WEST PALM BEACH, FL: FTI Consulting reported that revenues for its strategic communications division, FD, which it acquired in 2006, grew 48% in the second quarter to more than $62 million.
In total, FD brought in $62.2 million in revenues for the second quarter ended June 30, compared to $42 million in the same period last year.
FTI Consulting said that the increase was a result of growth in the US and UK markets, which was driven by client mergers and acquisitions, and crisis and issues management programs.
Each of the business-advisory firm's consulting divisions reported growth, which CEO Jack Dunn attributed in a statement to a “demand for our services” in “a volatile economic environment."
"This demand, combined with the leadership positions enjoyed by our business segments, fostered organic revenue growth of 25 percent, with strong momentum in our restructuring, economic and strategic communication segments,” Dunn said in the same statement.
Companywide, FTI reported second quarter revenues of $337.7 million for 2008, a 41% increase from $239.7 million in the like quarter last year. Net income for the quarter rose to $35.4 million from $23 million for the same period.
Revenues for the first half of 2008 were $644.7 million, compared with $467.4 million for the like period last year. Net income has nearly doubled from $38.3 million in 2007 to $66.7 million in 2008.