Country for PR: United States
Contributor: PR Newswire New York
Thursday, September 14 2017 - 15:00
Deloitte Announces Record Revenue of US$38.8 Billion
LONDON, Sept. 14, 2017 /PRNewswire-AsiaNet/ --

-- Marking the eighth consecutive year of solid growth 

-- Key highlights: 

  - All Deloitte businesses, industries and regions grew fueled by organic 
growth, strategic alliances, and acquisitions 

  - Over the last two years, revenue growth has averaged 8.3 percent in local 
currency terms 

  - Nearly 70,000 new hires; the equivalent of 1 person hired every 8 

Deloitte Global today reported aggregate member firm revenue of US$38.8 billion 
) for the fiscal year ended 31 May 2017 (FY2017), representing a 7.1 percent 
revenue increase in local currency terms or a US$2 billion revenue increase and 
8.3 percent two-year CAGR. 

Logo -  

"Deloitte's revenue growth is attributable to two factors," said Punit Renjen, 
Deloitte Global CEO. "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."

Growth across all businesses, industries and regions
With a continued focus on creating an impact for clients across all geographies 
and service areas, Deloitte achieved growth in each of its five business 
areas-Audit & Assurance, Consulting, Financial Advisory, Risk Advisory and Tax 
& Legal. 

Among the industries driving Deloitte's growth in FY2017 were Technology, Media 
& Telecommunications and Consumer & Industrial Products; each grew revenue over 
9 percent on a local currency basis.

    -- Risk Advisory revenue grew the fastest at 12.9 percent, driven by 
       increased recognition of risk as a strategic driver of performance, a 
       focus on targeted acquisitions in high growth areas such as cyber, and 
       innovative solutions in the areas of robotic process automation, risk 
       sensing, and predictive analytics. 
    -- Consulting revenue grew at 10.2 percent, powered by the urgency of 
       clients to accelerate their business model transformation in disrupted 
       markets, and by its growing momentum through strategic acquisitions, 
       alliances and investments in areas such as artificial intelligence, 
       robotics, cognitive, creative digital consulting, cloud computing, 
       blockchain and Internet of Things (IoT). Deloitte continues to make 
       pioneering moves to help clients transform their businesses through 
       co-innovation initiatives with organizations such as Singularity 
       University and the Singapore Economic Development Board. 
    -- Tax & Legal revenue grew at 6.6 percent, fueled by client needs 
       related to the global tax reset-resulting from the OECD's Base Erosion 
       and Profit Shifting effort (BEPS), the evolution of technology and 
       automation, and mass globalization. Deloitte's focus on helping 
       clients manage and make confident decisions about their tax matters 
       included introducing several enhanced global technology tools such as 
       TP Digital DoX, Value Chain Analysis Tool (VCAT), and myInsight. 
    -- Financial Advisory revenue grew 5.8 percent, driven by increasing 
       demand for its broad and innovative multi-disciplinary M&A services. 
       Growth was also driven by Deloitte's Forensic service line, which has 
       been recognized for leadership in eDiscovery, investigations, and 
       dispute analysis and advisory. Regional growth in China, as well as 
       the expansion of the Asia Pacific Financial Crime Network, contributed 
       to Financial Advisory's strong year. 
    -- Audit & Assurance revenue grew by 1 percent as it continues to invest 
       in driving quality and consistency across the network and transforming 
       the audit business to deliver smarter and more insightful audits.
       Deloitte member firms led in overall Fortune Global 500 audit wins in 
       FY2017 and have been recognized globally as leaders in audit 
       innovation, analytics, and artificial intelligence. 
    -- Asia Pacific revenue grew fastest among the regions at 9 percent, 
       followed by Europe, Middle East, and Africa at 8.6 percent and the 
       Americas at 5.6 percent in local currency. 

Getting to the future faster

Increasing disruption, complexity, and the exponential speed of change has 
created unprecedented challenges and opportunities for clients. Deloitte's 
ability to integrate deep industry insights and experience with a broad range 
of professional disciplines, has allowed it to help its clients get to the 
future faster. 

