Tuesday June 30, 08:02 AM
UPDATE 1-Management Consulting may miss 2009 forecasts
LONDON, June 30 (Reuters) - British support services company Management Consulting Group (LSE: MMC.L - news) said its full-year results may fall short of analysts' expectations as it signalled first-half profit could fall by as much as 24 percent.
Management Consulting's board 'recognises that the group may come in below market consensus for 2009,' the company said in a statement on Tuesday.
The group said tough market conditions meant underlying operating profit for the first six months would be between 11.5 million pounds and 12.5 million pounds, down from 15.1 million a year earlier.
Management Consulting, which offers business consulting services through the Alexander Proudfoot and Ineum brands, said cost-cutting measures over the past six months would reduce its workforce to 1,850 by the end of June, a decrease of 14 percent compared with the end of 2008.
Management Consulting shares closed at 24 pence on Monday, valuing the company at about 80 million pounds.
(Reporting by Myles Neligan; editing by John Stonestreet) Keywords: MANAGEMENTCONSULTING/
(myles.neligan'reuters.com; +44 207 542 13 73)
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