Deloitte sees global revenue grow to $46.2B
Deloitte reported its 10th consecutive year of growth Tuesday, with global revenue reaching $46.2 billion for the fiscal year ending May 31, 2019, a 9.4 percent increase in local currency terms and a $3 billion increase over the previous fiscal year.
In fiscal year 2019, all Deloitte businesses, regions and industries saw continued growth, while the number of Deloitte professionals grew 9 percent to more than 312,000.
All five business areas — audit and assurance, consulting, financial advisory, risk advisory, and tax and legal — grew during fiscal 2019. Consulting revenue grew the most globally, at 15.2 percent. The combined tax and legal area saw the second-highest revenue growth globally among Deloitte firms, at 8.5 percent. Risk advisory revenue grew at an aggregate 8.4 percent with double-digit growth in Deloitte’s cyber risk and financial risk services. Audit and assurance revenue experienced aggregate growth of 3.0 percent. Financial advisory services revenue grew 8.1 percent globally, driven by advisory services related to mergers, acquisitions, divestitures and forensic services.
On an industry basis, the energy, resources and industrials area grew the most, by 20.4 percent; followed by life sciences and health care at 12.4 percent; technology, media and telecommunications at 10.3 percent; consumer goods at 8.5 percent; financial services at 5.9 percent; and government and public services at 2.9 percent. Financial services was the top contributor to aggregate global revenue, with $12.4 billion.
On a regional basis, revenue in Asia Pacific grew fastest at 11.6 percent in local currency terms, followed by the Americas at 10.4 percent, and Europe, the Middle East and Africa (EMEA) at 7.9 percent.
This year, Deloitte debuted an initiative to globally coordinate its diversity and inclusion efforts. “At the core of Deloitte’s culture and business model is the fundamental belief that we exist to make a positive impact for clients, our people and the communities in which we live and work,” said Deloitte Global CEO Punit Renjen in a statement. “Our performance in FY2019 is evidence that a purpose-led approach works. Disruption and transformation are shaping business and society today, imposing new and urgent responsibilities on business leaders. Deloitte is meeting the challenges by building an equitable and sustainable business for the long term and holding itself accountable for the triple-bottom line of people, profit and planet.”
The firm has also been focusing on providing its professionals with advanced technology including data analytics and artificial intelligence, to help their clients. Its Deloitte University training facilities offer common curricula and technology to provide employees with consistent technical capabilities. In fiscal 2019, nearly 133,000 Deloitte employees around the world received training.
Beyond the firm, Deloitte’s global societal impact initiative, WorldClass, aims to empower 50 million people by 2030 by improving education outcomes, developing job skills and providing access to opportunities. Since it debuted two years ago, WorldClass has reached 5.3 million people. This year, WorldClass continued to expand, reaching 3.8 million people and launching new programs in India, China and South Africa. WorldClass in India focuses on helping 10 million girls and women be better prepared for the future of work.