UK consultancies deliver solid returns
The member firms of the Management Consultancies Association (MCA) have reported solid figures for the third quarter of 2002 - despite revenues falling slightly over the period.
Revenues for Q3 2002 were £1.11bn compared to £1.13bn in the previous quarter, representing a 1.8% decrease.
Despite the fall in revenue, fee income was 4% higher than at the same point in 2001 and order volumes also improved quarter-on-quarter in 2002.
The MCA expects Q4 2002 growth to come from the IT consultancy and management consultancy services with public sector and construction industries offering the best prospects.
Bruce Petter, MCA executive director, said: ‘Whilst there is no growth for the industry as a whole, MCA fee income is higher than in 2001 and order books are showing considerable improvement. Many firms have implemented cost reduction programmes and we should start to see an improvement in profitability during 2003.’