Net zero by 2030 commitment and SBTi alignment announced PA's board committed in 2021 to reach net zero across all operations by 2030 and to set Science Based Targets in line with a 1.5°C global temperature rise, as part of developing the firm's first formal Carbon Reduction Plan.
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Jacobs Engineering acquires PA Consulting Group for £1,842.7m Green Consulting Solutions Limited (renamed PA Consulting Group Limited) acquired PA Consulting Group Holdings Limited on 2 March 2021 for total consideration of £1,842.7m (£1,575.9m equity + £266.8m loan note repurchase). Funded by £650m term loan and £1,182.2m preference shares. First reporting period covers 10 months of trading from acquisition date.
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Green Consulting Solutions Limited renamed PA Consulting Group Limited The holding company incorporated on 20 November 2020 as Green Consulting Solutions Limited was renamed PA Consulting Group Limited on 2 March 2021 following the acquisition of the former PA Consulting Group. This is the first set of results for this legal entity; no financial comparatives are presented.
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First formal Carbon Reduction Plan under development 2021 marks PA's first formal Carbon Reduction Plan, developed alongside net zero 2030 commitment and SBTi target-setting. The report data was compiled and verified by an external consultancy.
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Business travel artificially depressed by COVID-19 for second consecutive year COVID-19 continued to suppress business travel in 2021, with global air travel emissions down 55% vs 2020. A gradual increase in travel was observed during 2021 as restrictions eased and hybrid working began. Management expects global travel to steadily resume in 2022.
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Primary: Science Based Targets and net zero 2030 Carbon Reduction Plan In 2021, PA's board committed to setting Science Based Targets aligned to 1.5°C and to reaching net zero across all operations by 2030. This forms the basis of the firm's first formal Carbon Reduction Plan. GHG data is compiled and verified by an external consultancy under GHG Protocol and SECR, covering Scope 1 (gas, F-gas), Scope 2 (grid electricity), and Scope 3 (business travel, procurement, T&D losses, waste, commuting).
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Location-based Scope 2 reported; market-based adjustment noted separately GHG reporting follows location-based approach per SECR requirements. However, the report notes that taking into account individual renewable electricity contracts for several offices (including GITC in Melbourn, UK), UK emissions would reduce to 1,900.4 tCO2e and global to 2,574.4 tCO2e under a market-based approach.
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Dependent: Client sustainability and decarbonisation advisory work PA frames client sustainability work as a key growth area, including designing new EV chargepoint concepts unveiled at COP26, partnering with clients on sustainable packaging, assisting with the sustainability benefits of organisational agility, and helping clients think about water decarbonisation. The firm expects more business opportunities in these areas as clients accelerate their own sustainability transitions post-COVID.
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2021 financial statements restated for acquisition fair value adjustments The net assets recognised in the 31 December 2021 financial statements were based on provisional assessment. 2021 comparative information was restated: trade and other current liabilities increased by £3.8m, deferred tax liabilities by £0.3m, and goodwill by £4.1m (Note 25.2).
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Primary: Business travel reduction through hybrid working model COVID-19 accelerated adoption of remote and hybrid working at PA, which materially suppressed business travel emissions in 2020 and 2021 (global air travel down 55% year-on-year). Management is transitioning to a permanent hybrid model, balancing the expected recovery of global travel in 2022 against a structurally lower travel baseline as clients and staff move to hybrid ways of working.
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