Deloitte reports record growth and strengthens ranks by 15,000
Bit four firm Deloitte Touche Tohmatsu has announced that fiscal year 2008 aggregate member firm revenue increased by 18.6 percent in U.S. dollars to $27.4 billion. This marks Deloitte's sixth consecutive year of double-digit revenue growth from continuing operations. Every service line and every geographic region delivered strong growth. Deloitte aggregate revenues were $23.1 billion in FY2007.
When announcing the results, Deloitte Global CEO Jim Quigley said, "Our people's continued focus on excellence and their demonstrated ability to work together across geographies to meet our clients' needs is fundamental to our success. Our results show that our client-centric business model built upon a global culture of consultation and collaboration—and delivery through strong member firms with global connections is a winning strategy."
In the past year, Deloitte grew by approximately 15,000 people with considerable growth in the emerging markets. Deloitte's firms in Brazil, Russia, India, and China (BRIC) have experienced 90 percent growth in the number of professionals in the past three years. Globally, Deloitte now has approximately 165,000 people operating in approximately 140 countries.
Quigley continued, "Our strong global culture unites all of our people, bringing consistency to everything we do. We are focused on providing the same high quality Deloitte experience to all of our clients regardless of their size or geographic location.
"Our culture is clearly our strength, and our firms are committed to its ongoing development. This was evidenced earlier this month in the United States, where our U.S. member firm announced a $300 million investment to build a state of the art learning and development center for our people. The decision to build Deloitte University is a very significant and tangible commitment to our talent and to the importance of our culture."
Deloitte also remains committed to building upon its strong reputation as a responsible global citizen. The firm reports that its professionals have always been passionate about making a positive impact on the communities in which they work and live. Today, they are more dedicated than ever to strengthening corporate responsibility. As DTT Chairman John Connolly notes, "It's the right thing for all businesses to play their part in the overall corporate responsibility agenda. At Deloitte we recognize corporate responsibility as a strategic priority and strive to significantly elevate our impact on a global level."
Financial Advisory services grew at 26.6 percent to $2.4 billion, followed by consulting services at 22.2 percent to $6.3 billion, tax and legal at 20.4 percent to $6.0 billion, and audit at 14.8 percent to $12.7 billion.
Asia Pacific led with revenue growth of 30.3 percent to $3.2 billion, with every Asia Pacific member firm delivering double-digit revenue growth. Europe, the Middle East, and Africa increased revenue by 22.6 percent to $11.3 billion, with CIS growing at 40.8 percent. The Americas improved revenues by 12.9 percent to $13.0 billion, with Latin America and the Caribbean leading the region, with 22.4 percent revenue growth.
Quigley remains confident about Deloitte's continued success because of the strength of its model, which combines local depth and global scale. "These are clearly uncertain economic times. Our focus on innovation together with our strong global culture and diversity of skills will enhance our ability to assist our clients as they compete in these turbulent times. At Deloitte, we remain focused on our long-term success and will continue to invest in our people, new products and services, and maintain our long-standing commitment to corporate responsibility," he said.
Details of the DTT financial results and its firms' approach to clients and people are available on Deloitte's Web site.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.