Revenues fall 4.9% at Deloitte International

In a sign that the recession is still punishing the big firms Deloitte International has posted a fall in revenues of 4.9% to $26.1bn.

The decrease comes in a dollar currency calculation. In local currencies the firm says the results represent growth of 1%.

"Achieving positive growth in this exceptionally difficult economic environment was the result of close attention to the needs of clients and a strong commitment to professional excellence by our member firm professionals. Despite the tough economy, we remain focused on our vision to be the standard of excellence and will continue to invest in pursuit of this vision," said Jim Quigley, CEO of Deloitte Touche Tohmatsu.

Quigley is quoted on Reuters saying: "The conversation has shifted from whether we are going to move into a more severe recession to asking what is the shape of the recovery."

He added: "The ability to actually finance and complete some transactions has been enhanced and for our professionals who assist in mergers and acquisitions, even though the number of closed deals continues to lag, the number of deals under consideration has started to pick up."

In August Deloitte in the UK reported revenues had fallen 2% for the year.

Europe, Middle East, Africa saw growth of 2% and the Americas 1%. India saw an uplift of 29.9%, Australia 11.5% and Japan 11.3%.

Consulting was the fastest growing service line at 7.3%. Deloitte both audit and tax were flat.