Global revenue grew 15 percent before the impact of exchange. Expressed in U.S. dollars, revenue grew 10 percent. The firm has achieved double-digit growth in revenue expressed in U.S. dollars for the past eight consecutive years.
We realized solid revenue growth in all areas of our business assurance, consulting, corporate finance, tax and legal services. Global companies continue to demand Andersen solutions and our ability to deliver integrated services across borders. Seventy percent of our revenues come from clients who ask us to serve them in more than one country, said Joseph F. Berardino, managing partner chief executive officer.
Our financial results were especially heartening in light of the weakening economies around the world. While our new fiscal year has been adversely affected by recent tragic events and the uncertainties they created, we remain confident that we will continue to grow our firm in the coming year.
The firm achieved double-digit growth (before the impact of exchange) in its major geographic regions Western Europe at 21 percent, Asia Pacific at 17 percent and North America at 12 percent.
Andersen’s tax, legal and business advisory practice enjoyed 14 percent growth (20 percent in local currencies). The firm’s assurance and business advisory practice grew by nine percent (15 percent before the impact of exchange), despite a worldwide slowdown in transactions and IPO work. Growing demand for risk management solutions contributed to the growth. The firm’s global corporate finance practice grew by eight percent (17 percent in local currency terms), driven by higher levels of restructuring assignments worldwide. Andersen’s business consulting practice continued a path of focused growth, with its annual worldwide net revenue rising to $1.7 billion, representing growth of six percent (10 percent before the impact of exchange).
Andersen ended the fiscal year with 85,000 people around the world, up from 78,000 the previous year. Andersen is only successful because our people are talented, motivated and passionate about what they do. We continue to build an environment in which performance and achievement are rewarded with new opportunities, recognition and rewards, Berardino said.
Andersen just completed the largest expansion of its partnership in the firm’s 88-year history. The admission of 589 new partners by member firms brings the total to 4,806 partners in the entities that comprise the worldwide Andersen organization. Andersen also advanced an unprecedented 817 partners to membership in the global entity that coordinates its member firms and other affiliates an increase of nearly 50 percent.
SOURCE: COMPANY PRESS RELEASE
