Consulting and outsourcing firm Accenture has posted strong full year results, and is confident about riding out the economic downturn.
Annual sales increased 19% to £13.75bn and operating profits jumped 21% to £1.77bn.
William Green, Accenture CEO, said: “We are very pleased with our strong fourth-quarter and full-year performance, which demonstrates our ability to deliver outstanding results, even in challenging economic conditions.
“We had record bookings and maintained our focus on operating discipline. We generated significant cash flow, we have no debt, and our balance sheet is rock-solid.”
Ovum anlayst John Madden said: “Part of Accenture’s confidence is tied to its belief that the economic turmoil has the potential to open even more opportunities in consulting and outsourcing among its global clients, some of which it has worked with for the best part of a decade.”
Madden said: “Despite the worldwide growth, it was clear that Accenture wants to continue its year-long effort to bolster its EMEA business – in particular the UK.”
Growth in Italy, France and Spain was offset by ‘softness’ in the UK financial services and public sectors, according to the firm.
Accenture has zeroed in on its UK business, with an emphasis on generating additional demand for management and technology consulting services, and executives said they would continue to focus on building the UK pipeline – a tall order as an IT spending slowdown washes over European markets.