Murgitroyd Group plc provided group earnings guidance for the first half and full year ending May 31, 2017. The Group's earnings for the first half of the financial year were, given the impact of the previously announced acquisition completed on 23 June 2016, always expected to be lower than last year's equivalent level. However, the combination of the acquisition, a significant increase in the level of investment in business development, sales and marketing, and lower than anticipated revenue growth means that interim earnings are also behind management's budgeted level. The Board, cognisant of current macro-economic uncertainty, has also concluded that the implied improvement in operating performance during the remainder of the financial year necessary to meet current market forecasts is unlikely to be delivered and, as a result, that the outcome for the full year will fall short of market forecasts, and likely see reduced full-year 2017 earnings. Operating cash flow, however, remains strong.