1,332) | (64) | (1,843) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Profit from operations | 7,946 | 14,473 | (496) | 21,923 |
+--------------------------------------+-----------+-----------+----------+-----------+
| Finance cost (net) | | | | (2,090) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Profit before tax | | | | 19,833 |
+--------------------------------------+-----------+-----------+----------+-----------+
| Income tax expense | | | | (6,459) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Profit for the year from continuing | | | | 13,374 |
| operations | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
| Discontinued operations | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
| External sales | | | 1,297 | 1,297 |
+--------------------------------------+-----------+-----------+----------+-----------+
| Loss from operations before | | | (127) | (127) |
| non-recurring items, depreciation | | | | |
| and amortisation of acquired | | | | |
| intangibles | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
| Depreciation and other amortisation | | | (22) | (22) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Loss from discontinued operations | | | (149) | (149) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Finance cost | | | (29) | (29) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Profit before tax | | | (178) | (178) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Tax | | | (15) | (15) |
+--------------------------------------+-----------+-----------+----------+-----------+
| Loss after tax from discontinued | | | (193) | (193) |
| operations | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
| Profit for the year attributable to | | | | 13,181 |
| equity holders of the parent | | | | |
+--------------------------------------+-----------+-----------+----------+-----------+
(e)Net assets
+--------------------------------------+-----------+-----------+-----------+-----------+
| | Americas | Europe | Rest of | Group |
| | | | World | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| At 31 December 2007 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Assets | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Intangibles, including goodwill | 155,618 | 106,507 | 675 | 262,800 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Other segment assets | 33,253 | 55,148 | 7,951 | 96,352 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | 194,984 | 161,655 | 2,513 | 359,152 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Unallocated corporate assets | | | | 22,786 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Consolidated total assets | | | | 381,938 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Liabilities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Segment liabilities | (57,717) | (56,508) | (6,618) | (120,843) |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Unallocated corporate liabilities | | | | (102,083) |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Consolidated total liabilities | | | | (222,926) |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net assets | | | | 159,012 |
+--------------------------------------+-----------+-----------+-----------+-----------+
(f)Capital additions, depreciation and amortisation
+--------------------------------------+-----------+-----------+-----------+-----------+
| | Americas | Europe | Rest of | Group |
| | | | World | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Year ended 31 December 2007 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Acquisitions | 11,769 | 3,728 | - | 15,497 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Capital additions | 1,158 | 1,354 | 420 | 2,932 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Unallocated corporate additions | - | - | - | 1,325 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Total capital additions | 12,927 | 5,082 | 420 | 19,754 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Depreciation and amortisation | 889 | 2,555 | 86 | 3,530 |
+--------------------------------------+-----------+-----------+-----------+-----------+
5.Dividends
+-----------------------------------------------------+-----------+-----------+
| | 2007 | 2006 |
+-----------------------------------------------------+-----------+-----------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------------+-----------+-----------+
| Amounts recognised as distributions to equity | | |
| holders in the year: | | |
+-----------------------------------------------------+-----------+-----------+
| Final dividend for the year ended 31 December 2007 | 2,657 | 2,667 |
| of 0.82p (2006: 1.0p) | | |
+-----------------------------------------------------+-----------+-----------+
| Interim dividend for the year ended 31 December | 1,302 | 894 |
| 2008 of 0.40p per share(2007: 0.33p) | | |
+-----------------------------------------------------+-----------+-----------+
| | 3,959 | 3,561 |
+-----------------------------------------------------+-----------+-----------+
Dividends are not payable on shares held in the employee share trust which has
waived its entitlement to dividends. The amount of the dividend waived in 2008
(in respect of the year ended 31 December 2007 was GBP51,000 (2007: GBP56,000).
The directors recommend the payment of a final dividend in respect of 2008 of
0.90 pence per share to be paid on 2 July 2009 to ordinary shareholders on the
register on 5 June 2009.
6.Staff numbers and costs
The average number of persons employed by the Group (including directors) during
the year, analysed by category, was as follows:
+---------------------------------------------------+------------+-------------+
| | 2008 | 2007 |
+---------------------------------------------------+------------+-------------+
| Sales and marketing | 148 | 360 |
+---------------------------------------------------+------------+-------------+
| Consultants | 1,685 | 1,066 |
+---------------------------------------------------+------------+-------------+
| Support staff | 352 | 272 |
+---------------------------------------------------+------------+-------------+
| | 2,185 | 1,698 |
+---------------------------------------------------+------------+-------------+
As at 31 December 2008, the Group employed 2,231 (2007: 2,176) people.
The aggregate payroll costs of these persons were as follows:
+---------------------------------------------------+------------+-------------+
| | 2008 | 2007 |
+---------------------------------------------------+------------+-------------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+-------------+
| Wages and salaries | 166,209 | 97,191 |
+---------------------------------------------------+------------+-------------+
| Social security costs | 35,463 | 24,843 |
+---------------------------------------------------+------------+-------------+
| Other pension costs | 4,363 | 1,798 |
+---------------------------------------------------+------------+-------------+
| | 206,035 | 123,832 |
+---------------------------------------------------+------------+-------------+
Wages and salaries include GBP1,324,000 (2007: GBP779,000) relating to share
options recognised as an expense under IFRS 2.
