Deloitte's Revenue Reaches $31.3 Billion

Wednesday, 19 Sep 2012 09:27 AM

 

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Deloitte Touche Tohmatsu Ltd., one of the world's "Big Four" accounting firms, said a strong performance in Asia helped push annual global revenue to $31.3 billion, its sharpest rise since the height of the financial crisis in 2008.

Revenue in the fiscal year that ended in May was up 8.6 percent in U.S. dollars on last year's $28.8 billion, the third record year in a row.

Deloitte said it continued to expand, hiring 51,400 people to lift its workforce to more than 193,000 and putting it on track to reach 250,000 by the 2015 fiscal year.

The hiring contrasts with some of Deloitte's top clients. Investment banks have been laying off staff as trading volumes, company flotations and merger activity stay muted.

"Given continued market uncertainty, increased regulation, and a competitive job market, it is of utmost importance that Deloitte stay ahead of the curve and develop its professionals so they are well equipped to serve clients," Roger Dassen, Deloitte's global managing director, clients, services and talent, said in a statement.

Revenue in Asia Pacific grew 16.3 percent, making it the fastest growing region for the eighth year in a row, while the firm's U.S. base was up 9 percent, and Britain 11 percent ahead in local currency terms.

Energy and resources was the fastest growing consulting sector, at 24 percent.

Deloitte is one of the world's "Big Four" accounting firms, alongside KPMG, Ernst & Young, and PricewaterhouseCoopers.

Auditors have come under the regulatory spotlight with a shake-up planned in Europe aimed at increasing the number of accounting firms that check the books of the world's blue chips.

The European Union plans also restrict the consulting services accounting firms like Deloitte can offer to companies they already audit.

The U.S. audit regulator is also looking at ways to encourage companies to rotate or switch auditors more frequently.

© 2014 Thomson/Reuters. All rights reserved.

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