Atlanta-based audit firm PRGX Global Inc.’s revenues grew about 10 percent in the third quarter of 2011 compared to the same period last year, an increase company officials ascribed to expanded services and the addition of retail clients.
The company, which analyzes clients’ financial data to find and recover payment errors, took in $51.8 million between July and September of this year and $46.9 million in the third quarter of 2010.
PRGX is recovering after seven consecutive years of slowing growth. The company’s annual reported revenues peaked in 2002 at $463.3 million, but declined steadily until last year when it took in $184.1 million compared to $179.6 million in 2009.
In 2010, the company launched a consulting division focused on increasing clients’ operational efficiency and reducing overhead costs. Its recovery plan also included adding government clients in the U.S. and abroad.
Romil Bahl, PRGX’s president and CEO, commented that recent earnings reports vindicate this growth strategy.
“Achieving more than $50 million in revenue for the fourth consecutive quarter is noteworthy, especially in a challenging economy,” he said in a news release. “Eight consecutive quarters of year-over-year increases in revenues confirms that we have reestablished PRGX as a growth company.”
The company’s new consulting services created $6.3 million in revenues in this year’s third quarter compared to $2.3 million in 2010, an increase of more than 250 percent.
PRGX operates in 28 countries, and its greatest third quarter growth in its traditional auditing services came from the Americas region. This market brought in $31 million in the third quarter of this year, compared to $29.7 million in 2010, an increase of 4.2 percent.
Audit business from the company’s Europe/Asia-Pacific region declined 2.4 percent. PRGX took in $14.5 million from this market in the third quarter of 2011 compared to $14.9 million last year.
To see a GlobalAtlanta interview with Mr. Bahl, go here.
For more information about PRGX, visit www.prgx.com.