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Bucknall makes year one profit
17:13 29 Sep 2004
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Consultancy Bucknall Austin's first set of results following a
management buy-out (MBO) led by David Bucknall, show a pre-tax
profit of £440,000 on a turnover of £27m.
Bucknall said: "After an MBO, the first year is spent getting the momentum. The second year will be for us to move towards the goal of running a sustainable company. We have got to keep focussed."
The latest figures cover a 14-month period to 30 April 2004. The MBO from the administrator of Citex Professional Services was led by a 12-strong group of senior managers. Some 60 of the group's 270 employees have subsequently bought shares.
Bucknall said that the performance has been remarkable given the stress involved in completing the purchase of the business from administration in just two weeks - and inheriting an annual overhead of £15m with no guarantee of continuity of work.
Bucknall said: "After an MBO, the first year is spent getting the momentum. The second year will be for us to move towards the goal of running a sustainable company. We have got to keep focussed."
The latest figures cover a 14-month period to 30 April 2004. The MBO from the administrator of Citex Professional Services was led by a 12-strong group of senior managers. Some 60 of the group's 270 employees have subsequently bought shares.
Bucknall said that the performance has been remarkable given the stress involved in completing the purchase of the business from administration in just two weeks - and inheriting an annual overhead of £15m with no guarantee of continuity of work.
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