Deloitte's ability to orchestrate ecosystems and build alliances with leading 
digital innovators including Amazon Web Services ( 
), Facebook ( ), HP 
), Oracle 
( ), and 
SAP ( 
) enhance its ability to offer comprehensive solutions that address clients' 
toughest business transformation and technology challenges. Through these 
ecosystems, Deloitte helps clients identify potential disruptors, develop 
strategies to address disruption and execute on business transformation 
activities such as new services, products, business models, and markets.

Renjen added, "Deloitte continually builds on our capacity to deliver the depth 
and breadth of expertise, insight and quality our clients demand and deserve. 
As a result, Deloitte is a recognized leader in helping clients adapt and 
thrive in an intensely competitive global economy." 

Investing in Transformation

Deloitte is making strategic investments in integrating transformational 
technologies and data analytics into its solutions and products across its 
businesses in order to drive greater value for clients. Examples of these 
investments in FY2017 include: 

    -- Deploying world-class global solutions in Audit & Assurance, including 
       Magnia, its audit delivery platform; Illumnia, its analytics platform; 
       and Cognia, its portal equipping Audit & Assurance professionals with 
       innovative tools and approaches which leverage cutting-edge 
       advancements in cloud, AI, and machine-learning. 
    -- Driving audit quality enhancement through an Audit Quality Monitoring 
       and Measurement program and the Global Center of Excellence for Audit 
       Quality. Delivery of an enhanced global learning curriculum to its 
       70,000+ Audit & Assurance professionals world-wide. 
    -- Made investments in key markets to further strengthen Deloitte's 
       global network of offices and technology delivery centers to evolve 
       how it serves its most important global and local Consulting clients. 
    -- Adopting the ValueD, iDeal, D3 Discovery and Financial Crime Analytics 
       platforms across the Financial Advisory business to support clients 
       with new levels of insight and experience in order to help them solve 
       complex business problems. 
    -- Developing integrated cloud based solutions that, among other things, 
       will leverage advanced machine learning techniques, natural language 
       processing, and graph-based algorithms on big data to enable cognitive 
       and predictive capabilities. This will inform better decision making 
       and help address and mitigate clients' risk issues in key areas like 
       conduct, cyber, extended enterprise and product and quality. 
    -- Developed a global network of Cyber Intelligence Centers (CICs) to 
       offer solutions that help clients protect business assets and enhance 
       their security posture, while proactively detecting, responding and 
       recovering from security events to become secure, vigilant and 
       resilient. The CICs operate around the clock, 365 days a year to 
       provide fully customizable, industry-aligned, managed security 
       solutions including advanced security event monitoring, threat 
       analytics, cyber threat management, and incident response for 
       businesses to meet the increasing market demand in cybersecurity 
    -- Enhanced Tax & Legal client connectivity through the introduction of 
       innovative technology-enabled solutions across all service areas 
       through a new digital relationship platform. 
    -- Expanded Tax & Legal's ecosystem through six joint ventures with 
       automation, cognitive, and blockchain companies. Business Process 
       Solutions (BPS) has formed five strategic agreements with robotic 
       process automation (RPA) vendors and created an RPA Center of 
       Excellence. Deloitte has a collaboration with The Bakery Worldwide 
       Ltd. to connect business and clients with thousands of entrepreneur 
       tech start-ups. 

Building tomorrow's workforce, today

In FY2017, Deloitte increased its workforce in all geographic regions and 
businesses, with nearly 70,000 new professionals, an increase of 8 percent from 
FY2016 – the equivalent of 1 person hired every 8 minutes. Headcount growth was 
led by Asia Pacific among the regions at 10.4 percent, and by Consulting and 
Risk Advisory among the businesses, each with growth over 13 percent. 

