BrazilDeloitte posts record revenues of $43.2 billion with double-digit growth
Deloitte has posted whopping global revenues of $43.2 billion for its last reporting year, with impressive growth of 11.3 percent worldwide.
The Big Four accounting and consulting firm Deloitte has just got a whole lot bigger, smashing the $40 billion barrier for the first time to record its highest ever revenue take of $43.2 billion. The $4.4 billion hike on last year’s haul equates to year-on-year on growth of 11.3 percent – the firm’s ninth consecutive year of growth – led by a booming consulting line and double-digit growth in its Asia Pacific and Europe, Middle East, and Africa (EMEA) regions.
While eclipsed by the staggering 15.9 percent growth in the broad EMEA region, the firm was still up an outstanding 13.3 percent in the Asia Pacific, with operations in the Americas recording a solid 8 percent growth. Meanwhile, Deloitte’s Asia Pacific division – which is in the process of merging its operations into a single operating entity – saw the highest rise in headcount, at 11.6 percent, with 242 partners elevated in the region over the past year at a near 30 percent increase.
Altogether, the firm boosted its capacity over the past year with the introduction of 77,000 new employees worldwide, taking its total number to approximately 286,000 at an 8.4 percent increase, while 676 individuals were admitted to the firm’s partnership ranks to be up 19 percent on last year. Of these new partners, 174 were women, while the Americas welcomed 238 new partners and the firm’s fastest growing region EMEA elevated 196 to its upper echelon.
In terms of Deloitte’s service divisions, which saw growth in every department, the firm’s burgeoning consulting line was the stand-out performer, with its revenue growth of 15.7 driven by the advent of Industry 4.0 technologies and a focus on delivering strategic digital transformations. Also driven by developments in the digital realm was the firm’s second fastest growth area in Risk Advisory, with offerings in cybersecurity and risk sensing among others.
In a statement, the firm said that in addition to its own investments in modern digital technologies, it was also working to empower 50 million futures in the new economy by 2030 through education and career-building opportunities. As an example of such a commitment in Asia, Deloitte has launched a Future of Work Center of Excellence (CoE) in Singpaore, and teamed with the Singapore government to establish a consulting-focused professional career conversion programme.
Meanwhile, following the 12 percent rise in Risk Advisory revenues, the firm recorded 8 percent growth in its Financial Advisory line – with M&A consulting and forensic services at the forefront – and 7.7 percent and 8.7 percent growth in its Audit & Assurance and Tax & Legal segments. As to industries, the stand-out growth sectors for Deloitte over the past year were Technology, Media & Telecommunications, and Financial Services, which both grew at over 12 percent.
“These results reflect Deloitte’s unrelenting commitment to serving clients with quality and distinction while embracing important public-interest responsibilities,” Deloitte Global CEO Punit Renjen said, describing the result as exceptional. “Over the past year, we have increased strategic investments in the capabilities and services most sought-after by clients in the fastest-growing markets in the world. We also have expanded our efforts and investments to drive audit quality and innovation while achieving strong financial results.”
The annual Deloitte financial report, which covers the twelve-month period to the end of May 2018, follows in the wake of the record earnings of $34.8 billion announced by Big Four rivals Ernst & Young last week, with growth in the Asia Pacific at 10.5 percent. Yet, despite EY’s strong performance, and with PwC still to report, Deloitte has continued to open a wider gap at the top of the Big Four table – a position it has held since eclipsing PwC in 2016.
