WEST PALM BEACH, FL: FTI Consulting's strategic communications firm FD reported a 10% increase in revenues for Q4, ending on December 31, 2010, according to the company's earnings report released today.
FD posted revenues up at $50 million from $45 million compared to the same period a year earlier. In Q3 of 2010, the firm's revenues increased by 5.8% to $50 million from $48 million in the same quarter of 2009.
“[Revenue was] driven by a strong performance in the US and Asia-Pacific from strategic advice on the one hand and natural resources trends on the other,” said Jack Dunn, president and CEO of FTI Consulting during the earnings webcast. “They recorded the fifth consecutive quarter of net annualized retainer wins, but growth was restrained by weak demand for capital markets work.”
Last month, FD was named a top PR advisor for worldwide M&A by Mergermarket. The firm's 2010 deals were worth $191 billion, according to the report. FD also took the lead on deal volume, having advised on 223 deals.
Meanwhile, company-wide, FTI reported $1.4 billion in revenues for the year, compared to $1.4 billion in 2009. The number fell short of the company's predicted range between $1.47 billion and 1.57 billion.
The global advisory firm's Q4 revenues were up to $356.2 million, compared to $342.9 million in the prior year period. Net profits for the quarter were down at $10.7 million from $36.6 million in 2009.
FTI forecasted its 2011 revenue to be between $1.43 billion and $1.49 billion. To begin the year, the company announced it would be undergoing a rebrand, placing its subsidiaries, including FD, under one brand by November 2011.