Arthur Andersen yesterday announced record revenues of $7.3 billion for the fiscal year ending 31 August 1999, a 19 percent increase over last year.

In local currencies, excluding the effect of exchange rates, Arthur Andersen's revenue growth rate was 21 percent.

The global professional services firm experienced strong double-digit growth in each major business line and geographic region.

Jim Wadia, Worldwide Managing Partner for Arthur Andersen, said that the firm will continue to see robust growth over the next few years based on its ability to deliver both traditional and new service offerings aimed at helping clients succeed in the new economy.

He added: "We are seeing the emergence of a new economy in the marketplace, driven by forces of consolidation, globalisation and technological proliferation.

"Arthur Andersen is focused on helping clients take advantage of these emerging forces and providing them with ways to create, manage and measure wealth in the new economy. As a result, we have seen tremendous performance across all of our practice areas worldwide.'' Arthur Andersen is a business unit of Andersen Worldwide, which has reported worldwide revenues of $16.3 billion for fiscal year 1999.

On a geographic basis, Arthur Andersen grew in Asia Pacific, 20 percent, Europe, Middle East, India and Africa,22 percent, Latin America, 28 percent, and North America, 19 percent.

Arthur Andersen's Assurance and Business Advisory practice grew 17 percent to $3.4 billion and remains the firm's largest practice area. In addition to a strong performance from its traditional audit business, services such as Business Risk Consulting, Computer Risk Management and Treasury Risk Management also contributed to the growth, according to Mr. Wadia.