Charles River Associates, a consulting firm specialised in economic, financial, and management consulting services, has released its full year results. The firm has seen its turnover grow by 8% year over year to $324 million.
In 2016, Charles River Associates (CRA) saw its revenues increase by 7%, while the firm's non-GAAP revenue increased by 8.1% year over year to $324 million – with an additional $7 million added to the result from currency fluctuations across the year. The firm’s income came in at $12.9 million, up 68% on the year previous, and earnings – per diluted share – stood at $1.49, up 80%.
Growth was booked across its service lines, with in particular the Legal and Regulatory, Management Consulting and Antitrust & Competition Economics lines of business enjoying growing demand. From an industry perspective, CRA's Life Sciences business performed strongly.
Commenting on the 2016 financial figure, Paul Maleh, the firm’s President and Chief Executive Officer, says he is “pleased” with the strong performance, adding " “We enjoyed our highest annual non-GAAP Adjusted EBITDA margin in 10 years of 16.6% for fiscal 2016."
The firm's global head adds that the results in part reflect the challenges faced by the wider global uncertainty that reigned in 2016, as well as the impact of currency fluctuations, with the lower pound impacting the overall contribution of the firm's UK operations.
For 2017, Charles River Associates, which is the parent of management consultancy Marakon, expects revenues to grow further to between $350 million and $360 million, the result of organic expansion and the integration of C1 Consulting, a life sciences strategy consulting firm that was acquired in January this year.
Earlier this month two other consulting firms, BearingPoint and Simon-Kucher & Partners, also unveiled their 2016 results. German origin Simon-Kucher & Partners saw its revenues soar by 16% to €241 million, while European consultancy BearingPoint booked 10% revenue growth to €622 million.