13th Aug 2018 12:47
LONDON (Alliance News) - Management Consulting Group PLC said Monday its interim loss widened amid falling revenue.
Management Consulting's pretax loss in the six months ended June was GBP5.5 million, worsened from GBP4.8 million a year before.
The professional services firm posted a 31% decrease in revenue to GBP13.8 million from GBP20.0 million.
Management Consulting said revenue in North America decreased to GBP4.2 million from GBP8.2 million, due to a "turnaround with new management changes". In Asia & Africa, the company's revenue fell to GBP1.7 million from GBP3.5 million, reflecting a "poor performance" in Africa.
Management Consulting is not proposing an interim dividend, nor did it the year before.
The company said there is no change to its full-year outlook.
Chief Executive Nick Stagg said: "The first half of the year has seen the group complete a series of critical actions - finalise the senior Proudfoot leadership team in the US, complete a fundraising with strong shareholder support and continue to manage our cost base. While revenues were down year-on-year, this reflects the time needed to ramp up our activities in the US and, encouragingly, overall we grew revenues compared to the second half of last year. The board remains confident of delivering its expectations for the full year."
Shares in Management Consulting were untraded Monday but last closed at 1.20 pence each.
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