20/04/2001
Management Consulting moved to reassure investors that its business has not been hit by the economic slowdown in North America. US business accounted for two-thirds of fully listed MCG's turnover last year and shareholders are worried about the possible impact of a faltering US economy. Responding to investors' anxieties about this, chairman Rolf Stomberg said he was 'pleased to confirm that we are not currently experiencing any slowdown'. He added that the group 'will grow significantly in the current financial year and well ahead of market rates of revenue for growth, estimated at 15% and 20%'. When MCG reported its results for last year in March, North American revenues had increased strongly. US turnover doubled to £21.3m, making up the lion's share of the group's total continuing sales of £31.7m. Pre-tax losses within the group's US arm also increased to £3.4m against £1.9m in the same period in 1999. Sales in Europe fell, but the group actually reported a pre-tax profit of £19.9m after making an exceptional profit of £26m on the sale of its Japanese business. Total sales increased 19% to £31.4m. Broker Beeson Gregory expects the group to make a pre-tax profit of £1m in the year to December 2001.
| Market cap: | £80m |
| PE Forecast: | 162 |
| Share price: | 64.25p |
| LSE | £72.88m |
22.00p
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| Other company articles: |
| 10/08/2004 |
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| 20/04/2001 |
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