Annual revenue for Australia and New Zealand fell by 8 per cent in 2021 to $440 million, as a big boost to bonuses paid to partners and staff pushed the firm into a loss for the year.
new column, The pipeline, will reveal developing news from the professional services sector.annual revenue fell 8 per cent in calendar 2021 to $440 million, as a big boost to bonuses paid to partners and staff pushed the firm’s location operation into a loss for the year.
The result for the region that includes the Australian and New Zealand operations, outlined in the strategy firm’s most recent corporate filings, highlight how volatile earnings can be for consulting firms without the benefit of large multi-year IT-related projects and outsourcing operations like Accenture.
Salary expenses climbed 4 per cent to $120 million in 2021, compared with the prior year, and moreover, bonuses increased a whopping 57 per cent to $148 million. The firm’s overall comprehensive income went from a profit of $37.5 million in 2020 to a loss of almost $22 million in 2021.That means the firm went from paying a tax bill of almost $18 million in 2020 to booking a tax benefit of $9.3 million in calendar 2021.
The firm had 552 employees as of 2022, according to data from the Workplace Gender Equality Agency, including 70 key management personnel.leads our coverage of the professional services sector. He is based in our Sydney newsroom.
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