Group balance sheet
2014 2013
GBP'000 GBP'000
--------------------------------------- --------- ---------
Non--current assets
Intangible assets and goodwill 258,542 266,806
Property, plant and equipment 2,747 2,724
Investments 727 2,444
Deferred tax assets 14,722 16,486
---------------------------------------- --------- ---------
Total non--current assets 276,738 288,460
---------------------------------------- --------- ---------
Current assets
Trade and other receivables 62,901 68,709
Current tax receivable 2,136 1,941
Cash and cash equivalents 24,920 14,669
---------------------------------------- --------- ---------
Total current assets 89,957 85,319
---------------------------------------- --------- ---------
Total assets 366,695 373,779
---------------------------------------- --------- ---------
Current liabilities
Trade and other payables (71,073) (70,787)
Current tax liabilities (7,643) (9,014)
---------------------------------------- --------- ---------
Total current liabilities (78,716) (79,801)
---------------------------------------- --------- ---------
Net current assets 11,241 5,518
---------------------------------------- --------- ---------
Non--current liabilities
Financial liabilities (58,521) (54,481)
Retirement benefit obligations (22,920) (19,582)
Non--current tax liabilities (3,956) (3,764)
Long-term provisions (4,917) (5,285)
---------------------------------------- --------- ---------
Total non--current liabilities (90,314) (83,112)
---------------------------------------- --------- ---------
Total liabilities (169,030) (162,913)
---------------------------------------- --------- ---------
Net assets 197,665 210,866
---------------------------------------- --------- ---------
Equity
Share capital 84,518 84,504
Share premium account 82,362 82,040
Merger reserve 32,513 32,513
Share compensation reserve 5,737 6,239
Shares held by employee benefits trust (3,063) (4,111)
Translation reserve 19,029 25,126
Other reserves 6,082 6,300
Retained earnings (29,513) (21,745)
---------------------------------------- --------- ---------
Equity attributable to owners of the
Company 197,665 210,866
---------------------------------------- --------- ---------
Group cash flow statement
2014 2013
Note GBP'000 GBP'000
--------------------------------------------- ---- -------- --------
Net cash inflow from operating activities 11 13,088 1,842
--------------------------------------------- ---- -------- --------
Investing activities
Interest received 69 30
Purchases of property, plant and equipment (849) (1,213)
Purchases of intangible assets (252) (1,333)
Purchase of financial assets (87) (362)
Disposal of financial assets 1,674 -
Disposal of subsidiary - 98
Acquisition of subsidiaries (600) (320)
--------------------------------------------- ---- -------- --------
Net cash used in investing activities (45) (3,100)
--------------------------------------------- ---- -------- --------
Financing activities
Interest paid (1,957) (2,067)
Dividends paid (4,088) (3,890)
Proceeds from borrowings 28,049 29,543
Repayment of borrowings (23,406) (20,617)
Purchase of own shares (1,014) (718)
--------------------------------------------- ---- -------- --------
Net cash (used in)/ generated from financing
activities (2,416) 2,251
--------------------------------------------- ---- -------- --------
Net increase in cash and cash equivalents 10,627 993
Cash and cash equivalents at beginning
of year 14,669 14,863
Effect of foreign exchange rate changes (376) (1,187)
--------------------------------------------- ---- -------- --------
Cash and cash equivalents at end of year 24,920 14,669
--------------------------------------------- ---- -------- --------
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 2014 or 2013, but is derived from those accounts.
Statutory accounts for 2013 have been delivered to the Registrar of
Companies and those for 2014 will be delivered following the
Company's annual general meeting. The auditor has 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 Section 498 Companies Act
2006.
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 IFRS.
The Group's Annual Report and Accounts and notice of Annual
General Meeting will be sent to shareholders on 21 March 2014 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 on 22 April 2015 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
IFRS. 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 2014). The policies have been
consistently applied to all the periods presented.
Full details of the Group's accounting policies can be found in
note 2 to the 2014 Annual Report which is available on our website:
www.mcgplc.com.
3. Going concern
The Group can draw up to GBP85 million under its fully revolving
credit facility which runs until July 2016. The Group prepares
regular business forecasts and monitors its projected compliance
with its banking covenants, which are reviewed by the Board.
Forecasts are adjusted for reasonable sensitivities which address
the principal risks to which the Group is exposed. Consideration is
given to the potential actions available to management to mitigate
the impact of one or more of these sensitivities, in particular the
discretionary nature of a significant amount of cost incurred by
the Group. On this basis the Board has concluded that it is
appropriate to continue to adopt the going concern basis in the
Group's financial statements.
4. Segmental information
The Group's operating segments are defined as the two
professional services practices, Alexander Proudfoot and Kurt
Salmon. This is the basis on which information is provided to the
Board of Directors for the purposes of allocating certain resources
within the Group and assessing the performance of the business. All
revenues are derived from the provision of professional
services.
Inter-segmental sales are not significant.
(a) Geographical analysis
The Group operates in three geographical areas; the Americas,
Europe and the Rest of World. The following is an analysis of
financial information by geographic segment:
(i) Revenue and underlying operating profit by geography
Rest of
Americas Europe World Group
-------------------------------------------- -------- ------- ------- -------
Year ended 31 December 2014 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------- -------- ------- ------- -------
Revenue - continuing operations 103,152 120,105 19,517 242,774
Profit from operations before non-recurring
expenses and amortisation of acquired
intangibles 6,045 5,753 20 11,818
Non-recurring (expenses)/income
and amortisation of acquired intangibles (2,679) (1,698) 678 (3,699)
-------------------------------------------- -------- ------- ------- -------
Profit from operations 3,366 4,055 698 8,119
-------------------------------------------- -------- ------- ------- -------
Investment income 69
Finance costs (3,254)
-------------------------------------------- -------- ------- ------- -------
Profit before tax 4,934
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