Management consulting firm Accenture has reported a 51% rise in fourth-quarter profits.

Revenues for the quarter rose to $346.4m (£184m), or 56 cents per share, up from $229.1m (£121m), or 38 cents per share, last year.

Annual profits were $973.3m (£517m), compared to $940.5m (£500m) last year, with net revenues up 9% to $16.65bn (£8.86bn).

According to reports many analysts expressed relief that the company withdrew from the money-losing NHS contract without suffering any penalties.

Late last week Computer Sciences Corporation took over Accenture's contract to upgrade the IT network at the NHS

One analyst described the contract as a thorn in Accenture's side.