Deloitte on Path to Success
Revenue growth at Deloitte Touche Tohmatsu has fallen to 14.1% - down from the 21% figure achieved for the last financial year, but marking seven consecutive years of growth.
Annual global revenue reached $11.2 billion for the new year-end of May 31, 2000 - previously, the firm's fiscal year closed on August 31. Revenue from the firm's practice grew 15.4% and the consulting arm was up 11%.
The Big Five firm also announced that it was determined to keep its consultancy business. Deloitte CEO James Copeland said: "Deloitte continues to enjoy a tremendous competitive advantage by being able to provide solutions through our multidisciplinary approach to our growing list of global clients.
"We remain committed to a successful strategy of maintaining a multidisciplinary approach; one that provides the valuable synergy of consultative and audit services to provide unparalleled client service."
The 14.1% growth matches that of Ernst & Young, but is below the 17% of rival KPMG. Copeland sounded a warning note to them: "We're poised to become the second largest firm in the Big Five with excellent prospects of ultimately being the largest firm."
Successful human resource programs are helping the firm win the war for talent, he added. Recent achievements in this area include being the only Big Five firm named in Fortune magazine's list of 100 Best Companies to Work For in the US for the fourth consecutive year.