7.Finance income/(costs)
+---------------------------------------------------+------------+-------------+
| | 2008 | 2007 |
+---------------------------------------------------+------------+-------------+
| | GBP'000 | GBP'000 |
+---------------------------------------------------+------------+-------------+
| Interest receivable on bank deposits and similar | 779 | 784 |
| income | | |
+---------------------------------------------------+------------+-------------+
| Interest payable on bank overdrafts and loans and | (5,010) | (3,171) |
| similar charges | | |
+---------------------------------------------------+------------+-------------+
| Net finance income on retirement benefit plans | 69 | 268 |
+---------------------------------------------------+------------+-------------+
| | (4,162) | (2,119) |
+---------------------------------------------------+------------+-------------+
8.Tax
+--------------------------------------------------+------------+------------+
| | 2008 | 2007 |
+--------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+--------------------------------------------------+------------+------------+
| Tax in respect of current year | | |
+--------------------------------------------------+------------+------------+
| UK corporation tax | 200 | 20 |
+--------------------------------------------------+------------+------------+
| Foreign tax | 11,970 | 5,223 |
+--------------------------------------------------+------------+------------+
| Deferred tax - acquired intangible assets | (836) | (155) |
+--------------------------------------------------+------------+------------+
| Deferred tax - temporary differences and other | 2,165 | (718) |
+--------------------------------------------------+------------+------------+
| Deferred tax - tax losses | (361) | 1,561 |
+--------------------------------------------------+------------+------------+
| Deferred tax - US goodwill | - | 875 |
+--------------------------------------------------+------------+------------+
| Total deferred tax | 968 | 1,563 |
+--------------------------------------------------+------------+------------+
| Total current year tax | 13,138 | 6,806 |
+--------------------------------------------------+------------+------------+
| Prior year taxation | (2,883) | (332) |
+--------------------------------------------------+------------+------------+
| Total tax expense on underlying profit | 10,255 | 6,474 |
+--------------------------------------------------+------------+------------+
| Tax in respect of non-recurring items | | |
+--------------------------------------------------+------------+------------+
| Foreign tax | (3,245) | - |
+--------------------------------------------------+------------+------------+
| Deferred tax - US goodwill | (4,702) | - |
+--------------------------------------------------+------------+------------+
| Deferred tax - temporary differences and other | (1,401) | - |
+--------------------------------------------------+------------+------------+
| Total tax expense | 907 | 6,474 |
+--------------------------------------------------+------------+------------+
UK corporation tax is calculated at 28.5% (2006: 30%) of the estimated
assessable profit for the year. Taxation for other jurisdictions is calculated
at the rate prevailing in the respective jurisdictions.
9.Earnings per share
From continuing operations
The calculation of the basic and diluted earnings per share is based on the
following data:
+------------------------------------------------+-------------+-------------+
| | 2008 | 2007 |
+------------------------------------------------+-------------+-------------+
| Earnings | GBP'000 | GBP'000 |
+------------------------------------------------+-------------+-------------+
| Earnings for the purposes of basic earnings | (22,019) | 13,181 |
| per share and diluted earnings per share being | | |
| net profit attributable to equity holders of | | |
| the parent | | |
+------------------------------------------------+-------------+-------------+
| Non-recurring items - impairment | 26,695 | - |
+------------------------------------------------+-------------+-------------+
| Non-recurring items - other | 21,502 | 2,480 |
+------------------------------------------------+-------------+-------------+
| Non-recurring items - tax | (9,347) | (800) |
+------------------------------------------------+-------------+-------------+
| Discontinued operations | 1,099 | 193 |
+------------------------------------------------+-------------+-------------+
| Amortisation of acquired intangibles | 2,390 | 1,665 |
+------------------------------------------------+-------------+-------------+
| Earnings for the purpose of basic earnings per | 20,320 | 16,719 |
| share excluding non-recurring items and | | |
| amortisation of acquired intangibles | | |
+------------------------------------------------+-------------+-------------+
| | | |
+------------------------------------------------+-------------+-------------+
| | Number | Number |
+------------------------------------------------+-------------+-------------+
| Number of shares | (million) | (million) |
+------------------------------------------------+-------------+-------------+
| Weighted average number of ordinary shares for | 326.0 | 281.5 |
| the purposes of basic earnings per share, and | | |
| basic excluding non-recurring items and | | |
| amortisation of acquired intangibles | | |
+------------------------------------------------+-------------+-------------+
| Effect of dilutive potential ordinary shares: | | |
+------------------------------------------------+-------------+-------------+
| - share options | - | 0.7 |
+------------------------------------------------+-------------+-------------+
| Weighted average number of ordinary shares for | 326.0 | 282.2 |
| the purposes of diluted earnings per share | | |
+------------------------------------------------+-------------+-------------+
| | | |
+------------------------------------------------+-------------+-------------+
| | P | P |
+------------------------------------------------+-------------+-------------+
| Basic (loss) / earnings per share - continuing | (6.4) | 4.7 |
| operations | | |
+------------------------------------------------+-------------+-------------+
| Diluted (loss) / earnings per share - | (6.4) | 4.7 |
| continuing operations | | |
+------------------------------------------------+-------------+-------------+
| Basic earnings per share - excluding | 6.2 | 5.9 |
| non-recurring items and amortisation of | | |
| acquired intangibles | | |
+------------------------------------------------+-------------+-------------+
| Basic earnings per share from (loss) / profit | (6.8) | 4.7 |
| for the year attributable to equity holders of | | |
| the parent | | |
+------------------------------------------------+-------------+-------------+
| Diluted earnings per share from (loss) / | (6.8) | 4.7 |
| profit for the year attributable to equity | | |
| holders of the parent | | |
+------------------------------------------------+-------------+-------------+
The average share price for the year ended 31 December 2008 was 31.6p (2007:
45.2p).
