Management Consulting in line with expectations for 2011
International professional services group Management Consulting expects to report revenue and underlying operating profit for the 2011 financial year in line with expectations.
International professional services group Management Consulting expects to report revenue and underlying operating profit for the 2011 financial year in line with expectations.
Alexander Proudfoot, one of two divisions in the firm, has continued to benefit from demand from clients in the natural resources sector, and those with operations in emerging markets.
The division is set to report significant growth in revenues in 2011 compared with 2010.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The other division, Kurt Salmon, has delivered an "encouraging" performance for the year in its core markets.
Management Consulting Group (MCG) said it generated cash inflow of £11m from warrant exercises, while a significant reduction in net indebtedness has been seen during the year.
Net indebtedness at 31 December 2011 is expected to be approximately £31m compared with £54.4m at 31 December 2010. The group has recently refinanced its borrowing facilities and now has in place an £85m revolving facility until July 2016.
Nick Stagg, Chief Executive said: "Both Kurt Salmon and Alexander Proudfoot have made good progress during 2011, despite continuing economic uncertainty."
"MCG will continue to benefit from its broadly diversified business in terms of both geography and sector focus," Stagg added.
__
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Tax hikes push wealthy individuals to exit the UK – what are the risks of relocating?
Research suggests a wealth exodus may be taking place due to higher taxes under the Labour government
By Marc Shoffman Published
-
Should you buy JPMorgan's top emerging market trust?
The JPMorgan Emerging Markets Trust fund has outperformed its benchmark over the long term and offers good value
By Max King Published