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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Management Consulting Group Plc | LSE:MMC | London | Ordinary Share | GB0001979029 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.23 | 0.16 | 0.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Non-recurring items in 2014 comprise of GBP2.5m in relation to restructuring costs within Alexander Proudfoot and GBP0.4m in relation to redundancy costs in Kurt Salmon.
Non-recurring items in 2013 comprised of GBP1.2m in relation to restructuring within Kurt Salmon, and GBP0.3m in respect of a loss on disposal of a subsidiary.
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6. Dividends
2014 2013
GBP'000 GBP'000
------------------------------------------------ ------- -------
Amounts recognised as distributions to equity
holders in the year
Final dividend for the year ended 31 December
2013 of 0.595p per share (2012: 0.595p) 2,873 2,878
Interim dividend for the year ended 31 December
2013 of 0.23p per share 1,111 -
------------------------------------------------ ------- -------
3,984 2,878
------------------------------------------------ ------- -------
Dividends are not payable on shares held in the employee share trust which has waived its entitlement to dividends. The amount of the dividend waived in 2014 in respect of the interim dividend for the year ended 31 December 2014 and the final dividend for year ended 31 December 2013 was GBP29,783 and GBP77,660 respectively (2013: GBP32,934 and GBP79,135).
The 2013 final dividend of 0.595p per share was paid on 2 July 2014.
The 2014 interim dividend of 0.23p per share was paid on 6 January 2015.
The directors propose a final dividend of 0.595 p per share for the year ended 31 December 2014.
7. Staff numbers and costs
The average number of persons employed by the Group (including executive directors) during the year, analysed by category, was as follows:
2014 2013
Number Number
-------------------- ------- -------
Sales and marketing 110 124
Consultants 1,164 1,238
Support staff 230 219
-------------------- ------- -------
1,504 1,581
-------------------- ------- -------
The number of Group employees at the year end was 1,509 (2013: 1,490).
The aggregate payroll costs of these persons were as follows:
2014 2013
GBP'000 GBP'000
represented*
---------------------- ------- ------------
Wages and salaries 122,284 129,039
Social security costs 18,991 21,565
Other pension costs 9,227 9,212
---------------------- ------- ------------
150,502 159,816
---------------------- ------- ------------
*Prior year representment reflects GBP4,619,000 reclassification between social security and pension costs.
8. Investment revenues and finance costs
Investment revenues 2014 2013
GBP'000 GBP'000
Interest receivable on bank deposits and
similar income 69 30
Gain in relation to financial instruments - 91
-------------------------------------------- ---------- ----------
69 121
------------------------------------------- ---------- ----------
Finance costs 2014 2013
GBP'000 GBP'000
Interest payable on bank overdrafts and
loans and similar charges 2,421 2,435
Finance costs on retirement benefit plans 833 1,160
------------------------------------------- ------- -------
3,254 3,595
------------------------------------------ ------- -------
9. Tax
UK corporation tax is calculated at 21.50% (2013: 23.25%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
The tax expense for the year can be reconciled to the pre-tax profit from continuing operations per the income statement as follows:
Recognised in the income Before Non-underlying Before Non-underlying Total statement: Non-underlying items Non-underlying items 2013 GBP'000 Income tax expense on items 2014 GBP'000 Total items 2013 GBP'000 continuing 2014 GBP'000 2014 2013 operations GBP'000 GBP'000 ------------------------ --------------- --------------- -------- --------------- --------------- -------------- Current tax Current year 6,345 (907) 5,438 5,665 (418) 5,247 Adjustment in respect of prior years (1,760) (606) (2,366) (3,287) - (3,287) ------------------------ --------------- --------------- -------- --------------- --------------- -------------- Current tax expense/(credit) 4,585 (1,513) 3,072 2,378 (418) 1,960 ------------------------ --------------- --------------- -------- --------------- --------------- -------------- Deferred tax Current year 4,337 (299) 4,038 6,547 (780) 5,767 Adjustment in respect of prior years (1,214) - (1,214) (2,830) - (2,830) ------------------------ --------------- --------------- -------- --------------- --------------- -------------- Deferred tax expense/(credit) 3,123 (299) 2,824 3,717 (780) 2,937 ------------------------ --------------- --------------- -------- --------------- --------------- -------------- Total income tax Income tax expense/(credit) on continuing activities 7,708 (1,812) 5,896 6,095 (1,198) 4,897 ------------------------ --------------- --------------- -------- --------------- --------------- -------------- 10. Earnings per share
The calculation of the basic and diluted (loss)/earnings per share is based on the following data:
2014 2013
Earnings GBP'000 GBP'000
(Loss)/Earnings for the purposes of basic earnings
per share and diluted earnings per share being
net profit attributable to equity holders of
the parent (962) 9,123
Non--recurring items 2,912 1,525
Amortisation of acquired intangibles 787 2,161
Taxation on non-recurring items and amortisation
of acquired intangibles (1,812) (1,198)
------------------------------------------------------- --------- ---------
Earnings for the purpose of basic earnings per
share excluding non--recurring items and amortisation
of acquired intangibles 925 11,611
------------------------------------------------------- --------- ---------
Number Number
Number of shares (million) (million)
------------------------------------------------------- --------- ---------
Weighted average number of ordinary shares for
the purposes of basic earnings per share, and
basic excluding non--recurring items and amortisation
of acquired intangibles 485.0 484.0
Effect of dilutive potential ordinary shares:
Restricted share plans 7.5 14.4
------------------------------------------------------- --------- ---------
Weighted average number of ordinary shares for
the purposes of diluted earnings per share 492.5 498.4
------------------------------------------------------- --------- ---------
Pence Pence
------------------------------------------------------ ----- -----
Basic (loss)/earnings per share attributable to
owners of the company (0.2) 1.9
Diluted (loss)/earnings per share attributable
to owners of the company (0.2) 1.8
Basic earnings per share - excluding non--recurring
items and amortisation of acquired intangibles 0.2 2.4
Diluted earnings per share - excluding non--recurring
items and amortisation of acquired intangibles 0.2 2.3
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