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Deloitte revenue hits double-digit mark for the sixth consecutive year

Thursday, 14 August 2008

Deloitte Touche Tohmatsu (“Deloitte”) has achieved an increase of 18.6 percent in U.S dollars and 13.0 percent in local currencies, bringing the aggregate member firm revenue to a whooping sum of US27.4 billion for the 2008 fiscal year. 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 during the year under review. In the Financial year 2007, Deloitte posted aggregate revenues of US$23.1 billion.

This was announced on Tuesday, 22 July 2008, in New York, United States of America, by Deloitte Global CEO Jim Quigley. While making the announcement Quigley commended the people of Deloitte for their continued focus on excellence and ability to work together across geographies to meet clients’ needs, which he said was the fundamental factor to the firm’s success. According to him, “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.”

A breakdown of the revenue growth showed that, Financial Advisory services posted the highest increase of 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.

Europe, the Middle East and Africa member firms’ revenue increased remarkably by 22.6 percent to US$11.3 billion, with CIS growing at 40.8 percent. However, Asia Pacific led the pack with revenue growth of 30.3 percent to US$3.2 billion, with every Asia Pacific member firm delivering double-digit revenue growth. The Americas improved revenues by 12.9 percent to US$13.0 billion, with Latin America and the Caribbean leading the region, with 22.4 percent revenue growth.

Also in the past year, Deloitte grew by approximately 15,000 people with considerable growth in the emerging markets. Deloitte’s firms in West & Central Africa region (WeCA), (Nigeria, Ghana, The Gambia and Cameroon) have experienced a 15%+ growth in the number of professionals in the past two years. According to the new Chief Executive Officer, Emmanuel Ikazoboh, “Deloitte WeCA is poised for a much greater growth in the coming years, following the recent leadership changes and the new focus in the firm”.

Globally, Deloitte now has approximately 165,000 people operating in approximately 140 countries.

It was also noted that Deloitte’s strong global culture is the unifying force for its entire people, bringing consistency to everything they do. According to Jim Quigley, “Our culture is clearly our strength, and our firms are committed to its ongoing development. Our focus on innovation together with strong global culture and diversity of skills will enhance our ability to assist clients compete in these turbulent times.”

In the area of Corporate Social Responsibility Deloitte 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. At Deloitte corporate responsibility is recognized as a strategic priority and the people of Deloitte strive to significantly elevate their impact on a global level.

Deloitte focuses on long-term success and continuous investment in its people, new products and services, and the maintenance of their long-standing commitment to corporate responsibility.

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