Leading consulting firm Accenture’s revenue rose to a record $50.5 billion in FY21. Operating margin expanded 40 basis points to 15.1%, and revenue witnessed an 11% jump in local currency and a 14% jump in dollar terms. The company also increased its workforce in 2021 by as many as 118,000. To maintain job retention, Accenture has also rolled out more than 120,000 promotions.
The strong revenue numbers also increased the share price by 2.6% in early trade on the NYSE on Thursday. The company has also forecast revenue growth of 12% to 15% in local currency for the 2022 fiscal year. New bookings were at $15 billion for the fourth quarter and a record $59.3 billion for the full year, a 20% increase in US dollars over 2020 fiscal new bookings. Accenture has over 2 lakh employees in India, out of the 6.2 lakh globally.
Accenture CEO Julie Swett stated that FY21 demonstrated their leadership in helping their clients achieve compressed transformation, with 72 clients with bookings over $100 million, compared to 52 last year. Sweet added that Accenture also had 229 diamond clients this year compared to 216 last year.
The CEO pointed out that Accenture witnessed a strong momentum across all dimensions of its business across geographic markets, services, and industries. Accenture’s consulting revenue was $27.3 billion, which was an increase of 13% in US dollars and 9% in local currency. The firm’s outsourcing revenues were $23.2 billion, an increase of 15% in US dollars and 13% in local currency compared to the last fiscal.
Accenture Cloud First was also the biggest driver of their overall cloud business growth, from $12 billion to $18 billion. Sweet added that at the beginning of FY21, after investing in the cloud for a decade, they saw that the pandemic would dramatically accelerate their clients’ move to the cloud.
CEO pointed out that more than technology, the move to the cloud would be about the adoption of a new operating system for future enterprise, a dynamic continuum of capabilities from the public, to edge, to everything in between, opening up new ways for firms to work, compete, and drive value.