Booz Allen reports soaring profits

Booz Allen Hamilton is reporting strong revenue and earnings growth in its preliminary 2011 results. 

For the company’s fiscal year that ended March 31, and Booz Allen had $5.6 billion in revenue compared to $5.1 billion in 2010.

Net income jumped to $84.7 million in 2011, compared to $25.4 million in 2010.

“We grew revenue in all of our major markets – defense, intelligence, and civil – for the full fiscal year and the fourth quarter,” said Ralph Shrader, Booz Allen’s chairman, CEO and president.

He tied the rise in profits to the growing percentage of higher margin, fixed-price work the company does.

The company’s fastest growing areas are cybersecurity and health, Shrader said.

Booz Allen also will begin moving into the commercial and international markets after July 31 when the non-compete agreement with its former commercial business Booz & Co. ends.

“We will focus our commercial expansion in areas that benefit from our core strengths in management consulting combined with technology and analytics expertise,” he said.

Booz Allen will target industries such as financial services, health care and energy, where there is a strong link between the government and commercial sectors, Shrader said.

The company is ranked No. 9 on Washington Technology’s 2011 Top 100 list of the largest government contractors.