Watson Wyatt sees international boost
US – Watson Wyatt & Co. says it expects revenues from its international operations to rise by around 10% in 2003.
“Revenue from the company's international operations is expected to increase approximately 10% for the year,” the US-based benefits consultancy said in a statement.
International revenues accounted for 11% of its total revenue in the third quarter – boosted by operations in Australia and New Zealand. Revenues in the division rose to 19.1 million dollars from 17.4 million dollars a year before.
The company reported that its total third-quarter net income rose to 12.4 million dollars, from 11.1 million dollars. Total revenues slipped to 177.6 million dollars in the quarter, against 180.4 million dollars.
It estimated that its total full-year revenue would be around one percent lower than in 2002.
"As we near the end of the current fiscal year, we are pleased to report that our ongoing financial discipline continues to produce strong bottom line results and generate cash, despite reduced consulting budgets of our clients," said president and chief executive John Haley.
"Many human resource-related issues remain in the forefront of business and the media today - pensions, health care, options and executive pay.” Haley said Watson continues to develop “new and responsive consulting ideas” for the market.
On May 1 Watson Wyatt said it would 27 of its European associates to partner.
Watson Wyatt & Co. Holdings’ main subsidiary is Watson Wyatt & Co., which - along with Europe-based Watson Wyatt LLP - operates Watson Wyatt Worldwide.