23rd Apr 2008 10:46
Management Consulting Group PLC23 April 2008 Interim Management Statement Ahead of its Annual General Meeting to be held today Management Consulting GroupPLC ("MCG"), the international management consultancy group, issues its InterimManagement Statement for the period 1 January 2008 - 23 April 2008. Material events and transactions The period since 1 January 2008 has seen significant changes to the compositionof the Board. On 19 February 2008 the Chairman, Chief Executive, and FinanceDirector resigned in advance of a General Meeting which had been requisitionedby certain shareholders. Also on 19 February 2008, Mr Alan Barber, previously anon-executive director, was appointed Executive Chairman. Mr Luiz Carvalho, MrMiguel de Fontenay and Mr Mark Wietecha joined the Board on 19 March 2008. MrCarvalho is the Chief Executive of Proudfoot Consulting, Mr de Fontenay theChief Executive of Ineum Consulting and Mr Wietecha the Chairman of Kurt SalmonAssociates. A separate announcement concerning the new divisional organisation of the MCGand its new management and Board structure has also been made today, 23 April2008. In this it is announced that Mr Carvalho and Mr de Fontenay will becomeManaging Directors and Mr Wietecha Deputy Chairman. It is also announced that MrCraig Smith has agreed to withdraw his resignation and will continue as FinanceDirector. The Board is seeking to appoint additional independent non-executivedirectors to ensure compliance with the Combined Code and to reflect thegeographic diversity of MCG. The General Meeting and its repercussions will result in a non-recurring cost ofaround £2.2 million, including £1.5 million payable to the departing ChiefExecutive, which reflects his contractual entitlement on termination. Financial position and performance Group revenue for the current year to date is in line with expectations and, ona like for like basis, ahead of last year. The trend of revenue progression isencouraging as work won continues to run solidly ahead of revenue delivered forMCG as a whole. The net debt of MCG is also in line with expectations. As usual, April is too early in the year to comment on the outcome for the yearas a whole, but the strong growth in our order book reported at the time of thepreliminary announcement in March of this year has continued. The directorsremain confident that MCG will show good growth in the first half of 2008compared to last year. For further information please contact: Management Consulting Group PLC Alan Barber Executive Chairman 020 7710 5000 Craig Smith Group Finance Director 020 7710 5000 Maitland Suzanne Bartch 020 7379 5151 Peter Ogden 020 7379 5151 Notes to Editors Management Consulting Group PLC (MMC.L) is an umbrella organisation for adiverse range of consulting and professional services offerings. Forward-looking statements This Interim Management Statement contains certain forward-looking statementswith respect to the financial condition, results of operations and businesses ofManagement Consulting Group PLC. These statements and forecasts involve risk anduncertainty because they relate to events and depend upon circumstances thatwill occur in the future. There are a number of factors that could cause actualresults of developments to differ materially from those expressed or implied bythese forward-looking statements and forecasts. The forward looking statementsare based on the directors' current views and information known to them at 23April 2008. The directors do not make any undertaking to update or revise anyforward looking statements, whether as a result of new information, futureevents, or otherwise. Nothing in this announcement should be construed as aprofit forecast. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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