Deloitte Announces Aggregate Revenue Results of US$26.6 Billion
By Deloitte Touche Tohmatsu Limited, PRNESunday, September 12, 2010
Aggregate member firm revenues grow 1.8 percent in U.S. dollars
NEW YORK, September 13, 2010 - Deloitte Touche Tohmatsu Limited today announced aggregate member firm
revenues of US$26.6 billion for the fiscal year ended 31 May 2010. Aggregate
revenues grew 1.8 percent in U.S. dollars and remained essentially unchanged
in local currency. Aggregate business volume increased from the prior year,
while rates remained constrained by the challenging economic conditions.
Compound aggregate growth for FY2005-2010 was 7.8 percent.
Deloitte member firms' (Deloitte) business lines performed strongly
within the context of the economic environment. A 15 percent increase in
member firms' consulting revenues, led by a 19 percent growth in the strategy
and operations service line and a 33 percent growth in technology
integration, helped to offset small declines in other businesses whose
results were primarily affected by modest reductions in rate per hour. The
Deloitte U.S. member firm's recent integration of BearingPoint's North
American public sector practice contributed meaningfully to consulting's
overall performance and has positioned Deloitte among the largest public
sector consultancies worldwide.
"The people of Deloitte take great pride in their ability to add value in
areas that matter most to clients during the downturn," said Deloitte Touche
Tohmatsu Limited CEO Jim Quigley. "I am proud of our people and their
continued commitment to client service excellence during the most difficult
economic climate in decades. This dedication, along with our strong focus on
integrity and sustainable, responsible business practices, will continue to
be critical to our future success."
Deloitte attributes its recent success to strategic investments in four
areas:
1. Quality. Deloitte considers quality as the foundation of its businesses and continuously invests in quality to protect the Deloitte brand and address the needs of clients and stakeholders. 2. Talent. Deloitte has increased its headcount by 40 percent since 2005. During the same period, the organization reduced aggregate employee turnover by 4 percentage points. Deloitte's headcount has grown to approximately 170,000 professionals. 3. Emerging and business critical markets. Since 2005, the Deloitte network has committed US$500 million to grow its strategic markets, including China and India. As a result, Deloitte China's revenue has more than doubled while headcount has grown to 8,000. Deloitte India's revenue has tripled while the number of Deloitte professionals in India has grown to 14,000. 4. Portfolio of core businesses. Deloitte is committed to its multidisciplinary business model, with particular focus on enhancing service delivery. Audit is a fundamental element of the network's portfolio, and investment funds continue to be prioritized toward enhancing audit quality, technology, and methodology. Deloitte's investment in the consulting and advisory business has helped it to obtain recognition from leading analysts as the largest consultancy globally. Geographic results (aggregate, in USD): - Asia Pacific revenues grew 9 percent, making it the fastest-growing region for the sixth consecutive year. Member firms achieving growth in excess of 20 percent included Korea and India. Deloitte China grew 8 percent. Market share of the Fortune Global 500 grew by 2 percentage points in the Asia Pacific region. Deloitte member firms also served some of the largest IPOs in these markets. - The Americas revenues grew 4 percent. Brazil grew in excess of 20 percent. Deloitte United States grew 3 percent. - EMEA revenues declined 3 percent. Southern Africa grew 22 percent. The Middle East grew 15 percent. Business and industry results (aggregate, in USD): - Audit revenue declined 1 percent while market share of the Fortune Global 500 grew by 1 percentage point. - Consulting revenue grew 15 percent. - Financial Advisory revenue declined 2 percent. - Tax revenue declined 5 percent. - Industry: Public sector revenues increased 38 percent compared to the prior year. Financial Services and Manufacturing were essentially flat, which represents a significant rebound from last year's double-digit declines.
To sustain its market-leading performance and help clients navigate the
post-crisis world, Deloitte is rolling out a new global strategy called "As
One." The strategy enhances the network's ability to seamlessly deliver
world-class services across borders, while leveraging the market-focused
accountability of its member firm structure.
"The financial crisis has fundamentally reshaped our economic,
regulatory, and business landscapes," said Quigley. "Change creates
opportunities for both Deloitte and our clients, and I believe that this is
the right time to launch the As One strategy. We are committed to bringing
the full breadth of the network's resources to help clients adapt to the new
market realities, sustain our relentless focus on quality, and develop and
deploy the best talent in every market in which Deloitte operates."
Quigley went on to express his optimism for the year ahead. "I am proud
that Deloitte continued investing in our capabilities and people during the
downturn. As a result, the network is strongly positioned to respond to the
rising demand that we are already seeing across our business portfolio. With
the strength of our multidisciplinary service model and our people's
commitment to excellence, I am optimistic that Deloitte member firms will
continue to achieve solid growth in FY11."
About Deloitte
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 140 countries, Deloitte brings
world-class capabilities and deep local expertise to help clients succeed
wherever they operate. Deloitte's approximately 170,000 professionals are
committed to becoming the standard of excellence.
Deloitte Touche Tohmatsu Limited Fiscal Year 2010 Regional and Service
Line Revenue Breakdown (aggregate)
Region 2010 Revenues USD Local Currency % of Revenue ------ ------------- --- -------------- ------------ USD Billion Growth Growth ----------- ------ ------ Americas 13.0 3.9% 3.0% 48.9% -------- ---- --- --- ---- Asia Pacific 3.6 8.5% 1.6% 13.7% ------------ --- --- --- ---- EMEA 10.0 -2.9% -4.2% 37.4% ---- ---- ---- ---- ---- Total 26.6 1.8% 0.0% 100.0% ----- ---- --- --- ----- Sub Region ---------- North America 11.9 3.9% 2.7% 44.8% ------------- ---- --- --- ---- Latin America 1.1 3.7% 6.0% 4.1% ------------- --- --- --- --- Asia Pacific 3.6 8.5% 1.6% 13.7% ------------ --- --- --- ---- Europe 9.2 -4.0% -4.8% 34.6% ------ --- ---- ---- ---- Middle East 0.2 11.4% 11.7% 0.8% ----------- --- ---- ---- --- Africa 0.6 12.0% 0.2% 1.9% ------ --- ---- --- --- Total 26.6 1.8% 0.0% 100.0% ----- ---- --- --- ----- Function 2010 Revenues USD Local Currency % of Revenue -------- ------------- --- -------------- ------------ USD Billion Growth Growth ----------- ------ ------ Audit 11.7 -1.4% -3.8% 44.2% ----- ---- ---- ---- ---- Consulting 7.5 14.9% 13.6% 28.0% ---------- --- ---- ---- ---- FAS 2.0 -1.6% -3.4% 7.6% --- --- ---- ---- --- Tax 5.4 -5.3% -6.3% 20.2% --- --- ---- ---- ---- Total 26.6 1.8% 0.0% 100.0% ----- ---- --- --- -----
Percentages based on absolute values and not truncated, dollars in
billions for rounding.
Christine Selph, Global Communications, Deloitte Touche Tohmatsu Limited, +1-212-492-4517, Mobile: +1-347-429-2891, cselph at deloitte.com, or Jyoti Chopra, Global Communications, Deloitte Touche Tohmatsu Limited, +1-212-492-4086, Mobile: +1-609-216-1429, jychopra at deloitte.com; Cecilia Coakley, MWW Group, +1-201-964-2395, Mobile: +1-201-681-9886, ccoakley at mww.com
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