FTI strategic comms revenue up 8.4% in Q2
FTI Consulting's strategic communications unit has reported an 8.4% year-on-year revenue increase to $50.6 million (£32.5 milion) in the second quarter of 2013.
FTI global CEO Edward Reilly
One reason for the revenue increase in the communications segment was a $1.5 million contribution from 'the acquisition of a US public policy group completed in March 2013,' according to the earnings statement.
In March, FTI acquired lobbying firm C2 Group, which will operate as part of the public affairs section within FTI's strategic communications unit.
The holding company also cited increased revenue from certain retained engagements in North America, as well as improved income from projects in North America and EMEA.
The company's overall revenue in Q2 grew 4.6% to $414.6 million (£266.6 million). In the first six months of 2013, FTI reported a 3.8% increase in revenue to $821.8 million.
FTI also saw $60.3 million in operating income and $23.5 million (£15.1 million) in net income in Q2. Operating income in the first half of 2013 was $105.6 million, while net income for the six-month period was $47.2 million.
Revenue in FTI's technology segment rose 7.3% in the quarter to $51.2 million, while corporate finance and restructuring revenue increased 0.5% in Q2 to $96.7 million.
The revenue increase in the strategic communications group represents a change in fortunes from Q2 2012. Last year, the firm reported a revenue drop of 12.9% year-over-year to $46.6 million in the second quarter. It attributed the decrease to lower pass-through revenue in North America, fewer M&A projects in Asia-Pacific, and pricing pressures on retainer fees in EMEA and North America.
FTI reports its changes in revenue in non-organic terms, meaning it takes into account the impact of acquisitions or disposals.
This article was first published on prweek.com
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