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Accenture posts record annual revenues, but growth disappoints

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New York: Global IT consultancy and outsourcer Accenture today reported financial results for its fourth quarter and full 2013 fiscal year, ended Aug. 31, 2013, with record annual revenues, earnings per share, operating margin and new bookings — though low single digit growth and soft consulting revenues disappointed some watchers.

  • Fourth-quarter revenues increase 4% in both U.S. dollars and local currency, to $7.1 billion
  • Operating income up 4.6% in fourth quarter and 11% in full year
  • For full year, revenues increase 3% in U.S. dollars and 4% in local currency, to $28.6 billion
  • New bookings are $8.4 billion for fourth quarter and $33.3 billion for full year
  • For fiscal year 2014, Accenture expects net revenue growth of 2% to 6% in local currency

For the fourth quarter operating income was up 4.6 percent to $983.5 million. Net revenues were $7.1 billion, an increase of 4 percent in both U.S. dollars and local currency compared with the fourth quarter of fiscal 2012, and above the company's guided range of $6.7 billion to $7.0 billion.

Consulting net revenues in the quarter were $3.8 billion, an increase of 2 percent in U.S. dollars and 3 percent in local currency, whilst Outsourcing net revenues were $3.3 billion, an increase of 6 percent in U.S. dollars and 7 percent in local currency.

Net revenues by geographic region for the fourth quarter were:

  • Americas: $3.46 billion, compared with $3.19 billion for the fourth quarter of fiscal 2012, an increase of 8 percent in U.S. dollars and 9 percent in local currency.
  • Europe, Middle East and Africa (EMEA): $2.64 billion, compared with $2.58 billion for the fourth quarter of fiscal 2012, an increase of 2 percent in U.S. dollars and flat in local currency.
  • Asia Pacific: $982 million, compared with $1.06 billion for the fourth quarter of fiscal 2012, a decrease of 7 percent in U.S. dollars and an increase of 1 percent in local currency.

Full year figures

For the full fiscal year, operating income was up 11 percent to $4.34 billion. Net revenues were $28.6 billion, an increase of 3 percent in U.S. dollars and 4 percent in local currency compared with fiscal 2012.

Consulting net revenues for the full year were $15.4 billion, a decrease of 1 percent in U.S. dollars and an increase of 1 percent in local currency. Outsourcing net revenues were $13.2 billion, an increase of 7 percent in U.S. dollars and 9 percent in local currency.

Net revenues by geographic region for the full fiscal year were:

  • Americas: $13.52 billion, compared with $12.52 billion for fiscal 2012, an increase of 8 percent in U.S. dollars and 9 percent in local currency.
  • Europe, Middle East and Africa (EMEA): $11.05 billion, compared with $11.30 billion for fiscal 2012, a decrease of 2 percent in U.S. dollars and flat in local currency.
  • Asia Pacific: $4.00 billion, compared with $4.04 billion for fiscal 2012, a decrease of 1 percent in U.S. dollars and an increase of 3 percent in local currency.

Pierre Nanterme, Accenture's chairman and CEO, said, "We are pleased with our financial results for the fourth quarter and full-year fiscal 2013. Quarterly revenues were above our guided range, and we are particularly pleased with double-digit revenue growth in our Health & Public Service operating group, as well as improved performance in both Resources and Communications, Media & Technology.

"For the full fiscal year we once again increased market share, delivered record new bookings, achieved double-digit EPS growth, expanded operating margin and generated strong free cash flow. These results demonstrate our continued ability to manage our business with discipline while driving a strong return to our shareholders in a volatile and fast-changing market environment.

"Going forward, we remain focused on investing to further differentiate our industry, technology and business process capabilities, particularly in digital marketing, mobility, analytics and cloud. We are confident that by capturing new growth opportunities and further enhancing our competitiveness, we will continue to deliver value for our clients and shareholders."

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