Accenture demonstrates steady growth in Q1 2024

image of Julie Sweet Accenture chair and CEO | Accenture Q1 24

Accenture has reported its financial results for Q1 fiscal year 2024, ending November 30, 2023. The company saw revenue growth increase of three percent rising to $16.2bn compared to the $15.75bn achieved in the first quarter of 2023.

Consulting revenues for the company declined by two percent in local currency to $8.46bn. Managed services revenues for the quarter were $7.77bn, an increase of six percent in US dollars.

The company’s bookings for Q1 24 totaled $18.45bn, an increase of 14 percent or 12 percent in local currency over the first quarter of fiscal 2023.

Julie Sweet, chair and CEO, Accenture, said: “I am pleased that we delivered on our commitments this quarter while strategically investing at scale for future growth. Our deep and trusted client relationships are again reflected in the 30 clients with quarterly bookings of more than $100m.

“And we continue to lead our industry in GenAI – the great accelerator of reinvention – with over $450m in new bookings. I am incredibly grateful to the 743,000 people of Accenture, who are steadfastly dedicated to helping our clients achieve their ambition to grow and thrive in the years ahead.”

In Q1 24, quarterly cash dividend reached $1.29 per share, demonstrating an increase of 15 percent.

For the quarter, the company saw the majority of industry groups increase in revenues. Financial services increased by two percent rising to $3.03bn, health and public service saw an increase of 13 percent, reaching $3.38bn, products saw a rise of four percent to $4.86bn and resources reached $2.28bn, an increase of seven percent. Despite this, communications, media and technology let the company down this quarter with a ten percent decrease to $2.67bn.

The highest growth for the quarter was in EMEA, an increase of nine percent to $5.8bn. Growth markets also grew by two percent at $2.86bn, however, North America saw a decrease of one percent with revenues of $7.56bn.

Looking ahead to the second quarter, Accenture expects revenues to be in the range of $15.40bn – $16bn which reflects the company’s assumption of a negative 0.5 percent foreign-exchange impact compared to Q2 2023.