Deloitte records N3.9 trillion global revenue

By Yinka Kolawole

Deloitte Touche Tohmatsu recorded aggregate member firm revenues of $26.1 billion ,about N3.9 trillion, for its operations the fiscal year ended May 31, 2009.

A statement from the company  made available to Vanguard,  shows that the revenues represents local currency growth of one per cent and a 4.9 per cent decrease in dollar  revenues from the prior year, and aggregate compounded annual growth rate (CAGR) of  9.4 per cent from 2005-2009 and 14.7 percent from 2005-2008.

Deloitte is a globally connected network of member firms in more than 140 countries, each of which is a legally separate and independent entity, providing audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. It is represented in Nigeria by Akintola Williams Deloitte.

Analysis of the financials revealed that the Asia Pacific region recorded a local currency growth of 7.6 per cent and was the fastest-growing region for the fifth consecutive year. The member firms in India, Australia, and Japan experienced growth of 29.9 per cent, 11.5 per cent, and 11.3 per cent, respectively, all in local currency. The Europe, Middle East, and Africa region (EMEA) and the Americas region experienced positive growth of 2 percent and a decline of 1.3 per cent, respectively, in local currency. Several sub-regions achieved exceptional growth: Africa, the Middle East, and Latin America and the Caribbean grew at 21.3 per cent, 15.6 per cent, and 13.7 per cent, respectively, in local currency.

The Asia Pacific region had local currency growth of 7.6 per cent and was the fastest-growing region for the fifth consecutive year. The member firms in India, Australia, and Japan experienced local currency growth of 29.9 per cent, 11.5 per cent, and 11.3 per cent, respectively. The Europe, Middle East, and Africa region (EMEA) and the Americas region experienced positive growth of  two per cent and a decline of 1.3 per cent, respectively, in local currency. Several sub-regions achieved exceptional growth: Africa, the Middle East, and Latin America and the Caribbean grew at 21.3 percent, 15.6 percent, and 13.7 percent, respectively, in local currency.

Consulting was the fastest growing function at 7.3 per cent. Reflecting the challenging economy, both audit and tax were relatively flat against the prior year. Financial advisory services decreased by 6.1 per cent from the prior year, primarily due to substantially decreased merger and acquisition activity.

CEO of Deloitte Touche Tohmatsu, Mr. Jim Quigley, noted that Deloitte continues to make substantial investments in its audit technology platform and methodology as well as the professional development of its people to meet the demands and expectations of all stakeholders.

He noted that in the 2009 financial year alone, Deloitte committed more than $1 billion in investments in other areas, such as plans to construct Deloitte University, a state-of-the-art learning and development facility; substantial incremental investment in selected emerging and priority markets; and strategic transactions by a number of member firms.
“Achieving positive growth in this exceptionally difficult economic environment was the result of close attention to the needs of clients and a strong commitment to professional excellence by our member firm professionals. Despite the tough economy, we remain focused on our vision to be the standard of excellence and will continue to invest in pursuit of this vision,” Quigley stated.