15th Mar 2019 12:25
LONDON (Alliance News) - Professional services firm Management Consulting Group PLC said Friday its 2018 loss improved significantly as costs subsided, with revenue performance improving in the second half despite falling for the full year.
In 2018, pretax loss improved to GBP6.9 million from GBP25.3 million the year prior. This was despite revenue falling to GBP28.3 million from GBP32.7 million the year before.
Profit performance was helped by the non-recurrence of a GBP16.7 million impairment booked in 2017 in the 2018 results. It was also boosted by a broader fall in costs during 2018.
"We continue to invest in the sales capability of Proudfoot," Management Consulting Chair & Chief Executive Officer Nick Stagg said, referring to the firms operational improvements software.
Management Consulting does not pay a dividend, in line with the year prior.
"Whilst revenues for 2018 were lower, the second-half showed an increase of 14% compared to the same period in 2017 and there are early indications for a continuation of this trend," Stagg added. "With Proudfoot now working with a number of Fortune 500 companies the board remains confident Proudfoot will continue to deliver sustainable change to our clients and that this will create value for our shareholders."
Shares in Management Consulting were 1.6% higher at 1.96 pence on Friday.
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