NEW YORK: FTI Consulting posted a 24.3% Q2 revenue increase in its strategic communications business to $57.5 million.
Excluding the impact of currency translations, the segment’s revenue grew by 20.8% year-over-year in Q2.
"It was a solid performance in our financial comms business, which is broader than M&A activity, bankruptcy, and restructuring, as well as solid growth in our public affairs business in Washington, DC, Brussels, and London," said Mark McCall, global segment leader for strategic communications at FTI.
He credited the revenue growth to a combination of increased demand from existing clients and new work. A turbulent political and regulatory climate and the intense focus on the social impact of corporations and their leaders have also been good for business, McCall said.
"We probably do more crisis and corporate investigative work than anything else, and so, yes, clients come to us when they are in the middle of a challenging moment or if they want to prepare to deal with something should it occur," he explained. ‘
The company’s overall revenue in the second quarter was $512.1 million, an increase of 15.2% year-over-year. Excluding gains from currency translation, revenue grew by 13.8%. The company did not break out organic revenue percentages. Net income was $43.6 million in the quarter, up from a loss of $5.2 million in Q2 2017.
The overall results include revenue from strategic comms as well from FTI’s technology, economic consulting, forensic and litigation consulting, and corporate finance and restructuring segments.
The corporate finance and restructuring segment posted a revenue increase of 20.3% TO $141.4 million, while forensic and litigation consulting’s revenue increased by 19.9% to $133.5 million. Revenue in the economic consulting segment jumped by 7.5% to $133.3 million, and technology revenue was up 1.9% to $46.4 million. FTI also raised its full-year guidance for revenues between $1.91 billion and $1.96 billion, up from between $1.825 billion and $1.875 billion.
Last year, FTI posted comms revenue of $192.5 million, up 1% compared with the prior year.