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Continued strong financial performance allows us to invest further in the sustainable growth of the business.
FY14 was another successful year for ERM. At constant exchange rates, we increased our net consulting revenue by 6 percent and our trading profit by 10 percent. FY14 was a year of consolidation after very strong growth in the two previous financial years (we grew trading profit by 22 percent in FY13 and by 20 percent in FY12). During the year, we continued the investment in our business to ensure we could meet our clients' needs.
Throughout FY14, we helped a range of mining and oil and gas clients as they entered new markets in Africa, Asia and South America, and developed unconventional resources in these and other parts of the world. We expanded the social and economic remit of environmental due diligence processes to address liabilities more effectively, and we assisted clients to understand and manage the risks associated with building, operating and closing complex industrial facilities. We also worked increasingly with clients on safety transformation, including both technical/process safety and the non-technical risks associated with capital projects and our clients' sustainable business strategies.
We enjoyed some notable successes in FY14. For example, we sold more than $50 million of project work to one client for the first time in our history, with 22 of our Business Units working with that client. We opened a new office in Mozambique so that we are better placed to help clients with projects in that region. Our Sustainability Information Solutions business grew trading profit by 19 percent, with an increase in dedicated employees from 125 to 150. In addition, we completed (just after year-end) a refinancing of the Group that will assist us to continue to achieve sustainable growth over the next few years.
In FY14, we hired 35 new Partners into ERM and promoted 24 employees into the Partnership from our industry-leading Partner-in-Training program. These experienced professionals will develop further our service offerings and deliver the best outcomes for our clients. The average number of full-time employees in the group remained steady at just under 4,600. ERM continues to deliver a great working environment with strong career development opportunities for employees.
Our structure is typical of a private equity-backed company. ERM has external bank loans, as well as preference shares and loan stock owned by the shareholders. Total capitalization for the company as of 31 March 2014 was approximately $1.2 billion, comprising $2 million of ordinary share capital, $752 million of preference share capital and shareholder loan stock, and $461 million of bank loans.
Strong financial performance is key to the sustainable growth of our business and our future success. Our financial performance also directly affects other our stakeholders, such as our employees, contractors, clients, local communities and investors. For a summary of the financial benefits ERM has created for stakeholders, see the Economic Value Generated and Distributed table in our Global Data section. The Group's financial performance by region from FY11 to FY14 at actual foreign exchange rates is shown below.
Financial Performance by Region FY11-14
|3-Year CAGR 1
|Europe, Middle East and Africa||112||129||137||136|
|Latin America and Caribbean||28||38||39||35|
|Specialty Global Businesses 2||20||52||60||66|
|Total Net Revenue||477||572||658||680||13%|
|% Growth — Actual||14%||20%||15%||3%|
|% Growth — Constant Currency 3||12%||17%||18%||6%|
|Total Trading EBITA 4||69||85||102||110||17%|
|% Growth — Actual||20%||23%||20%||8%|
|% Growth — Constant Currency 3||17%||20%||22%||10%|
1. CAGR: Compound Annual Growth Rate.
2. Formerly referenced as Niche Businesses.
3. Constant currency calculation is based on FY14 Budget FX rates as used by management for internal reporting purposes.
4. EBITA: Earnings before interest, tax and amortization.
For more information, see ERM's Financial Overview for FY14 on www.erm.com.