Deloitte achieves 6th year of double-digit revenue growth; Asia Pacific leads growth

Singapore, Tuesday 5 August, 2008– Deloitte Touche Tohmatsu (“Deloitte”) has announced its fiscal year 2008 aggregate member firm revenue increased by 18.6 percent in U.S. dollars, and 13.0 percent in local currencies, to US$27.4 billion. This marks Deloitte’s sixth consecutive year of U.S. dollar double-digit revenue growth from continuing operations. Every service line and every geographic region delivered strong growth. Deloitte aggregate revenues were US$23.1 billion in FY2007.
When announcing the results in Kuala Lumpur yesterday, Deloitte Asia Pacific CEO Chaly Mah 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. I support the vision and strategy of our Global CEO, Jim Quigley, and 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.”
Asia Pacific led with revenue growth of 30.3 percent to US$3.2 billion, with every Asia Pacific member firm delivering double-digit revenue growth with Australia, China, Japan and Southeast Asia achieving rates of over 20 percent.
"Every area of our Asia Pacific business reported double digit revenue growth. In particular, our consulting and financial advisory services continue to grow at well over 40 percent," said Mr Mah.

Deloitte Southeast Asia—which was established in June 2006 as part of the organization's aggressive plans to double Deloitte's strength in Asia Pacific within the next five years—achieved revenue of US$286 million, a growth of 22 percent.
Deloitte Southeast Asia is a cluster of member firms operating in Brunei, Guam, Indonesia, Malaysia, Marshall Islands, Micronesia, Northern Mariana Islands, Palau, Philippines, Singapore, Thailand and Vietnam. During the year it grew to over 200 partners and 4,000 professionals located in 20 offices.
This structure, now in its second year of operation, is part of Deloitte member firm's strategy to support growth in the emerging markets and to enhance client service and firm competitiveness in response to market globalization.
The Singapore practice,which has a team of 64 partners and 1,400 professionals, has done well. Said Mr Mah who is also the CEO of Deloitte Singapore "I am pleased to announce that Deloitte Singapore continues to achieve strong growth. This year, revenue grew by 30 percent . In particular our Enterprise Risk Services and Financial Advisory Services grew exceptionally fast with growth of approximately 50 percent and 40 percent respectively.”

Deloitte Singapore has made talent management a major strategic priority and various talent management initiatives have been introduced. Said Mr Mah, “We are in the people business and place great emphasis on attracting, developing and retaining top talent. Besides recruiting locally, we are recruiting across the region to ensure we get the best talent. Our strong growth and large regional footprint, offers attractive career prospects and progression opportunities for our people and potential recruits.”
In the past year, globally Deloitte grew by approximately 15,000 people with considerable growth in the emerging markets. Deloitte’s firms in Brazil, Russia, India, and China 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.
Mah 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.
Deloitte also remains committed to building upon its strong reputation as a responsible global citizen. 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.
Globally, Financial Advisory services grew at 26.6 percent to US$2.4 billion, followed by consulting services at 22.2 percent to US$6.3 billion, tax and legal at 20.4 percent to US$6.0 billion, and audit at 14.8 percent to US$12.7 billion.
Mah 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 concluded.
Details of the DTT financial results and its firms’ approach to clients and people are available on www.deloitte.com

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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 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's 165,000 professionals are committed to becoming the standard of excellence.
About the Financial Results
This financial summary reflects the aggregate of selected operating and financial data of the member firms and their subsidiaries and affiliates. This information is prepared as a basis for measuring the change in aggregate results of the member firms over time, and is not represented as nor considered to be the actual or pro forma financial results of any single member firm or entity, or group of member firms or entities prepared on a consolidated basis. Such a consolidation would generally not be appropriate or permissible under international or local generally accepted accounting principles.
Revenues include reimbursed expenses. Revenues related to transactions between member firms have been eliminated from the information included in this report. Each member firm is a separate and independent legal entity, operating under the names “Deloitte”, “Deloitte & Touche”, “Deloitte Touche Tohmatsu” or other related names, in accordance with the policies of the Verein and the regulatory, statutory and financial standards and requirements in their respective countries. The member firms operate in their respective countries through different legal forms; as partnerships, limited liability companies, corporations, and other forms. Accordingly, although the member firms use a similar structure of financial accounts, certain items may be classified and reported differently by different member firms as a result of the varying accounting practices in their countries. Aggregate results do not attempt to reconcile or restate certain transactions that are reported differently among the member firms.
Member firm financial and operating data include the results of all entities and practices that are majority-owned by the partners of the member firm. In addition, some member firms have minority interests in other practices, joint ventures, strategic alliances and other business investments whose results are not included in the information presented in this report.