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2002 interim results 12 August 2002
© 2002 Management Consulting Group PLC All rights reserved 2 Important notice This presentation is directed at and should be distributed only to the persons of the kind specified in the exemptions contained in articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order Any person in receipt of this document who does not fall within the exemptions referred to above should return this document to Stephen Purse at Management Consulting Group PLC (MCG) immediately and take no other action.
© 2002 Management Consulting Group PLC All rights reserved 3 Agenda Introduction 2002 half year highlights Profit and loss account Balance sheet Issues Outlook
© 2002 Management Consulting Group PLC All rights reserved 4 Project management People solutions Process improvement The enhancement and design of processes to increase sales and reduce costs, overheads and capital expenditure Behavioural analysis, training and communications to enhance skills and embrace change Tight, structured approach with measurable payback in predetermined timescales We are obsessed by measuring improvements and your earnings enhancement Proudfoot Consulting - core service Proudfoot installation
© 2002 Management Consulting Group PLC All rights reserved 5 Parson Consulting - project approach Plan & analyse Design & build Implement Analyse root cause Develop business case Conduct benchmarking Develop project plan Provide financial analysis Implement and test new processes and systems Provide knowledge transfer: documentation, methods, and training Identify best practices Design future state Identify gaps and recommend solutions Develop work plan Design prototype and pilot test Maintain current state Support accounting cycle Establish steady state Support & enhance S u p p o r t d e v e l o p i n g s t a t e
© 2002 Management Consulting Group PLC All rights reserved 6 Parson Consulting – core services Finance Management reporting Financial reporting Process improvement Budgeting and forecasting Treasury management Capital project control Expense reduction Activity based costing Solutions to audit letters and due diligence reports Technology applications Design Selection Software upgrades Software implementations Optimisation Technology infrastructure Maximise benefits from current systems Process change Organisational change Process change Finance and support services Process change
© 2002 Management Consulting Group PLC All rights reserved 7 Representative clients
© 2002 Management Consulting Group PLC All rights reserved 8 Agenda Introduction 2002 half year highlights Profit and loss account Balance sheet Issues Outlook
© 2002 Management Consulting Group PLC All rights reserved half year highlights Turnover from continuing operations up 79% to £55.7 million (2001: H1 £31.0 million; H2 £41.1 million; year £72.1 million) Like-for-like turnover of Proudfoot Consulting up 53% (2001: H1 +25%; H2 +42%; year: +34%). Market growth of 5% to 10% (2001 year: 10.0%) EBITDA of £6.3 million (2001: H1 loss £0.8 million; H2 plus £3.1 million; 2001 year plus £2.3 million) Operating profit before goodwill of £5.2 million (2001 excluding exceptional credit: H1 loss £1.9 million; H2 profit £3.7 million; year profit £1.8 million) Acquisition of Parson Consulting on 28 May 2002 for £38.6 million and associated equity issue of £38.8 million Employees: 931 (2001:H1 520; year end 562) Net cash of £26.0 million (2001:H1 £17.4 million; year end £18.9 million) Board optimistic regarding prospects in context of seasonality and exchange rates
© 2002 Management Consulting Group PLC All rights reserved 10 Agenda Introduction 2002 half year highlights Profit and loss account Balance sheet Issues Outlook
© 2002 Management Consulting Group PLC All rights reserved 11 Turnover Proudfoot Consulting %72.1 Parson Consulting %72.1 Cost of sales(27.5)(15.7)(35.9) Gross profit Selling costs(14.5)(9.7)49%(20.9) Administrative expenses(8.5)(7.5)13%(15.5) Goodwill(1.1)(0.7)(1.6) Exceptional credit--2.0 Operating profit/(loss) Before goodwill5.2(1.9)1.8 After goodwill4.1(2.6)0.2 Interest (net) Profit before tax4.1(2.3)0.6 Tax(0.4)(0.4) (0.5) Profit/(loss) after tax3.7(2.7)0.1 Gross profit margin51%49%50% Selling costs to turnover26%31%29% Adjusted headline EPS4.1p(1.2)p0.9p (excludes goodwill, share schemes) Profit and loss account Half Year £m£mChange£m
