Pre-Close Statement (1399Z)
January 10 2011 - 2:00AM
UK Regulatory
TIDMMMC
RNS Number : 1399Z
Management Consulting Group PLC
10 January 2011
10 January 2011
Management Consulting Group PLC
Pre-Close Statement
Management Consulting Group PLC ("MCG" or "the Group"), the
international professional services group, today announces a
pre-close statement ahead of the announcement of the Group's 2010
preliminary results on 7 March 2011.
MCG expects to report revenue and underlying operating profit*
for the 2010 financial year in line with expectations.
The Group's net indebtedness was reduced significantly as a
result of the Capital Raising completed in the first half of 2010.
Cash generation has continued to be a key focus for the Group and
there has been a further significant reduction in net indebtedness
in the second half. Net indebtedness at 31 December 2010 was
approximately GBP56 million compared with GBP74.8 million six
months earlier at 30 June 2010.
*The term 'underlying' is defined as "before non-recurring
items, the amortisation of acquired intangible assets and the
impairment of acquired goodwill from continuing operations".
Nick Stagg, Chief Executive commented:
"2010 was another challenging year for our businesses, but we
took decisive action to improve our balance sheet through a capital
raising in the first half, and we have further significantly
reduced our net indebtedness from operating cash flows in the
second half. Alexander Proudfoot is performing well and shows
encouraging signs for 2011. The merger of Ineum and KSA has been
successfully completed and the business is now trading as Kurt
Salmon. We look forward to realising the benefits of the merger in
2011 and beyond. With a strengthened balance sheet and a lean
business model we are well placed to benefit from global economic
recovery."
For further information please contact:
Management Consulting Group PLC Tel: +44 20 7710 5000
Nick Stagg, Chief Executive
Chris Povey, Group Finance Director
Financial Dynamics Tel: +44 20 7831 3113
Ben Atwell, Susan Quigley
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. Alexander Proudfoot develops and
implements operational improvements to its clients to increase
productivity and reduce costs. Kurt Salmon provides consultancy
services to a wide range of industries in both the private and
public sectors. The Group operates worldwide. 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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