Deloittes shows drop in revenue growth
Deloitte Touche Tohmatsu joined the growing chorus of firms to announce a substantial slowdown in revenue growth, reporting an almost 4% drop for the past financial year.
The Big Five firm’s global annual revenues for the year to 31 May 2001 were $12.4bn (Pounds 8.6bn), representing a 10.7% growth rate over the year 1999-2000. Deloittes grew 14.1% worldwide over 1998-1999.
Jim Copeland, Deloittes chief executive officer, said: ‘The softening economic climate and recent events in the United States have inevitably affected both our business and that of our clients.’
Deloittes was only one of two Big Five firms not to hive off its consultancy arm following a crackdown on accountancy firms’ cross-selling services on the back of audit work to existing clients.
‘The quality and the successes of our people, and the decisions of some of our competitors to split off part of their intellectual capital, have enabled us to become the second largest professional services firm in the world – two year ahead of our ambitious plans,’ added Copeland.
Unlike its rivals Deloittes has so far avoided large-scale job cuts in the UK. However some 1,100 staff lost their jobs in the US.
Deloittes employees more than 95,000 staff in 140 countries.
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