© 2002 Management Consulting Group PLC All rights reserved 12 Geographical analysis: turnover Year £m£mChange£m Proudfoot Consulting North America %37.2 Europe %30.1 Africa %3.3 Asia Pacific % %72.1 Parson Consulting %72.1 Total Proudfoot Czipin prior period Like-for-like – Proudfoot %75.9 Half
© 2002 Management Consulting Group PLC All rights reserved 13 Depreciation Operatingand shareOperating profit/(loss)GoodwillschemesEBITDA(loss)EBITDA £m£m£m£m£m£m Geographical analysis: operating profit Proudfoot Consulting North America (0.2)0.3 Europe(0.1) (1.9)(0.8) Africa (0.2)(0.1) Asia Pacific(0.3)-0.1(0.2)(0.3)(0.2) (2.6)(0.8) Parson Consulting(0.3)0.2-(0.1)-- Total (2.6)(0.8) H1 2002H1 2001
© 2002 Management Consulting Group PLC All rights reserved 14 Results commentary Continued growth significantly faster than the market Effect of operational gearing clearly visible Costs well controlled Tax charge small and benefits from accumulated tax losses Proudfoot North America and Europe now cash generative Proudfoot North America twice the size of a year ago, Europe grown by 18% on a like-for-like basis EBITDA £6.3 million (2001: H1 loss £0.8 million; H2 +£3.1 million; year +£2.3 million)
© 2002 Management Consulting Group PLC All rights reserved 15 Agenda Introduction 2002 half year highlights Profit and loss account Balance sheet Issues Outlook
© 2002 Management Consulting Group PLC All rights reserved 16 Balance sheet Intangible assets Tangible assets Investments Current assets Debtors Cash and cash equivalents (net) Creditors due within one year(30.5)(25.3) Net current assets Creditors due after one year(5.4)(4.9) Provisions for liabilities & charges (3.1)(4.6) Retirement benefits liability(14.7)(11.6) Net assets As at 30 June Fixed assets£m£m
© 2002 Management Consulting Group PLC All rights reserved 17 Commentary on balance sheet Goodwill on acquisition of Parson Consulting - £39.5 million Net cash of £26.0 million remains partly available for acquisitions Strong working capital management Retirement benefits liability of £14.7 million reflected on balance sheet (June 2001 £11.6 million; December 2001 £12.2 million). Increase in liability reflects underlying investment performance - retirement benefit plans are closed
© 2002 Management Consulting Group PLC All rights reserved 18 Agenda Introduction 2002 half year highlights Profit and loss account Balance sheet Issues Outlook
© 2002 Management Consulting Group PLC All rights reserved 19 Issues addressed in first half of 2002 Continued maturing of sales organisation Targeted churn of sales executives to improve quality Improved marketing – P3 magazine for potential clients Administrative costs tightly controlled, flat on a like-for-like basis compared to second half of 2001 Extended training and development of people Developed middle management in line with the growth in the business and appointed CEO for Proudfoot Consulting Replaced president of Proudfoot Europe Acquired Parson Consulting in May 2002
© 2002 Management Consulting Group PLC All rights reserved 20 Issues to be addressed in second half 2002 Continue to strengthen sales executives Close monitoring of market requirements Mail shots to increase meeting counts Increase focus on past clients Train and coach second tier management in line with expansion requirements Position to capitalise on market opportunity Clearer marketing material Emphasise performance management New incentive plans Recruit more sales executives Increase prices Manage sales pipeline Cross referral programme between Parson and Proudfoot Build order book for Q1 2003
© 2002 Management Consulting Group PLC All rights reserved 21 Agenda Introduction 2002 half year highlights Profit and loss account Balance sheet Issues Outlook
© 2002 Management Consulting Group PLC All rights reserved 22 Outlook for 2002 Continuing increase in focus on sales and procurement Expectations for the year need to factor in that: Second half is seasonally weaker Appreciation of sterling against dollar will adversely affect second half Order book and prospects stream is strong Directors expect turnover growth to continue to out-perform consulting market Directors remain optimistic about future prospects
2002 Results 17 March © 2003 Management Consulting Group PLC All rights reserved 2002 Final Results.ppt 2 Agenda Introduction 2002 highlights Profit.
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