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2001 results

2001 results

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2001 results

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  1. 2001 results 18 March 2002

  2. Agenda • Introduction • 2001 highlights • Profit and loss account • Balance sheet • Issues • Outlook

  3. Core business The enhancement and design of processes to improve sales and productivity and / or eliminate cost and waste Process improvement Behavioural analysis, training and products to enhance skills and embrace change Tight, structured approach with measurable payback in predetermined timescales Project management People solutions Installation co-venturing ‘We are obsessed by measuring our successesand your earnings enhancement’

  4. Representative clients

  5. B Consulting Acquisitions structure • Horizontal acquisitions: different consulting offerings • Vertical acquisitions: fill in acquisitions, with all party buy-in • MCG will become an umbrella for a range of complementary,non-regulated consultancy / professional service operations A Consulting C Consulting Central services D Consulting(complementary to B)

  6. Agenda • Introduction • 2001 highlights • Profit and loss account • Balance sheet • Issues • Outlook

  7. 2001 highlights • Trading continues to be strong • Turnover from continuing operations up 128% to £72.1 million (2000: £31.7 million) • Like-for-like turnover +34% (2001 first half +25%; 2001 second half +42%) (2000 year: +25%): • compared with market growth of 10% (2000 year: 17.5%) • EBITDA of £2.3 million (2000: loss: £8.2 million) • Operating profit of £0.1 million, including exceptional credit of £2.0 million (2000: loss £9.6 million on continuing operations) • Incremental investment spend in first half of £2.5 million (2000: £7.9 million for year), completing the planned programme at £10.4 million • Acquisition of Czipin & Partners on 31 May 2001 for £11.0 million • Employees: 562 (2000: 409) • Cash of £18.9 million (2000: £19.5 million) • Board optimistic regarding future prospects

  8. Agenda • Introduction • 2001 highlights • Profit and loss account • Balance sheet • Issues • Outlook

  9. Profit and loss account

  10. Geographic analysis: turnover

  11. Geographical analysis: operating profit

  12. Incremental investment in business

  13. US pension fund • Defined benefit scheme totally closed from 31 December 2001 and replaced by defined contribution scheme • Exceptional credit of £2.0 million arises as a result of closure • FRS 17 implemented in full and pension liability brought on balance sheet • Prior year restated on consistent basis • Exceptional credit is as a result of action taken to close fund and a credit would also have arisen under former accounting policy

  14. Results commentary • Continued growth faster than the market • More than doubled size in the year • Both North America and Europe now above critical size • All units grew substantially, Europe organic growth slower at 5% • Continued focus on Europe to produce further organic growth • EBITDA £2.3 million (2000: loss £8.2 million) • New clients include: • Airbus, AMP, BP, Thomas & Betts, Washington Gas • Average size of projects increased by 75% to £1.2 million

  15. Agenda • Introduction • 2001 highlights • Profit and loss account • Balance sheet • Issues • Outlook

  16. Balance sheet

  17. Commentary on balance sheet • Goodwill on acquisition of Czipin & Partners - £11.6 million • Long term investments comprise share scheme associated with acquisition of IMR • Cash of £18.9 million remains partly available for acquisitions • Pension liability reflected on balance sheet (£7.3 million) together with post-retirement health care liability (£4.9 million)

  18. Agenda • Introduction • 2001 highlights • Profit and loss account • Balance sheet • Issues • Outlook

  19. Issues addressed in second half of 2001 • Integration of Czipin & Partners into Proudfoot Europe • Updating of three year strategy • Further training of account executives, analysts and consultants to maintain growth and quality of delivery • Further expansion of client base • First direct sales to VC/PE community • Return to monthly profitability • Continued assessment of acquisition opportunities

  20. Issues to be addressed in 2002 • Continue to grow revenues • Accelerate the growth in Europe • Infrastructure now in place for planned growth - minimal net increases in non-operational headcount • Continue training and development of people • Ensure we have the best available sales executives • Development of middle management in line with the growth in the business • Continue to seek suitable acquisitions at the right price

  21. Agenda • Introduction • 2001 highlights • Profit and loss account • Balance sheet • Issues • Outlook

  22. 2002 outlook • Cost reduction continues to be a priority for clients in difficult economic conditions • Some signs of increased focus on sales and procurement • Order book currently higher than at year end • Directors expect turnover growth to continue to out-perform consulting market • Directors remain optimistic about future prospects