FTI Consulting's strategic comms revenues drop 11.6%

FTI Consulting has announced that revenues for its strategic comms arm fell by 11.6% year on year during the third quarter.

Jojhn Waples: UK head of strategic communications at FTI Consulting
Jojhn Waples: UK head of strategic communications at FTI Consulting
The US-listed firm’s comms arm, formerly known as FD, recorded global revenues of $45.8m (£28.7m) compared with $51.8m (£32.4m) in the third quarter of 2011.

FTI added that the impact of foreign currency translation reduced revenues in the quarter by 2.3%, but that revenues also declined due to a number of factors, including fewer M&A deals and pressure on retainer fees.

The company added that the strategic comms business also suffered from a downturn in natural resource related projects in the Asia Pacific region, lower project income in the North America region and depressed capital markets activity worldwide.

The unit did see an improvement in margin from 14.3% to 14.8% ‘primarily due to lower variable compensations expenses’.

The strategic comms arm, led in the UK by former Sunday Times business editor John Waples, has a revenue generating headcount of 597 globally, a small year-on-year increase of seven people.

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