Financial summary

Audit: We continue to be a leading player in Audit in all of our main markets as well as some important emerging markets, notably CIS where net sales growth of 6% was achieved in FY11. Our performance elsewhere was mixed, particularly in established markets where we are seeing increased price sensitivity. Statutory audits were impacted in most countries and although non-audit services held up well, overall net sales declined by 2% on last year.

Head of Audit,
Joachim Schindler discusses in more detail here.

Tax: In spite of the economic environment, demand for tax services continued in all regions and overall net sales growth of 9% was achieved. CIS and Spain saw particularly strong growth of 57% and 29% respectively. Key services are growing, particularly indirect tax advice, M&A tax advice and global compliance management for companies facing tax demands in multiple jurisdictions. Our legal services business is also growing strongly, particularly in Germany, Spain and Turkey.

Head of Tax,
Ernst Gröbl discusses in more detail here.

Transactions & Restructuring: Adverse market conditions have resulted in a difficult year for our T&R function and we have also made some significant investments in our global service lines which are yet to generate sales growth. Year on year net sales contracted by 2% although in contrast to the aggregate, our T&R businesses in the Netherlands, Switzerland, CIS, Luxembourg and Turkey all had a good year. For Restructuring, net sales levels were better than expected, although still below last year’s levels. Overall, market conditions remain volatile for our T&R business and this is expected to continue well into the new financial year.

Head of Transactions & Restructuring,
Simon Collins discusses in more detail here.

Risk Consulting: Risk Consulting is still a relatively young business and is expanding rapidly. Over the past year net sales have grown by 16% driven in the main by the financial risk management work but also with good growth in IT Advisory. Net sales growth was particularly strong in the UK at 35% as was CIS at 31% but good growth levels were also achieved in the Netherlands, Luxembourg and Spain.

Head of Risk Consulting,
Carsten Schiewe discusses in more detail here.

Management Consulting: In a challenging market we performed well, with net sales growth of 11% in total and only Luxembourg and Germany shrinking on the prior year. In Germany our business shrank by 22% as corporate clients switched their attention from cost reduction, where we are strong, to areas where our capabilities are still growing. In the UK, which constitutes more than half of our MC business, we achieved growth of 17% driven by the expansion in our financial services business but diluted by the downturn in public sector work. We have adapted to the changing market, redeploying people from public sector to financial services and embedding them in mixed teams.

Head of Management Consulting,
Aidan Brennan discusses in more detail here.