London consulting firm increases revenue 17 per cent ahead of "challenging" 2020
A professional services company has announced that its revenue has increased by 17 per cent over the last year.
Management Consulting Group, headquartered in London, has reported revenues of £33.2m for 2019, up nearly £5m from 2018’s £28.3m.
However, the company also reported that it had an increased operating loss for the year, going from £4.2m to £4.6m.
In the statement today, it also predicted “significant challenges” caused by the coronavirus pandemic.
Nick Stagg, chairman and chief executive, commented: “The increase in revenue during 2019 by 17 per cent was very pleasing, however the start of 2020 has clearly been very challenging due to the impact of the COVID-19 pandemic.
“We continue to work with clients so that when the crisis abates, we will be in the best possible position to ramp up operations, building upon the investments made in 2019 and the solid foundation that the board considers such investments to have given us for the future.
“The board believes that the business will be best served in an unlisted environment, especially in the aftermath of the business interruption caused by COVID-19 and we will be writing to shareholders further on this in the near future.”
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