Trading Update
November 06 2003 - 1:01AM
UK Regulatory
RNS Number:7427R
Management Consulting Group PLC
06 November 2003
6 November 2003
TRADING UPDATE
Management Consulting Group PLC issues the following trading update.
On 11 August 2003, when announcing the results for the six months ended 30 June
2003, it was noted that the Group's order book had grown by 40% during the year
despite cautious decision making by clients which delayed the rate of order
input. On the basis of this, together with strong enquiry levels, the Board
indicated that the performance of the Group was expected to improve in the
second half.
It remains the case that the Board expects the performance of the Group in the
second half of the year to show an improvement over the first half. However, a
significant client engagement will terminate unexpectedly with effect from 7
November 2003 and it is unlikely that the revenue that was expected to flow from
this engagement in the current year will be replaced or that the staff resources
can be fully adjusted in line with the reduced revenue. Taking account of the
effect of this and the continued weakening of the US dollar, the result for the
full year ended 31 December 2003 is expected to be below current market
expectations.
The prospects stream has remained strong and the order book has continued to
grow in the second half. In Sterling terms, the order book on 31 October 2003
was some 50% higher than it was at 1 January 2003 and some 30% higher than it
was on 1 November 2002. Accordingly, the Board continues to expect the Group to
make progress in 2004.
For further information please contact:
Management Consulting Group PLC
Kevin Parry Chief Executive 020 7832 3700
Stephen Purse Finance Director 020 7832 3700
The Maitland Consultancy
Suzanne Bartch 020 7379 5151 (mobile) 07769 710335
Michelle Jeffery 020 7379 5151 (mobile) 07989 977837
Note for editors:
Management Consulting Group PLC comprises two consulting businesses, Proudfoot
Consulting and Parson Consulting.
Proudfoot Consulting is a specialist consultancy which implements sustainable
operational improvements in sales, costs and overheads and in major capital
expenditure typically at no net annualised cost to its clients.
Parson Consulting is a financial management consultancy that improves the
accuracy, speed and efficiency of finance and support functions free of auditing
conflicts of interest.
This information is provided by RNS
The company news service from the London Stock Exchange
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