Global consulting and technology giant Accenture has booked its 13th consecutive year of growth, lifting its revenue to over $64 billion in its latest financial year.
In its 2023 fiscal year, which ended late August, Accenture managed to grow its revenue by 8% in local currency terms (4% in US dollar terms) to $64.1 billion, up from $61.6 billion the year previous.
The result continues an impressive streak for the firm. Ever since the 2008 to 2010 global financial crisis, Accenture has been going upwards, expanding its services and headcount across its key lines of business: consulting, technology, creative and digital, business process outsourcing, and managed services.
“I am extremely proud that we have achieved another strong year of financial performance in fiscal year 2023. I would like to thank our extraordinary people all over the world who made these results possible and focus every day on creating value for all of our stakeholders,” said Julie Sweet, chair and chief executive of Accenture.
The Strategy & Consulting division realised revenues of $14 billion, while Operations contributed $10 billion to the overall total. Fee income of the Technology division ended the year at $41 billion.
North America remained Accenture’s largest geography with a $30.3 billion cut of the total, however, growth was slowest in the region. In Europe, growth was up 11% in local currency terms to $21.3 billion, with the firm’s Growth Markets division the fastest grower (12%).
Middle East’s contribution
While Accenture does not disclose the financial results of individual organisations, the company did notably highlight the Middle East team for its strong annual growth. In the region, Accenture garners most of its revenues from the UAE and Saudi markets.
In a June interview with ConsultancyME, regional CEO Alexis Lecanuet already gave away that Accenture was on an above-market average growth path in the region. He also outlined that the firm is working with dozens of clients on Vision 2030 and other transformational agenda’s.
Deals
In what has become a tradition for the firm, acquisitions played a part in Accenture’s expansion. In fiscal 2023, the firm altogether forked out $2.5 billion on fresh bolt-ons, headlined by Anser Advisory in the United States, German technology consultancy SKS Group, and UK-headquartered Objectivity.
Accenture’s latest deal in the Middle East goes back to AppsPro in Saudi Arabia.
Outlook
For the current year, Sweet said the firm expects growth in the range of 2% to 5% in local currency terms.
“While the pace of spending has changed, the fundamentals have not. All strategies continue to lead to technology, and companies will need to reinvent every part of their enterprise using technoloy, data and artificial intelligence to optimise operations and accelerate growth. We are continuing to see significant demand in high growth areas,” Sweet said.
Accenture traces its roots to professional services giant Arthur Andersen, operating as the firm’s business and technology consulting division from the early 1950s. In the 1990s, Arthur Andersen and Andersen Consulting went separate ways, and in 2001, Andersen Consulting continued as an entirely independent business following an IPO. The firm then rebranded as Accenture, which was derived from the phrase “accent of the future.”
Sourced from Consultancy.me