Andersen warns on future growth
Big Five firm Andersen has announced global net revenues of £6.4bn for the fiscal year ended 31 August 2001, but warned 'recent tragic events' had already 'adversely' affected its new fiscal year.
According to the firm, global revenue grew 15% while growth in Western Europe grew 9% to Pounds 2bn.
‘We realised 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 Berardino, Andersen’s managing partner and chief executive officer.’
He added: ‘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 also grew in its major geographic regions; 7% in Asia Pacific and 12% in North America.
Andersen’s tax, legal and business advisory practice enjoyed a 14% rise, while the firm’s assurance and business advisory practice grew by 9%, despite a worldwide slowdown in transactions and IPO work.
The firm’s global corporate finance practice grew by 8% and Andersen’s business consulting practice continued a path of growth, with annual worldwide net revenue rising to $1.7bn (Pounds 1.17bn), representing growth of 6%.p>Andersen has also 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.
Links