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."
Talent and job creation
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."
A commitment to quality
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.
Business and industry performance
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.
Breakdown of business line and industry growth (aggregate, in USD):
Financial Advisory led the portfolio in terms of growth, at 15.1 percent.
Consulting revenue grew by 14.9 percent.
Tax revenue grew by 5.2 percent.
Audit and Enterprise Risk Services revenue grew by 4.7 percent.
Industry: Financial Services recorded the highest revenue growth with 13.5 percent. Energy & Resources revenue grew by 8.8 percent, Life Sciences & Healthcare by 8.1 percent, and Manufacturing by 7.5 percent.
Geographic performance (aggregate, in USD):
Asia Pacific revenues grew 15.8 percent, making it the fastest-growing region for the seventh consecutive year. Deloitte China grew 8.3 percent. Member firms in Australia and India achieved growth in excess of 25 percent. Almost all member firms in the region experienced double-digit growth.
Americas revenues grew 10.4 percent, led by member firms in Brazil and Chile, both of which grew in excess of 20 percent. Member firms in Canada and the United States posted exceptional growth during extremely challenging business conditions.
Europe, Middle East, and Africa revenues increased by 3.2 percent, with member firms in the Middle East, Sweden, Turkey, and Norway all experiencing double-digit growth.
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."
Major investment areas
Deloitte is halfway through its four-year US$1 billion investment program, which includes major outlays in several high-growth areas and markets:
Analytics: Deloitte offers member firm clients advanced analytics capabilities that turn everyday information into useful and actionable insights. Deloitte expects to grow this capability by more than 40 percent in FY2012.
Deloitte Audit: Deloitte is investing more than US$300 million in Deloitte Audit, a transformed audit delivery that improves quality, provides greater insights for clients, leverages the full capabilities of Deloitte's top talent, and sets a foundation for ongoing innovation.
Growth enterprises: Deloitte is making a significant investment in its global service delivery capabilities and building a worldwide network of member firm professionals who provide services for mid-sized companies, which can grow up to US$1 billion in revenue. Target market segments include private companies, mid-sized private equity firms, next-gen companies, and mid-cap multinational companies.
Priority markets: In addition to focusing on new important emerging markets such as Africa, Deloitte will invest more than US$500 million through FY2012 in the following priority markets: Brazil, India, Russia, China, Japan, Middle East, and Southeast Asia.
Sustainability: Over the next four years, Deloitte will invest millions of dollars in sustainability services to help clients transition to sustainable business models and practices that will deliver top- and bottom-line long-term growth. Recognizing its own responsibilities in the sustainability agenda, Deloitte measures its environmental performance, reports its societal engagement, and is defining goals and actions to generate improvements, particularly in the use of energy and resources.
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."
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 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.
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