Deloitte announces record revenue of US$36.8 billion, growth of 9.5 percent -- Seventh consecutive year of growth
-- Growth fueled by all businesses, regions, and strategic alliances
-- Nearly 72,000 new hires
NEW YORK, Sept. 7, 2016 /PRNewswire/ -- Deloitte today reported aggregate network revenue of US$36.8 billion for the fiscal year ended 31 May 2016 (FY2016), representing 9.5 percent growth in local currency terms.
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"Deloitte's growth last year is a reflection of the tangible value and high-quality professional services we provide to our clients," said Punit Renjen, Deloitte Global CEO. "Deloitte takes pride in helping clients succeed in a global business environment marked by volatility and digital disruption and in our role as stewards helping ensure the proper functioning of global financial markets."
Focus on clients results in growth across all core businesses and geographies
Deloitte's ability to deliver value for clients across all geographies and service areas led to growth in each of its five core businesses—Audit, Consulting, Financial Advisory, Risk Advisory and Tax & Legal. All advisory businesses posted double-digit growth globally. Highlights include:
- Risk Advisory grew the most at 22.5 percent, driven by high demand for cyber and regulatory services.
- Consulting grew at 10.8 percent, fueled by increasing demand for integrated services supporting large-scale digital transformation, systems implementation, human resources and strategy projects.
- Deloitte Tax & Legal grew at 10.0 percent in FY2016, the highest growth since FY2008. Growth was boosted in part by the sixth consecutive year of double-digit growth in Deloitte Legal.
Investments in technologies designed to meet clients' needs
Businesses are seeking expertise to help them manage and benefit from technology-driven change and disruption. To meet this need, Deloitte is continuing to make strategic investments across its five businesses to enhance its industry-leading capabilities in areas such as cyber, M&A, analytics, crowdsourcing, artificial intelligence, cloud computing, digital, and Internet of Things (IoT).
This disciplined approach to investing has enabled Deloitte to:
- Invest more than US$650 million since 2008 to enhance the quality, consistency, and relevance of audits. These investments include automation that reimagines routine tasks as well as analytics that yield a deeper and more insightful view into data.
- Expand its financial services technologies and assets, such as its new Financial Services Blockchain Lab in Ireland, which enables Deloitte to move quickly from concept to prototype tailored to meet individual client needs. Likewise, Deloitte's creation of a Financial Crime Strategy & Response Network helps financial institutions act strategically to address growing threats such as money laundering, cybercrime, fraud, and corruption.
- Establish a network of Cyber Intelligence Centers throughout the world that offer a fully augmented and customizable solution to help organizations remain secure, vigilant and resilient in the face of increasingly sophisticated cyber threats.
- Utilize data visualization technology within Deloitte's M&A businesses to enhance clients' ability to analyze data gathered during the due diligence process.
- Launch an enterprise crowdsourcing application to help organizations leverage external crowds and access specific, difficult-to-find expertise; collaborate to develop new products or ideas; and design, build and test new digital assets.
- Invest in developing new technology and assets designed to address industry-specific needs. Life sciences and health care companies, for example, can leverage data in new ways to rapidly translate new medical breakthroughs into clinical practice, improve patient outcomes, manage health for multiple populations and better manage costs.
Beyond technology, Deloitte is investing in unique, powerful alliances with large, established organizations as well as emerging growth companies. As a result, Deloitte is able to create customized digital solutions that help clients manage disruption, accelerate transformation, and develop new models for business growth.
Creating jobs and developing leaders
In FY2016, Deloitte increased its global workforce in all geographic regions and businesses. Headcount grew by 8.5 percent, the highest increase of the last three years. Deloitte hired nearly 72,000 new professionals during the last fiscal year and has a total global workforce of 244,400.
As part of its commitment to leadership development at all levels in the organization, Deloitte recently opened its fourth Deloitte University (DU) campus. Located in Singapore, DU Asia Pacific builds on the success of DU in Westlake, Texas, USA; DU Europe, the Middle East, and Africa in two locations: La Hulpe, Belgium and Chantilly, France; and DU India in Hyderabad, India.
"Whether it is solving client challenges or larger societal ones, we ask our professionals to think big about the impact they can make though their work at Deloitte. We believe this sense of purpose, coupled with our culture of lifelong learning, is key to attracting talent and developing strong leaders," said Renjen.
Driving societal impact
Deloitte's commitment to making positive change in the world is reflected not only in its client work, but also in local projects that work towards solving challenging societal and and community issues. For example, in FY2016, Deloitte practitioners spent more than 1.3 million hours engaged in pro bono projects and volunteerism. The Deloitte network further contributed more than US$75M in financial contributions to not-for-profit organizations. In all, these contributions are estimated to exceed more than US$225M.
"We go beyond business as usual," said Renjen. "We harness our global reach, capabilities, experience and insights to affect positive social, environmental, and economic change."
Notes:
- All growth rates presented in this press release are in local currency terms unless otherwise specified.
- To view this press release online, please visit our website.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL (also referred to as "Deloitte Global") and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
Deloitte provides audit, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories, bringing world-class capabilities, insights, and high-quality service to address clients' most complex business challenges. To learn more about how Deloitte's approximately 244,400 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.
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