Deloitte revenue breaks $1.5 billion with 15% growth
29 June 2016: Professional services firm Deloitte Australia has announced record revenue of $1.530 billion for the year ending 31 May 2016 (FY16). This is a 15% increase over the prior year ($1.336 billion) and the second consecutive year of double-digit growth, matching the 15% growth in FY15.
Deloitte saw double digit growth across the majority of its practices, with demand particularly strong for Consulting, Risk Advisory and Assurance & Advisory.
Deloitte CEO Cindy Hook said: “I am very pleased that our growth continues to significantly outpace GDP, and that we are maintaining our strong momentum. This result is a reflection of the value leading Australian businesses place on the services we provide.
“The rapid pace of change in the world today requires business leaders to strike a balance between delivering operating profits today, and investing in transforming their business models to enable sustainable growth and profitability in the future.
“Our partners are sought after for advice and insight on how to maximise operating performance, accelerate transformation, engage people and enhance decision-making in order to capitalise on opportunities.
“We are also seeing significant demand for our public sector expertise, as governments at every level work to improve service delivery, while managing the rapidly changing demographic, societal, economic, and technological trends shaping the future of government.”
With 74% organic growth, Deloitte will continue to invest in businesses that build or enhance its capability and service offerings. Transactions in FY16 included:
- Qubit, an identity security and management firm, that further strengthens Deloitte’s expertise in cyber security risk management
- Cloud Solutions Group, a specialist cloud consulting firm that builds Deloitte’s leading capability in technology infrastructure advisory services
- MashUp, a spatial design firm which has enhanced Deloitte’s customer practice through the ability to create seamless digital and physical customer experiences
- Engage Super, the largest SMSF audit specialists in the country.
Cindy Hook said: “We will continue to make considered, strategic investments that are adjacent to our capabilities and that better enable our clients to respond to the rapid changes affecting their businesses.”
Creating opportunities for leaders
Deloitte’s strong financial performance has resulted in the recent admission of 48 new partners, in addition to the 38 partners that joined the firm as lateral hires or through transactions over the past year.
Cindy Hook said: “The continued demand from clients for diversity of skills, experience and perspective is reflected in the varied backgrounds of our new partners. We have an economist who is also a cattle producer, an automation and robotics engineer, and a visual storyteller who is becoming our Head of Design.
“Being the firm that leads on diversity and inclusion remains at the forefront of my priorities. I am very proud that 33% of the partners promoted internally are women, increasing the overall female partner percentage to 25% (up from 23% in FY15).”
Women now make up 42% of the Deloitte Board and 29% of the firm’s executive committee. The number of women on the executive committee has increased from one to four under Cindy’s leadership, most recently with the appointment of Clare Harding as the Managing Partner of Financial Advisory (taking over from Ian Thatcher, who was promoted to Deputy Managing Director, Asia Pacific), and Jody Burton as Chief Risk Officer.
“Deloitte is known as a training ground for leaders,” said Cindy. “I am passionate about building the diverse talent pool necessary to ensure we continue to push the envelope, embrace innovation and challenge ourselves and our clients to be disruptors rather than disrupted.”
The year ahead
The strong result reflects Deloitte’s long track record of anticipating and investing in those areas that help clients effectively navigate the challenges presented by rapid technological change and economic headwinds.
“Looking to the year ahead, we are confident of continued growth,” said Cindy Hook. “We have developed a bold and innovative strategy to enable us to continue embracing disruption, develop new capabilities and enhance existing ones. We have a strong, people-centric culture, a unifying purpose and an enduring focus on providing our clients with diverse, multi-disciplinary teams to help solve their most complex problems.”
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Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 225,000 professionals, all committed to becoming the standard of excellence.
About Deloitte Australia
In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms, and winner of both the Australian Financial Review/CFO Audit Firm of the Year and Accounting Firm of the Year awards 2013, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit Deloitte’s web site at www.deloitte.com.au.
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