Deloitte growth benefits Tasmania market
16 June 2015: Deloitte’s momentum nationally, and in the Tasmanian market, remains strong, with the Australian firm experiencing record revenue of $1.336 billion for the year ending 31 May 2015. This is a 15% increase over the prior year.
Announcing the results, Tasmania Managing Partner, Carl Harris, said Deloitte’s Tasmanian practice has again been a solid contributor to the professional services firm’s performance over the past year.
“Deloitte Tasmania produced another solid year with strong contributions from both the Hobart and Launceston offices. We know Hobart as a city is driving a lot of the state growth, but this year we have seen increased activity in the north which is very pleasing,” he said.
“Business confidence is high and economically the state had a good year, although some indicators are expected to weaken over the next 12 months. As business leaders, we need to come together and help drive growth to set the state up for future prosperity. This means supporting Tasmanian businesses and maximising opportunities in the boom sectors of agribusiness, tourism and international education. It is vital that we improve our state education outcomes and think innovatively about our population and demographic challenges. Tasmania is an exciting place to be with numerous opportunities, which business leaders have a responsibility to maximise for future generations,” Carl said.
“In Tasmania Deloitte promoted another new partner - Elizabeth Lovett. That’s three talented Tasmanians promoted to partner in three years.”
“Our national capabilities and continued growth, coupled with our strong local talent ideally places Deloitte Tasmania to always bring the best of the firm to our clients and for the benefit of the state.” Carl said.
Commenting on the firm’s national performance, CEO Cindy Hook said: “These results are clear evidence that Deloitte continues to have a compelling perspective on what is driving disruption in the marketplace and is making good investment decisions. We understand what organisations need to do to survive and thrive in a world of rapid change, and have the capabilities to enable business transformations.”
Last year Deloitte became the second largest professional services firm in Australia, and its growth rate at 15% for fiscal year 2015 has more than doubled over the prior year growth of 6%. Although the firm does not release earnings numbers, Cindy said, “It is also pleasing that this growth has not come at the cost of profitability which has also grown significantly over the prior year.”
Cindy, who took over from Giam Swiegers in February 2015, has moved quickly to deliver on her commitment to build on the firm’s strong foundations, momentum and differentiation in the market.
Deloitte saw outstanding growth in its Consulting and Risk Advisory business lines, with solid growth also delivered by its heritage service offerings of Assurance and Tax, as well as by Financial Advisory Services (FAS) and its mid-market and private company practice Deloitte Private.
“Integrating technology-based solutions with the quality, custom-designed experiences clients now want, is fundamental to future business success,” Cindy said.
“I am passionate about creating the rich and diverse talent pool necessary to ensure we continue to be leaders in innovation, while challenging ourselves to be disruptors of our own profession.”
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The firm has achieved added impetus by continuing to rapidly expand its capabilities and capacity both organically and inorganically, including transactions with six adjacent businesses since May 2014. These include:
- Analytics Group (Consulting)
- Engineering Informatics (Consulting)
- KD Johns & Co (Deloitte Private)
- The Lonsdale Group (Consulting)
- GMK Partners (Deloitte Private) and
- Dataweave (Consulting)
58 new partners have been admitted to the Deloitte partnership this year through internal promotion with an additional 51 joining the firm as lateral hires or through transactions.
Reflecting Deloitte’s focus on the importance of diversity, 31% of the partners promoted internally are women increasing the overall female partner percentage to 23%.
The growing demand for diversity of skills is reflected in the different academic and career backgrounds including IT, engineering, mathematics, education, aviation and law enforcement. A significant number of our new Deloitte partners have also lived and worked in global markets, a trend that Cindy Hook believes will only increase as cross border activity, collaborations and capability exchanges continue to grow throughout Deloitte’s global network.
Industry and Geographies
From an industry perspective, the Australian firm’s growth has been led by Financial Services, Public Sector and Consumer Business & Transport industry teams highlighting the significant changes that are transforming these sectors of the Australian economy.
Cindy highlighted how the firm’s regional and middle market strategy remains core to the firm. This includes a leading presence in Tasmania with offices in Hobart and Launceston. “Our regional offices and their support for local businesses are a valued and important part of our strategy, as demonstrated in these results.
“We are seeing robust demand federally and within state governments for Deloitte’s strengths in technology and digital consulting as well as advisory and risk capabilities across all major areas in the public sector, including health, transport, education and defence”.
“Given the slower energy and resources market, it is also great to see Queensland and Western Australia growing again. These practices continue to have a strong focus on mining and oil and gas, but are also diversifying by building strong capability to serve the public sector,” Cindy said.
Disruption, innovation and transformations
“Our Deloitte Access Economics team, as well as our digital, data and design teams, are at the forefront of industry restructuring, as well as technology and digital transformation projects across private and public sectors.
“Our redesigned core heritage services in tax, audit and financial advisory are also proving to be differentiators for Deloitte.”
While the redesign of the client experience, data analytics and technology are changing the face of professional services, our regulatory role remains important to help address the surge in regulatory activity as globalisation and other economic drivers compel countries to modernise their regulatory structures.
“In this time of rapid change and disruption for all businesses, I am delighted with the depth and breadth of the contribution our firm is making at the national and local levels. We will continue to shape the national agenda through our annual research flagship Building the Lucky Country series,” Cindy said.
Global & Asia Pacific
As the world’s largest professional services firm, Deloitte continues to be recognised by clients and other stakeholders worldwide as a global leader in innovation.
“We have strong links to Deloitte’s Asia Pacific and other global member firms. With emerging economies growing quickly, these relationships and cross-border capability exchanges across the Deloitte network will only deepen, as organisations take advantage of Australia’s natural strengths in commodities and services to increase their presence on and offshore,” Cindy concluded.
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