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Management consultancy industry worth €240 mln in 2005

Hungarian management consultancies had combined revenue of €240 million in 2005, up from €220 million a year earlier, president of the Hungarian Association of Management Consultancies (VTMSZ) Péter Kulcsár announced on Wednesday.

The increase followed a decline in consultancies' turnover in 2001-2003, Kulcsár said, adding that the industry could expect to see 5%-6% annual increases in revenue in the upcoming years. VTMSZ includes among its members 164 management consultants and 47 companies, accounting for half of the industry's turnover in Hungary. Altogether, there are about 600 management consultancies in Hungary, many of which specialize in fields such as strategy, IT and human resources.
Kulcsár said one of the industry's problems is that SMEs show little demand for consulting services.