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Deloitte notches double-digit growth for 5th year

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Deloitte notches double-digit growth for 5th year

Big four firm Deloitte has announced its fifth successive year of double-digit growth after a strong year in its advisory and audit businesses.

Business Jotham Lian 26 June 2019
— 1 minute read

Deloitte has today announced a 13 per cent increase in revenue to $2.3 billion for the 12 months to 31 May 2019.

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The result marks the fifth successive year of double-digit growth for the big four firm, and the first for new chief executive Richard Deutsch, who was appointed last August to replace Cindy Hook.

Ms Hook is currently the chief executive of Deloitte Asia Pacific, leading 17 countries including Australia, New Zealand, China, Japan and Southeast Asia.

Mr Deutsch attributed the firm’s growth to strong results in its consulting practice, which grew by 19 per cent. Its audit business also grew by double digits.

“There is also significant momentum in our transactions, risk analytics and cyber businesses as well as in key service offerings in human capital, tax and legal. In the wake of the financial services royal commission, demand remains strong for our conduct and remediation businesses,” Mr Deutsch said.

“It is pleasing to note that while the NSW and Victorian markets were the key revenue drivers, every market across the country helped contribute to our success in FY19.

“We are seeing a strong demand from clients to work with them on their most complex and transformational issues. The formation of Deloitte Asia Pacific has enhanced our ability to serve our clients across Asia Pacific. This will drive further growth throughout Australia and Asia Pacific.”

Mr Deutsch also pointed to the firm’s eight transactions over the past 12 months as a key part of its strategy to supplement its organic growth.

From 1 July, Deloitte will admit 67 new partners following the promotion of 37 men and 30 women across the country, accounting for the highest ever representation of new female partners at 45 per cent.

The new cohort takes partner numbers to 880, and includes promotions across every business unit and market. The firm also welcomed 72 lateral partners in FY19.

“These are our future leaders and demonstrates the firm’s commitment to helping our people succeed in whatever they choose to do. Combined with a record intake of 862 graduates in FY19, our firm now has 10,000-plus staff, almost double where we were five years ago,” Mr Deutsch said.

Deloitte’s latest results come after the firm disclosed its individual audit results in relation to ASIC’s audit inspection finding.

The firm revealed that ASIC found that in 32 per cent of key audit areas reviewed, they considered that the big four firm did not obtain reasonable assurance that the financial report was free from material misstatement, the poorest result of the six largest audit firms.

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Deloitte notches double-digit growth for 5th year
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