Deloitte Announces Aggregate Revenue Results of US$26.6 Billion

NEW YORK, Sept. 13 /PRNewswire/ -- 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)

Percentages based on absolute values and not truncated, dollars in billions for rounding.

SOURCE Deloitte Touche Tohmatsu Limited