KPMG said it earned £24m – or 15p a diluted share in the fourth fiscal quarter – compared with an operating profit of £30.1m or 25p a share in the third quarter.
Reports of the drop came as the firm announced full-year results, which showed operating earnings of £93m for the 12 months ending 30 June.
‘Although the fourth quarter was challenging, we are pleased with our financial results. We made difficult but prudent decisions when our workforce was not aligned with the market demand for our services,’ said Bob Lamb, KPMG Consulting executive vice president and CFO.
He added: ‘Our management team remains focused on delivering value to our shareholders. We are also pleased to announce a stock repurchase program – a strong indication of our Board’s confidence in our company.’
Revenue for the twelve months ending 30 June was £2.1bn compared to £1.7bn in the previous fiscal year – an increase of 21%. Revenue for the fourth quarter was £516m, an increase of nearly 8% over the fourth quarter of the prior year.
Operating earnings for the fourth quarter, which ended on June 30, 2001, were £24m, or 15p per diluted share, compared to £30.1m and 24p per diluted share reported in the prior quarter. Including the impact of non-operating items, the company earned £16m in the current quarter compared to £21m in the prior quarter.
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