George Shaheen, world-wide managing partner, attributed the success to "delivering value to our clients through our people and our global reservoir of knowledge". He added: "Our success comes from our clients' successes."
The firm, part of the world-wide organisation that centres on the accounting practice Arthur Andersen, saw European income rise 20 per cent to $1.37bn in the year to 31 December 1995. The number of employees rose to 12,208 in Europe and 38,000 in 47 countries around the world. In common with other professional firms, the organisation is not required to publish details of profits.
The figures are the latest in a series of strong results that have taken the firm from the $1bn revenue business it was before it was separated for reporting purposes from the older accounting practice in 1989. It is predicting similar growth in the current year.
Fundamental to European growth were particularly strong performances in the insurance, transportation and communications sectors, while the practice also benefited from the continuing trend for outsourcing accounting operations. During the year, it signed a deal with Conoco oil commpany to add to the renewal of its five-year contract with BP Exploration.
Other projects contributing to the firm's success in Europe ranged from working with Nationwide to create an interactive multimedia system that enables customers to gain quick access to information about the organisation's products and services, to assisting Brussels' Airport Terminal Company to develop a "20-minute airport" through the integration of air-traffic control, baggage handling, ticketing and customs.
Although the firm is constantly taking its information technology-based expertise into new areas, it said that its commitment to long-term partnerships was demonstrated by 70 per cent of new business coming from existing clients.
Vernon Ellis, European managing partner, added that its increasing emphasis on linking its fees to the value created for clients had "struck a chord with many who are looking for real impact on the bottom line and who value our commitment as a stakeholder in their success".Reuse content