Deloitte Touche Tohmatsu plans to hire a quarter of a million new employees over the next five years around the world, after the firm saw its revenue grow in the past year.
The firm reported that its current revenues grew 1.8 percent to $26.6 billion in fiscal year 2010. Revenues in China and India have doubled and tripled, respectively, in fiscal 2010, with significant headcount increases in both regions. Deloittes current headcount worldwide is approximately 170,000 professionals.
Deloitte experienced a 15 percent increase in consulting revenues compared to last year, led by 19 percent growth in the strategy and operations service line and a 33 percent growth in technology integration. Those increases helped to offset small declines in other businesses whose results were primarily affected by modest reductions in the firms rate per hour.
Audit revenue declined 1 percent while market share of the Fortune Global 500 grew by 1 percentage point. Financial advisory revenue declined 2 percent. Tax revenue declined 5 percent.
The Deloitte U.S. member firms recent integration of BearingPoint's North American public sector practice contributed meaningfully to the consulting groups overall performance and has positioned Deloitte among the largest public sector consultancies worldwide, according to the firm.
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 in a statement.
The firm saw a 38 percent increase in revenues from the public sector compared to the prior year. Revenues from the financial services and manufacturing industries were essentially flat, but that represented a significant rebound from last years double-digit declines.
Revenues in the Americas grew 4 percent. Deloitte experienced double-digit growth in Brazil, the Middle East, India and South Africa in the past year. Asia Pacific revenues grew 9 percent, making it the fastest-growing region for the sixth consecutive year. Member firms achieved growth in excess of 20 percent in 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.
Brazil grew in excess of 20 percent, while Deloitte United States grew 3 percent. EMEA revenues declined 3 percent. Southern Africa revenues grew 22 percent. Middle East revenues grew 15 percent.
Deloitte is rolling out a new global strategy called As One that aims to enhance the firm networks ability to deliver 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 networks 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 expects Deloittes member firms to continue to achieve solid growth in fiscal year 2011.
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