Deloitte continues as an engine of employment creation and announces record revenues of US$28.8 billion
New York, 22 September 2011 – Deloitte Touche Tohmatsu Limited today announced aggregate member firm revenues of US$28.8 billion for the fiscal year ended 31 May 2011, marking the highest revenue ever recorded by the global member firm network. Aggregate revenues grew 8.4 percent in U.S. dollars and 7.7 percent in local currency—the strongest revenue increase since 2008. Compound aggregate growth for FY2005-2011 was 8.0 percent. Deloitte member firms (Deloitte) experienced growth across all three major geographic regions, led by exceptional results generated in Asia Pacific and the Americas from a number of developing markets, and across all functions and industry sectors.
“These results underscore the strength and resilience of Deloitte’s diversified portfolio of businesses and a relentless commitment to quality and to member firm clients who have driven this growth,” said Deloitte Touche Tohmatsu Limited Global CEO Barry Salzberg. “Deloitte’s multidisciplinary service model and depth and breadth of capabilities provide Deloitte professionals with a unique opportunity to deliver enhanced audits, along with innovative solutions that meet clients’ complex business needs and help them grow their businesses.”
Deloitte has maintained a focus on hiring and retaining top talent as a driver of business activity and expansion. In 2011, Deloitte hired 49,000 professionals and exceeded headcount expectations, adding 12,000 (net) new jobs to its global workforce—a 7.1 percent increase in headcount compared to FY2010. Deloitte’s total workforce now comprises 182,000 professionals worldwide. Deloitte expects to increase its total workforce to 250,000 professionals by FY2015.
“Deloitte’s talent growth reflects a commitment to creating sustainable careers and providing long-lasting growth opportunities for high-performing talent in a global economy that is increasingly in need of skilled labor,” commented Salzberg. “This is why US$300 million has been invested in Deloitte University, a dynamic new learning and leadership development facility near Dallas, Texas, in the United States that will help Deloitte professionals remain at the forefront of evolving trends in the profession and develop essential leadership skills for the 21st century.”
Deloitte regards world-class quality as the foundation of its businesses and continuously focuses on delivering the standard of excellence. Of singular importance is Deloitte’s commitment to the public interest in its audit services. The network has invested a substantial amount of financial and human capital in developing Deloitte Audit, a transformation to its audit approach that brings the world-class methodology, technology, and talent needed to help member firm clients and people respond to the realities of today’s changing business and regulatory environments.
Leading Deloitte’s business line growth were financial advisory and consulting, which grew 15.1 and 14.9 percent, respectively. Financial advisory growth was fueled by valuation, restructuring, and forensic-related services, which, strengthened by data analytics capabilities, delivered increased efficiencies and improved problem-solving capabilities to member firm clients. Deloitte’s financial advisory practices were further bolstered by M&A transaction services, driven by an upward trend in inbound and outbound investments in emerging markets such as China, India, and Brazil.
The growth in consulting revenues was achieved during a very challenging set of market conditions. Growth was largely driven by Deloitte’s ability to help member firm clients implement the advice it provides. For example, combining a wide range of skills to provide unique solutions in the marketplace, such as the integration of regulatory knowledge with strategy, technology, and human capital skills, has created a favorable market position for Deloitte in financial services and areas such as post-merger integration.
Salzberg added, “Overall, Deloitte’s strong revenue growth is a direct result of member firms’ unrelenting focus on strategic priorities and excellence in client service, the foundation and hallmark of Deloitte’s As One strategy. More than US$1 billion has been dedicated to strategic investments, which serves as a testament to Deloitte’s commitment to clients, people, and business.”
Deloitte is halfway through its four-year US$1 billion investment program, which includes major outlays in several high-growth areas and markets:
In addition to the areas listed above, in the new fiscal year Deloitte will place increased emphasis on innovation and integrated market offerings that bring Deloitte’s unique breadth of multidisciplinary capability to the marketplace on a world-class scale.
“Deloitte is changing the industry through the bundling of professional services as part of its core strategy for non-audit member firm clients and to align with the future needs of a diverse client base,” said Manoj Singh, Chief Operating Officer, Deloitte Touche Tohmatsu Limited. “As several market shifts continue to reshape the business landscape, Deloitte is poised to take advantage of the resulting opportunities with a depth and scale of capabilities that are unmatched by its competitors.”
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Note: Percentages may not add to 100 due to rounding
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte's approximately 182,000 professionals are committed to becoming the standard of excellence.