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Coopers & Lybrand L.L.P. announces 1996 results; Revenues up 11 percent to $2.1 billion.

NEW YORK--(BUSINESS WIRE)--Nov. 26, 1996--Coopers & Lybrand L.L.P. today announced that its fiscal year 1996 revenues rose 11.1 percent to $2.1 billion, passing the $2 billion mark for the first time.

Last year the firm reported U.S. revenues of $1.905 billion. Coopers & Lybrand's fiscal year ended Sept. 30. The firm states its revenues net, excluding client and subcontracting expenses.

Coopers & Lybrand L.L.P. Chairman and CEO Nicholas G. Moore, in making the announcement of the firm's record revenues, said, "Coopers & Lybrand had another very successful year. Every one of our five lines of business generated strong revenue growth in a market characterized by intense competition." He also said the firm had significant growth in its priority industry groups and in its main consulting service lines.

The firm's Business Assurance line of business grew 5.8 percent and advisory services within this auditing and accounting business grew 25.1 percent.

"The advisory services that continue to drive our growth are a natural extension of our audit approach. In-Control Services and internal audit services draw upon our partners' understanding of risk and knowledge of the control environment," Moore said. "Technology has played a key role in making our business assurance practice the industry leader. The Coopers & Lybrand Audit Support System -- CLASS -- is, for example, the industry's leading paperless audit technology."

Coopers & Lybrand Consulting revenues jumped 22.2 percent. As in 1995, CLC had exceptional growth in many of its priority service areas: its Solutions Through Technology group grew 59.9 percent; its consulting to the consumer/industrial industry grew by 45.8 percent, to the government by 32.5 percent; and to the information/communications industry by 21.9 percent.

"As the U.S. and worldwide consulting markets continue their rapid growth, Coopers & Lybrand Consulting is establishing a distinctive brand image as the consulting business that integrates strategy consulting and implementation and helps clients quickly adopt approaches that sustain growth," Moore said.

The firm's Financial Advisory Services practice, including corporate finance, reorganization and litigation services and services to the real estate and hospitality industries grew 11.3 percent.

"The FAS line of business experienced strong growth in 1996. The firm's decision two years ago to create a separate line of business to provide financial consulting services is clearly paying dividends," Moore said. "Concentrating people and resources on these time critical services assures clients that they are gaining access to our best people and ideas."

Human Resource Advisory grew 15 percent. This increase comes on top of last year's revenue increase of more than 16 percent.

"Our HRA line of business ranks as the fifth largest human resource consultancy in the nation and is, by far, the largest practice among the Big 6," Moore said. "Our concentration on areas of client concern -- actuarial benefits and insurance, human resources services and technologies, and organization effectiveness and development -- clearly responds to the changing HR needs of American business."

The firm's Tax line of business grew 12.8 percent, the third consecutive year of double digit increases in tax.

"Our tax business continues to boom as the market for tax services responds to new technologies that increase efficiencies and provide clients rapid access to the information that supports their decision making. The firm's Tax News Network, for example, is the first of its kind, on-line source of tax information and analysis delivered directly to clients' desk-top computers," Moore said.

On an industry basis, Moore said, revenue growth across the lines of business was led by services to high technology clients which grew 30.4 percent; information and entertainment clients 21.3 percent; government clients 17.7 percent and health care clients 16.4 percent.

Moore said, "Coopers & Lybrand is continuing to build on the momentum generated in 1996. We ended last year strongly and -- with new clients, vital new services and outstanding people throughout our organization -- we're poised for even greater growth and exciting new client-service opportunities in 1997. The continued strength of the U.S. and world economies," Moore said, "bodes very well for our industry and especially for our firm."

One of the world's leading professional services firms, Coopers & Lybrand L.L.P. provides services for enterprises in a wide range of industries. The firm offers its clients the expertise of more than 16,000 professionals and staff in offices located in 100 U.S. cities and, through the member firms of Coopers & Lybrand International, more than 71,000 people in 140 countries worldwide.

CONTACT: Coopers & Lybrand, L.L.P., New York

David Nestor, 212/259-4855
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 26, 1996
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