Deloitte saw its global annual revenue reach $38.8 billion in the fiscal year ended May 31, 2017, a $2 billion increase over the prior year.

Deloitte saw particular growth in servicing the technology, media, telecommunications, and consumer and industrial products industries. The network’s Risk Advisory revenue grew at the fastest pace, of 12.9 percent. Consulting revenue grew at a 10.2 percent rate, thanks to technologies such as artificial intelligence, robotics, cognitive and cloud computing, blockchain and the Internet of Things.

Deloitte building in Ottawa
Brent Lewin/Bloomberg

Tax and legal services revenue grew at a rate of 6.6 percent, in part from the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting project, also known as OECD BEPS.

Financial advisory revenue grew 5.8 percent, driven by in part by M&A services. Audit and assurance revenue grew just 1 percent.

“Deloitte’s revenue growth is attributable to two factors,” said Deloitte Global CEO Punit Renjen in a statement. “First, our multi-disciplinary business model continues to be a source of competitive strength. Second, clients have choices and they are increasingly choosing Deloitte to help them navigate change and reinvent themselves in a constantly evolving global business environment.”

Among the different regions, Asia Pacific revenue grew at the fastest pace, of 9 percent, followed by Europe, the Middle East and Africa at 8.6 percent, and the Americas at 5.6 percent in local currency terms.

In the past year, Deloitte hired nearly 70,000 new employees.

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Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.