Jon Moynihan, Executive Chairman

The market in 2010 remained difficult as the economic climate remained poor, and in the UK’s public sector, organisations reviewed their spending in response to the new coalition government’s change in policies, and its austerity programme.

Despite these challenges, we delivered a solid set of results and gained significant business with new clients in a number of sectors. Our revenue was £328 million and our operating profit £20.5 million.

Our share price at the end of 2010 was £8.31, an increase of 6% on 2009. PA’s ownership model enables all employees to take a stake in the company, ensuring employees who take advantage of this benefit directly from each year’s increase in share price.

While market challenges remain, PA’s debt-free position and careful cash management provides a safeguard against any future turbulence. At the end of 2010 PA had some £155 million in cash and short-term investments on its balance sheet, and we enter 2011 with a significantly improved order book and pipeline.

Throughout the year, we continued to provide clients with the highest quality work and I would like to congratulate everyone at PA for their dedication and commitment to adding value in a very challenging environment. Our consultants continue to deliver great work across a wide variety of industries, geographies and client services.

Continued strong leadership

The leadership team of Alan Middleton, Andrew Hooke, and the rest of the Management Committee played a central part both in delivering this year’s solid results and in laying the foundations for future growth.

We welcomed many new partners and teams to PA during 2010, including the new power and utilities team in California who joined our Global Energy Practice.

Fostering innovation

Our technology arm continues to bring exciting new innovation to the market in diverse areas, ranging from air and surface decontamination to auto-injectors. We are also investing in exciting new technologies, including a nascent venture to improve the accuracy of blood glucose monitoring devices, a badly needed new technology.

ProcServe, our e-procurement venture, continues to expand its presence within both the public and private sector.

Building the foundations for success in 2011

During 2010 we have continued to demonstrate unique capabilities in a whole range of sectors, adding significant and sustained value to our clients. We have also reviewed our strategy to ensure we can provide the highest quality support to our clients in meeting the business challenges that lie ahead. As a result, we are well placed to grow areas of our business in 2011.

Congratulations to all of our people for their great work during 2010.

To request your full, printed version of PA Consulting Group Limited's Report and Accounts 2010, please contact us now.