19 Apr 2012 13:30
19 April 2012
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 2012 to 19 April 2012.
As reported in our Preliminary Results Statement on 7 March 2012, the Group entered the year in a strong position. We believe that demand for our services is stable or improving in all parts of our businesses, although macroeconomic conditions in some markets remain uncertain. MCG remains well positioned to benefit from its global coverage and sector focus.
Alexander Proudfoot is performing well, with continuing strong levels of activity in the natural resources sector and in emerging markets, and Latin America in particular. Whilst Kurt Salmon's European operations had a slow start to the year, recent levels of input point to improvement in key areas during the course of the year. Kurt Salmon's operations in North America and the new operation in China are making good progress.
As previously reported, the first half of the year is not cash generative as a result of the timing of the payment of the Group's annual bonuses from the previous financial year. The Group continues to focus on cash generation to further reduce net indebtedness over the course of the financial year.
Subject to shareholder approval at today's Annual General Meeting, the final dividend of 0.55 pence per share will be paid on 2 July 2012 to shareholders on the register on 18 May.
Nick Stagg, Chief Executive, commented:
"Alexander Proudfoot continues to benefit from demand from natural resources clients and in emerging markets. Recent input of new projects in Kurt Salmon is encouraging and there are positive signs for the remainder of the year. I am confident that we will continue to make progress over the course of 2012 in realising our objectives."
For further information please contact:
Management Consulting Group PLC | Tel: +44 20 7710 5000 |
Nick Stagg, Chief Executive Chris Povey, Group Finance Director | |
FTI Consulting (formerly 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 for 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.