Accenture financials reflect tough market conditions

Accenture reported full-year net revenues of $21.58bn

Consulting giant Accenture has reported its financial results for the fourth quarter and full 2009 fiscal year.

The company said that revenues were in line with expectations, and included a restructuring charge of $253m (£159m) for "realigning its workforce" and real estate consolidation, which affected its overall operating income and margins.

Accenture reported net revenues of $21.58bn (£13.6bn) for the full fiscal year, a decrease of eight per cent, and operating income of $2.64bn (£1.6bn). Fourth-quarter net revenues totalled $5.15bn (£3.2bn), a decrease of 14 per cent, and operating income reached $420m (£264m).

Losses were felt pretty much across the board. Nearly all of the company's business groups experienced a decline in consulting revenues in comparison with the fourth quarter last year, the only exception being Accenture's Public Service unit.

"We continued managing our business well in challenging economic conditions. We delivered on revenue, we generated exceptional cash flow, we are pleased with our operating margin expansion for the year, and our balance sheet remains rock solid," said Accenture chairman and chief executive William Green.

"We remain focused on operational discipline and superior execution to ensure that we continue to deliver value to our clients and shareholders. Importantly, this has allowed us to take proactive steps, including refreshing our core business and investing in new high-growth areas, that have positioned us very well for the upturn."