Management Consulting Group PLC Interim Management Statement (6803C)
April 18 2013 - 6:00AM
UK Regulatory
TIDMMMC
RNS Number : 6803C
Management Consulting Group PLC
18 April 2013
18 April 2013
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 2013 to
18 April 2013.
The outlook for the business remains as reported in our
Preliminary Results Statement on 6 March 2013.
As previously reported, Alexander Proudfoot's performance in the
first half of 2013, relative to 2012, is expected to show the
impact of a slower start to the year. However recent levels of
input have been encouraging and there is a good pipeline of
prospects at this stage of the year.
Kurt Salmon's operations in North America and Asia continue to
perform well. In France, as expected, activity levels have
continued to be affected by macroeconomic weakness in the Eurozone.
Kurt Salmon's operations elsewhere in Europe are making good
progress. We will continue to actively manage our resource levels
in those areas of the business affected by weakness in market
demand, while focusing investment and recruitment on geographies
where there are better opportunities for growth.
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, and net indebtedness is expected
to increase at the 2013 half year compared to the end of 2012, as
in previous years.
On 30 October 2012 MCG announced that it intended to commence a
share buy-back programme to make market purchases of its ordinary
shares of up to GBP5m over the succeeding twelve months. Up to 17
April 2013 the Company had purchased 1,856,772 of its ordinary
shares for a total consideration of GBP0.5m.
Subject to shareholder approval at today's Annual General
Meeting, the final dividend of 0.595 pence per share will be paid
on 2 July 2013 to shareholders on the register on 17 May.
Nick Stagg, Chief Executive, commented:
"Although Proudfoot had a slow start to the year, as previously
indicated, we have seen much improved activity levels in the last
two months. Kurt Salmon is performing well in North America and
Asia, but continues to face weak demand in France. In spite of
continuing macroeconomic uncertainty we believe that MCG remains
well positioned to benefit from its global coverage and sector
focus."
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 (Formerly Financial Dynamics)
Ben Atwell 020 7831 3113
Susan Stuart 020 7831 3113
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 helps clients to
embed disciplined execution in their operations to achieve growth
targets, revenue and profit goals. 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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