10. Notes to the cash flow statement
+-------------------------------------------------+-------------+-------------+
| | Group |
+-------------------------------------------------+---------------------------+
| | 2008 | 2007 |
+-------------------------------------------------+-------------+-------------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------+-------------+-------------+
| (Loss) / profit from continuing operations | (15,851) | 21,923 |
+-------------------------------------------------+-------------+-------------+
| (Loss) / profit from discontinued operations | - | (149) |
+-------------------------------------------------+-------------+-------------+
| (Loss) / profit from operations, as reported | (15,851) | 21,774 |
+-------------------------------------------------+-------------+-------------+
| Adjustments for: | | |
+-------------------------------------------------+-------------+-------------+
| Depreciation of property, plant and equipment | 1,501 | 1,259 |
+-------------------------------------------------+-------------+-------------+
| Amortisation of intangible assets | 3,367 | 2,271 |
+-------------------------------------------------+-------------+-------------+
| Impairment charge | 26,695 | - |
+-------------------------------------------------+-------------+-------------+
| Loss on disposal of plant and equipment | - | 7 |
+-------------------------------------------------+-------------+-------------+
| Adjustment for pension funding | (919) | (692) |
+-------------------------------------------------+-------------+-------------+
| Adjustment for share options charge | 1,324 | 779 |
+-------------------------------------------------+-------------+-------------+
| Increase / (decrease) in provisions | (2,295) | (540) |
+-------------------------------------------------+-------------+-------------+
| Operating cash flows before movements in | 13,822 | 24,858 |
| working capital | | |
+-------------------------------------------------+-------------+-------------+
| (Increase) / decrease in receivables | (11,691) | 2,521 |
+-------------------------------------------------+-------------+-------------+
| Increase in payables | 39,067 | 6,450 |
+-------------------------------------------------+-------------+-------------+
| Cash generated by operations | 41,198 | 33,829 |
+-------------------------------------------------+-------------+-------------+
| Income taxes paid | (510) | (2,632) |
+-------------------------------------------------+-------------+-------------+
| Net cash inflow / (outflow) from operating | 40,688 | 31,197 |
| activities | | |
+-------------------------------------------------+-------------+-------------+
Cash and cash equivalents (which are presented as a single class of assets on
the face of the balance sheet) comprise cash at bank and other short-term highly
liquid investments with a maturity of three months or less.
11.Group statement of changes in equity
+--------------------------------------------------+--------------+------------+
| | Group |
+--------------------------------------------------+---------------------------+
| | 2008 | 2007 |
+--------------------------------------------------+--------------+------------+
| | GBP'000 | GBP'000 |
+--------------------------------------------------+--------------+------------+
| At 1 January | 159,012 | 112,189 |
+--------------------------------------------------+--------------+------------+
| Dividends paid | (3,959) | (3,561) |
+--------------------------------------------------+--------------+------------+
| (Loss) / profit for the period | (22,019) | 13,181 |
+--------------------------------------------------+--------------+------------+
| Issue of share capital | | |
+--------------------------------------------------+--------------+------------+
| On acquisition of subsidiary undertakings | - | 25,155 |
+--------------------------------------------------+--------------+------------+
| Exercise of share options | 679 | 13 |
+--------------------------------------------------+--------------+------------+
| Share options | 1,324 | 2,103 |
+--------------------------------------------------+--------------+------------+
| Other recognised income and expense | 41,010 | 9,958 |
+--------------------------------------------------+--------------+------------+
| Revaluation reserve | (1,652) | (26) |
+--------------------------------------------------+--------------+------------+
| At 31 December | 174,395 | 159,012 |
+--------------------------------------------------+--------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR CKFKDFBKDKNK
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