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Deloitte Announces Record Revenue Of US$43.2 Billion
The 11.3 per cent increase in Deloitte's revenue marks ninth consecutive year of growth
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Deloitte today reported aggregate member firm revenue of US$43.2 billion for the fiscal year ended 31 May 2018 (FY2018). This is an 11.3 per cent revenue increase of US$4.4 billion.
"FY2018 was exceptional for Deloitte as we continued to deliver a measurable impact for clients, our people, and society. These results reflect Deloitte's unrelenting commitment to serving clients with quality and distinction while embracing important public-interest responsibilities," says Punit Renjen, Deloitte Global CEO. "Over the past year, we have increased strategic investments in the capabilities and services most sought-after by clients in the fastest-growing markets in the world. We also have expanded our efforts and investments to drive audit quality and innovation while achieving strong financial results." he stated.
Transition to Fourth Industrial Revolution (Industry 4.0) delivers growth across all businesses, industries and regions. Deloitte's global strategy and multidisciplinary business model continued to deliver successes in FY2018. All five practice areas—Audit & Assurance, Consulting, Financial Advisory, Risk Advisory, and Tax & Legal—grew during this time.
Among the industries driving Deloitte's growth in FY2018 were Technology, Media & Telecommunications, and Financial Services; each grew revenue more than 12 percent on a US-dollar basis. Consumer and Industrial Products was the top contributor with US$1.3 billion revenue gained from FY2017 to FY2018.
Overall, Europe, Middle East, and Africa (EMEA) grew fastest among the regions with a USD revenue growth rate of 15.9 per cent, followed by Asia Pacific at 13.3 percent, and the Americas at 8.0 per cent. Audit & Assurance experienced growth of 7.7 per cent. Amid changing regulations and disruptive technologies, Audit & Assurance expanded services that provide greater value and insights while fulfilling its commitment to the public interest.
Over the past five years Deloitte has advanced audit quality with more than US$1 billion in investments globally. Among many initiatives in audit innovation is Deloitte Omnia, a cloud-based, next-generation artificial intelligence platform that adds to a market-leading global solutions portfolio. Deloitte continues to be recognized globally for leadership in audit quality, and for insights based on analytics and artificial intelligence.
Consulting revenue grew fastest at 15.7 per cent, with double-digit growth in each core capability area: Technology, Strategy & Operations, and Human Capital. This extends more than 10 years of double-digit growth. Consulting focused on delivering digital-enabled business transformation by integrating strategy, people, and technology to help clients navigate the challenges and opportunities of Industry 4.0. Consulting developed cloud-based, agile, data-driven products and solutions through strategic alliances with leading technology companies.
Financial Advisory achieved 8.0 per cent revenue growth, providing services crucial to many iconic and transformative M&A deals, and deploying new offerings and client initiatives. End-to-end M&A services continued to support major global transactions, while Financial Advisory's Forensic practice supported clients in some of the year's biggest and most complex disputes and investigations by leveraging analytics, digital tools, and digital delivery mechanisms.
Risk Advisory had the second-highest revenue growth at 12.0 per cent, fueled largely by growth in Cyber, Financial, and Operational Risk. Risk Advisory completed six acquisitions in critical growth areas such as corporate social responsibility, cyber-security, risk sensing and analytics, and regulatory compliance and strategy.
Risk Advisory also launched new cross-industry offerings in GDPR, breach notification, and digital risk. It introduced offerings for life sciences clients in IDMP and Medtech. Risk Advisory has been at the forefront in supporting clients adapting to geopolitical changes—in particular the impacts of Brexit. Tax & Legal saw 8.7 per cent revenue growth driven by the needs of clients who face an increasingly complex landscape of tax and legal requirements everywhere they operate.
Tax & Legal leveraged its strength in delivering technology-enabled global solutions to assist clients who must comply with evolving tax, legal, and employee mobility and immigration policies as they pursue strategic opportunities throughout the world.
In FY2018, Deloitte increased its workforce to approximately 286,000 professionals, an 8.4 per cent increase. Growth occurred across all regions and practice areas, with more than 77,000 professionals hired. Among the regions, growth was led by Asia Pacific at 11.6 per cent, and for services it was led by Consulting at 14.7 per cent.