PracticeConsultingRevenue growth slows at Deloittes

Revenue growth slows at Deloittes

Big Five firm Deloitte Touche Tohmatsu today announced global annual revenues of $11.2bn (£7.52bn) - an increase of 14.1% for the fiscal year, but less than the 21% rise recorded in the previous financial year.

The firm claimed the growth is as a result of an 11% increase in consulting revenues and a 15.4% rise from the accountancy division. It said the growth was in line with fellow big five rivals Arthur Andersen and Ernst & Young.

While acknowledging the deceleration in growth, the firm said comparisons with last year were difficult given that it changed its fiscal year-end from 31 May to 31 August and had disposed of operations that were not consistent with its business strategy.

The results marked the seventh successive year global revenues have grown. Global chief executive officer James E Copeland Jr, said: ‘We’re poised to become the second largest firm in the Big Five with excellent prospects of ultimately being the largest firm.’

He added that the firm’s strong financial performance was also influenced by its commitment to technology and e-business opportunities, saying ‘the potential of e-business is vast. Our strong results and prominent recognition show that we’re leading the profession in e-business.’

Copeland remained highly critical of the US Securities & Exchange Commission stance on auditor independence, believing instead that keeping the firm’s auditing and consulting divisions united was a ‘valuable synergy’ and ultimately made it more competitive. He defended Deloittes’ determination to remain ‘a united, multidisciplinary organisation’.

Links

‘Big Five firms will still split’E&Y global revenues rocket by 14%

SEC releases finalised independence rules

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer