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Member, Beacon International Group, Ltd.
ARLINGTON, Va.--Aided by across-the-board growth, benefit consultant Watson Wyatt Worldwide reported a sharp increase in net income and revenues for fiscal 2007.
For the fiscal year ending June 30, Watson Wyatt reported net income of $116.3 million, up from $87.2 million the prior year. Net revenues, which exclude reimbursements paid by clients for expenses Watson Wyatt incurred, climbed to $1.49 billion, up from $1.27 billion.
"All our segments continue to grow well...and for fiscal 2008, we are optimistic about our growth and performance opportunities," Watson Wyatt President and Chief Executive Officer John Haley said in a statement.
Revenues for Watson Wyatt's benefits group--its biggest unit as measured by revenues--jumped to $820.8 million in fiscal 2007, up from $725.6 million the prior year.
Arlington, Va.-based Watson Wyatt attributes that increase to an acquisition in the Netherlands and greater demand for benefit plan valuation and design work in North America.
For the fourth quarter of 2007, the company reported $388.5 million in net revenues, up from $347.1 million for the comparable period for 2006, and $31.6 million in net income, up from $25.7 million.