Deloitte grows global revenues by 9.4 percent to $46.2 billion

Professional services giant Deloitte has notched 2019 global revenues of $46.2 billion – a $3 billion jump from last year.

Currently the biggest of the biggest of the Big Four, professional services giant Deloitte continues to pull away from the pack with another near double-digit increase in revenues – with the firm raking in $46.2 billion for its financial year till the end of May. In local currency terms, the latest figure represents a 9.4 percent rise on last year’s $43.2 billion take – making it the firm’s 10th consecutive year of growth. In 2009, Deloitte revenues stood at around $26 billion.

“At the core of Deloitte’s culture and business model is the fundamental belief that we exist to make a positive impact for clients, our people, and the communities in which we live and work. Our performance in FY2019 is evidence that a purpose-led approach works,” said Deloitte Global CEO Punit Renjen, who was recently elected to a further four-year term, having initially taken the helm in 2015. Deloitte has since grown its global revenues by around $10 billion.

While each of its five service divisions – Audit & Assurance, Consulting, Financial Advisory, Risk Advisory, and Tax & Legal – grew over the past year, the firm now derives greater revenues ($18.7 billion) from its consulting business than Assurance ($10.2 billion) and Tax (8.3 billion) combined, with its consulting line growing by 15.2 percent last year to rank Deloitte at number one worldwide among consulting service providers according to Gartner.

“Our FY2019 results are a validation of Deloitte’s strategy to deliver high-quality, globally consistent service to our clients while continuing to serve the public interest and working to restore trust in capital markets,” continued Renjen. “We evolved and innovated our offerings to address current and emerging client needs, and we increased our investments in learning and development to build a workforce with deep knowledge, capabilities, and leading-edge insights.”

In terms of the firm’s workforce, Deloitte has over the past year added 90,000 to its global headcount (having received 3.2 million applications), taking its number of employees to around 312,000 professionals around the world – an increase of 9 percent on the year prior. In terms of gender diversity, females now account for 44 percent of the firm’s workforce, with UK-based partner Sharon Thorne recently becoming the firm’s first ever female global chair.

“While we are proud of our progress, we know we have more work to do to enable the next generation of leaders to reach their full potential,” said Michele Parmelee, Deloitte’s Global Chief People Officer. “We are making conscious efforts to take steps to increase the number of women and underrepresented minorities in our leadership ranks throughout the organisation, while recognising that diversity and inclusion efforts are most successful when supported by the right environment, culture, and policies.”

After emerging as the firm’s star performer last year, with outstanding growth of 15.9 percent, Deloitte’s EMEA division (Europe, Middle East, and Africa) this year slipped back to a more modest growth rate of 7.9 percent, contributing $15 billion to the global total. Growth was led by the Asia Pacific, up by 11.6 percent to $7.1 billion, while the Americas brought in close to half of the firm’s revenues ($24.2 billion, at an impressive mature market growth rate of 10.4 percent).

Earlier this week, fellow Big Four firm Ernst & Young (Deloitte’s second-closet competitor of its kind behind PwC, which is still yet to report) announced growth of 8 percent to record $36.4 billion in global revenues for its past financial year – with the gap to the top continuing to widen. The strong financials from Deloitte also cap a Brand Finance report from last week, which assessed the firm’s brand worth to have risen by 42 percent over the past year to $29.6 billion – overtaking PwC for the first time in a decade.