Identifying my company – Management Consulting Group PLC

When I was first assigned this company, I was very shocked and overwhelmed to find out that it was a foreign company. I thought to myself… I hope this does not make it harder to input their financials and understand the company. To my surprise, the fact that it is a foreign company means nothing and thankfully I won’t be having to convert the figures to Australian dollars. As I continued researching the company, I began getting more excited to look into its financials.

My firm:

Management Consulting Group PLC is a consulting company listed on the London Stock Exchange and based in the United Kingdom. The company was originally named Alexander Proudfoot PLC after its founder. However, in 1993 they shortened their name to Proudfoot PLC and then in January of 2001 they changed to their current name, Management Consulting Group PLC. They serve industrial leaders around the world including defence industry, banking, construction, insurance, telecommunications, manufacturing, natural resources, consumer packaged goods, transportation, automotive, building materials and heavy industry. The firm works with private and public companies and is hired to improve the efficiency of those companies over their short- or long-term contracts. So, it is fair to say they will work with every company regardless of their services. Management Consulting Group PLC has been operating and working with clients for more than 70 years and deliver tomorrow’s results, today. The company provides strategies for improving the financial and operational infrastructure of client companies. They are known for their hands-on approach, industry expertise and resolve. They work with clients to deliver an agile workforce, improve performance and expand profitability. Essentially, they work with their hands, think with their head and act with their heart with their clients being in their best interest.

Below are links to Management Consulting Group PLC’s annual reports from the last 3 years.

2018 Annual Report: http://www.mcgplc.com/sites/default/files/2019-04/full-year-report-2018.pdf

2017 Annual Report: http://www.mcgplc.com/sites/default/files/2018-05/full-year-report-2017.pdf

2016 Annual Report: http://www.mcgplc.com/sites/default/files/2017-12/annual-report-2016.pdf

Similarities and differences between my firm and other firms?

The only thing I noticed was that with a foreign company, their financial year is the same as a calendar year, meaning their period ends on the 31^st of December as oppose to our financial year in Australia which is the period between 1 July and 30 June. I had not known that other countries have different dates for their financial years beginning to end so that was something interesting to learn.

Am I happy with my firm?

I am definitely happy with the firm I have been assigned to. In the beginning I was nervous about how I would go doing a foreign company but since researching and analysing the company I have found it easy to understand and I am excited to dive deeper into the company’s financial aspect.

What concerns do I have at this stage?

Looking at the annual reports I was not really sure what to think about my company. I found myself a little bit confused on how to understand how to organisation runs and I found reading my company’s financial statements a little hard as I had never seen anything like them before. For example, I found the cash flow statements and the statement of changes in equity a bit challenging to read as I have not had to do anything with those kinds of reports at work before. However, I understood the balance sheet and could grip my head around that a little bit.

If anyone would like to know more about the company feel free to browse their website: http://www.mcgplc.com/home

How has discussing with others about my company benefitted me?

Discussing with others through online networks helped me comprehend my company and its business even more. It has helped me compare the differences and similarities between my company and others while understanding how differently companies operate in other countries.