Deloitte revenue breaks $1.5 billion as it announces new Adelaide partner has been saved
Deloitte revenue breaks $1.5 billion as it announces new Adelaide partner
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 in South Australia
The firm’s continued growth over the past year demonstrates an appetite in many parts of the public and private sector to invest in the transformation of their business as they seek to position themselves in the evolving local economy.
Deloitte South Australia Managing Partner Andrew Culley said he was also seeing growth for many of the firm’s clients, particularly in the food, technology and healthcare industries, as business owners seek opportunities to export their products and services in the ever accessible global economy.
“It is fantastic to see local firms thriving by expanding into global markets, demonstrating that those sectors identified for growth in the state’s economic plan can, in fact, drive the transformation of the South Australian economy.
”Accordingly, we have seen growth in demand for our services such as business valuation and tax structuring as business owners prepare themselves for the next stage of their growth.
“With this change, however, there is still some uncertainty and demand for our risk advisory and Deloitte Access Economics teams to help businesses navigate the changing economic and business landscape remains strong.”
Culley also confirmed the promotion to partner of Brad Wright as of 1 July 2016. Brad is a risk analytics specialist in the Risk Advisory practice with a strong focus on business, risk and data analytics.
He is among 48 new partners nationally, and in addition to the 38 partners that joined the firm as lateral hires or through transactions over the past year.
The national result
Commenting on Deloitte’s national revenue result, 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.
With 74% organic growth nationally, 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.”
The year ahead
“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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