WEST PALM BEACH, FL: FD, the strategic communications unit of FTI Consulting, reported an 11.9% increase in revenue in the second quarter of 2010, in part due to its work for Transocean on the Gulf of Mexico oil spill.
Revenue for FD was $49.8 million in the second quarter of 2010, compared to $44.6 million in the same period last year. The unit reported a slight 1% increase in revenue for the first quarter of 2010.
Jack Dunn, president and CEO of FTI, noted in a statement that the strategic communications unit generated double-digit revenue growth in Q2 2010, including its highest quarterly revenue since 2008.
“Growth was led by a strong performance in the US, which benefited from increased project work, most notably public affairs communications for Transocean in the Gulf of Mexico as well as development of several large retained clients,” said Dunn in the morning call.
Transocean owns the Deepwater Horizon drilling rig that exploded in April, causing what is thought to be the world's largest accidental oil spill.
FTI's overall Q2 revenues were $349 million in 2010, compared to $360.5 million last year - net profit was $25.1 million, compared to $37.2 million.
Dunn also said in the statement that “concerns about the strength of the economic recovery, volatile financial markets, and a lack of visibility into the impact of future tax and regulatory policies have undermined business confidence and dampened corporate decision making,” which in turn reduced demand for the company's services.