This compared with revenues of Euro 2.20bn for the same period in 1999, and included revenues generated from E&Y’s consulting business from 23 May to 30 June 2000.
Net profit, exclusive of minority interests, grew to Euro 276m, a increase of 76% on the year, and included the positive tax impact of Euro 140m relating to acquisition of E&Y consulting business. Over the next 15 years, the group is expected to benefit from Euro 1.6bn in tax savings from goodwill amortisation.
Geoff Unwin chief executive of Cap Gemini E&Y said the group had operated in a strange and volatile market, but the ‘integration of E&Y’s business had been smoother than expected’.
The predictions for the rest of the year remain positive, with revenues expected to reach Euro 8.45bn, or a 10% increase on the year, with a similar percentage increase expected on its operating income margin.
In May, E&Y made headlines by becoming the first Big Five firm to sell off its consulting arm to French IT group Cap Gemini. E&Y claimed the separation allowed it to focus on its core business namely its assurance, advisory business services, corporate finance, tax and law practices.
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