Martin Mucci, PaychexPayroll services provider Paychex has turned in what CEO Martin Mucci called a "solid year" as the company reported results for the year ended May 31. The company reported a 6-percent increase in net income on a 7-percent rise in revenue. However, its outlook for fiscal 2013 is in line with general expectations for sluggish economic growth.

Net income hit $540 million for the most recently ended year, up from $515.3 million in fiscal 2011. Revenue for 2012 was $2.23 billion, compared to $2.08 billion the prior year. Payroll service revenue for 2012 was $1.51 billion, a 5-percent rise from $1.44 billion. And that was a sharp rise from the 2-percent growth in payroll from 2010 to 2011.

In a prepared statement, Mucci said the organic client base, which had declined for three years, was flat for 2012. However, the company recorded record service revenue with checks per payroll up for the ninth straight quarter. He also said that payroll client retention was near record levels.

Last modified on Sunday, 02 June 2013
Read 2378 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline