6th Oct 2014 07:02
LONDON (Alliance News) - Management Consulting Group PLC Monday downgraded its profit outlook for the full year as the group said trading conditions have deteriorated on the back of a weak performance from its Alexander Proudfoot consultancy business.
The company said order input for Alexander Proudfoot has been weak since it published its interim results at the end of July and said its profits for the full year will take a hit, as the volume of these orders that will fall in this financial year will not be sufficient to offset the weak performance.
The unit has been hit, in particular, by postponement of significant client projects in 2014 and 2015 for its North American business. It expects Alexander Proudfoot to post an operating loss for the year, noting the year-on-year comparison will also by hit by the strength of sterling
Management Consulting also said the restructuring of the Alexander Proudfoot business has impacted its results for this year.
Elsewhere, the company said its Kurt Salmon consulting business has also been impacted in the past two months by weaker order input and activity in France and by project delays in North America. The group has therefore also downgraded its profit and revevue forecasts for Kurt Salmon too.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
MMC.L