Asia Pacific helps boost Deloitte revenues to record $46.2 billion

Professional services giant Deloitte has recorded 2019 global revenues of $46.2 billion – with the Asia Pacific its leading growth market.

Professional services giant Deloitte has achieved yet another year of strong growth to record $46.2 billion in combined global revenues for its financial year to June – up by 9.4 percent worldwide in local currency terms, or a $3 billion jump on its record $43.2 billion haul the year prior. While growth has cooled slightly since then, this year marks the firm’s tenth consecutive year of growth overall, dating back to 2009 when revenues stood at around $26 billion.

The firm’s Asia Pacific geography is this year’s leading growth market, up by 11.6 percent to a collective total of $7.1 billion in revenues (Deloitte has since its last financial year merged its Asia Pacific regional operations into a single operational entity), while the firm’s Americas region has also achieved impressive growth, at plus 10.4 percent, to contribute close to half of the firm’s global revenues at $24.2 billion. Deloitte’s EMEA division made up the remainder.

“At the core of Deloitte’s culture and business model is the fundamental belief that we exist to make a positive impact for clients, our people, and the communities in which we live and work. Our performance in FY2019 is evidence that a purpose-led approach works,” said Deloitte Global CEO Punit Renjen, who was elected to a second four-year term in June, having initially taken the helm in 2015 when the firm’s revenues hovered closer to the $35 billion mark. 

“Our FY2019 results are a validation of Deloitte’s strategy to deliver high-quality, globally consistent service to our clients while continuing to serve the public interest and working to restore trust in capital markets,” continued Renjen. “We evolved and innovated our offerings to address current and emerging client needs, and we increased our investments in learning and development to build a workforce with deep knowledge, capabilities, and leading-edge insights.”

A black and white illustration of the Deloitte’s evolution can be found in this year’s financial figures, with, significantly, the firm’s advisory offering now eclipsing its assurance and tax lines combined. One of five of its service categories, further including Financial Advisory and Risk Advisory,  Deloitte’s Consulting practice last year brought in revenues of $18.7 billion (up 15.2 percent), compared to $10.2 billion for Assurance and $8.3 billion through Tax & Legal.

In respect to headcount, Deloitte has over the past year added 90,000 professionals to its roster (from a staggering 3.2 million applications), taking its global workforce beyond 312,000 people worldwide – with around a sixth of those based in the Asia Pacific. Altogether, staff numbers at Deloitte rose by 9 percent, while over 130,000 employees partook in development programmes at Deloitte University, one branch of which is located on Singapore’s Sentosa Island.

While close competitor PwC has yet to report (likely over the next month), Deloitte’s continued strong growth further cements its position at the top of the Big Four table, with its next nearest rival Ernst & Young last week announcing an 8 percent bump to $36.4 billion in global revenues. KPMG, meanwhile, in fourth place, won’t report until the end of the year, but has trailed both PwC and Deloitte for growth in the Australian market, the latter which was up locally by 13 percent for 2019.