Also in FY2017, Deloitte advanced a number of initiatives designed to support 
the career development and personal well-being of its professionals, including:

    -- Opened the doors to its fifth and sixth Deloitte University (DU) 
       locations - Deloitte University North (Toronto, Canada) and Deloitte 
       University Asia Pacific (Singapore). In FY2017, 65,000 Deloitte 
       professionals participated in leadership development programs at 
       Deloitte University. 
    -- Expanded family leave policies across the network to help its
       professionals balance their personal and professional lives, 
       understanding the evolving dynamics of caregiving and diverse needs of 
       families. Deloitte is dedicated to providing market-leading family 
       leave policies across the world. Examples of this include Deloitte 
       UK's Shared Parental Leave, which gives eligible parents the option to 
       share a period of their maternity or adoption leave with their 
       partner. And, Deloitte US expanded its paid family leave policy and 
       now offers up to 16 weeks of fully paid extended family leave to 
       eligible male and female employees to support a range of life events 
       impacting their families – from celebrating the arrival of a new
       child, to caring for a spouse, partner, sibling or aging parent. 
    -- Launched a new strengths based performance management experience that 
       focuses on further developing strengths (areas where team members feel 
       creative, innovative and insightful) through on-going feedback and 
       development that drives both individuals and teams. 
    -- As Deloitte continues to grow, it places a strong focus on creating 
       and supporting a culture of inclusion. An inclusive and diverse work 
       environment not only reflects the world in which we live, it creates a 
       culture that intentionally invites and engages unique perspectives and 
       experiences, resulting in improved business outcomes and stronger 
       services for diverse clients, better attraction and retention of top 
       talent, and a positive societal impact.

"Deloitte professionals represent the workforce of the future: top talent with 
different life experiences, viewpoints and skill sets," said Renjen. "In 
creating an inclusive, collaborative, purpose-led culture, we inspire our 
people to make an impact that matters for each other, our highly diverse and 
sophisticated client base, and society." 

In 2017, the Deloitte network continued to be recognized as a top employer 
globally through awards such as LinkedIn's Top Employers ( 
), The Times Top 50 Employers for Women ( 
), and Universum's 'World's Most Attractive Employer' ( 
) award among others.  

A WorldClass solution for social impact

Deloitte recognizes that the greatest challenge to global economic growth, 
prosperity and social progress is lack of access to the fundamental building 
blocks of personal and professional success.

This year, to help address this challenge, Deloitte is intensifying its efforts 
to help expand access to career-building opportunities for communities and 
individuals left behind in the transformation to the Fourth Industrial 

"WorldClass" is a new global effort designed to apply Deloitte's skills, 
experience, scale, and commitment to preparing and empowering people to take 
advantage of the new world economy through access to education and training.

"Millions of people are not sufficiently prepared for the requirements of the 
new world economy," said Renjen. "There are already incredible efforts underway 
around the globe by Deloitte professionals to support education and skills 
development. WorldClass builds on their work helping create pathways for 
individuals to fulfill their personal and professional aspirations."
WorldClass builds upon the success of One Million Futures in the U.K., UNLEASH 
in Denmark, an initiative to support the United Nations Sustainable Development 
Goals, and Impact Day, a volunteering day which takes place across the world, 
among other initiatives. In FY2017, Deloitte professionals spent more than 1.2 
million hours on pro bono service and volunteering in their communities, with 
more than one third focusing on education and skills building. Deloitte's 
overall contributions toward societal and community causes are estimated to be 
over US$200M. 

    -- All growth rates presented in this press release are in local currency 
       terms unless otherwise specified.

About Deloitte 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK 
private company limited by guarantee ("DTTL"), its network of member firms, and 
their related entities. DTTL and each of its member firms are legally separate 
and independent entities. DTTL (also referred to as "Deloitte Global") does not 
provide services to clients. Please see to learn more 
about our global network of member firms.

Deloitte provides audit & assurance, consulting, financial advisory, risk 
advisory, tax & legal and related services to public and private clients 
spanning multiple industries. Deloitte serves four out of five Fortune Global 
500(R) companies through a globally connected network of member firms in more 
than 150 countries bringing world-class capabilities, insights, and 
high-quality service to address clients' most complex business challenges. To 
learn more about how Deloitte's approximately 263,900 professionals make an 
impact that matters, please connect with us on Facebook 
( ), LinkedIn 
( ), or Twitter 
( ).

SOURCE:  Deloitte

CONTACT: Steve Dutton, Global Communications, Deloitte Global, 
         Tel: +1-202-734-3207, Mobile: +1-202-738-7586,