Deloitte records double digit national revenue growth and announces six new Perth partners
16 June 2015: Deloitte’s momentum nationally, and in the Western Australian market, remains strong, with the firm announcing record national revenue of $1.336 billion for the year ending 31 May 2015.
This is a 15% increase over the prior year. Deloitte’s Perth office performance was a foundation for the national result, with close to double digit year-on-year growth.
Deloitte WA Managing Partner Michael McNulty said the growth of the Perth practice had been achieved in an increasingly uncertain economic environment.
“Many local resources sector and related businesses are navigating a choppy transition from the construction phase to the operations phase of the resources boom, and the public sector is also entering a period of change,” Mr McNulty said.
“Combined, these are creating a cautious and subdued business environment, so both private and public sector clients need to be focusing on delivering value, maximising efficiencies and best positioning their businesses for future growth opportunities.
“Organisations that are nimble, able to quickly reset their cost bases and core fundamentals, as well as refocus attention on growth areas, will ultimately continue to perform.”
Mr McNulty also confirmed the promotion to partner of six of the firm’s best talent, and the recent arrival of experienced former mining executive Michael Barrett from the US and Jason Tracy, a Financial Advisory Services partner who has relocated from Sydney.
“Our new partners span a diverse range of experience and industries across both the public and private sectors and demonstrate our commitment to investing in our people and developing talent,” he said.
“We have enjoyed a solid FY15 in a challenging environment and are looking forward to relocating our operations to Brookfield Place Tower 2 later this year, a move that will give us added flexibility to continue to grow our local practice and meet the needs of our Western Australian clients.”
Deloitte’s new Perth partners as of 1 July 2015 are:
- Ilario Dichiera – Consulting
Ilario specialises in enterprise information management solutions that drive business performance improvement, with a focus on operational performance visibility (OPV) solutions in the energy and resources sector
- John Sibenaler – Deloitte Private
As an auditor, John has significant experience evaluating and understanding the risks, challenges and opportunities faced by WA’s resources companies, with a focus on public companies listed both domestically and internationally
- Kobus Beukes – Risk Advisory
Kobus is a risk professional with deep subject matter expertise in forensic response and financial crime, and experience in South Africa, Singapore and Australia as well as substantial experience delivering projects that intersect forensic, risk and data
- Anastasia Little – Tax
Anastasia brings over 15 years’ experience of advising on indirect tax including GST, customs duty, luxury car tax and fuel tax
- John Grohovaz – Tax
John is a specialist Research and Development and Government Incentives (RDGI) partner with 20 years of experience gained in the technology, manufacturing and professional services industries
- Ockie Olivier – Tax
Ockie is a transfer pricing specialist and dual specialist across mining and gas sectors, including pricing financial transactions.
In addition to six new partners, Deloitte has also welcomed two other partners in recent months:
- Michael Barrett – Risk Advisory
Most recently CFO of US coal miner Cloud Peak Energy Inc, Michael recently joined Deloitte to lead the energy and resources Risk Advisory practice. He has deep local and global experience across all aspects of the public company CFO role
- Jason Tracy – Financial Advisory Services (Restructuring Services)
Jason has more than 12 years’ experience in the provision of restructuring and insolvency advice in Australia, Europe and the Pacific. He has led numerous administrations, receiverships and work-outs and recently relocated to the Perth office from Sydney.
Announcing the national Deloitte revenue result, 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)
- Dataweave (Consulting)
The six new Perth partners are among 58 new partners admitted to the Deloitte partnership this year through internal promotion. An additional 51 have joined 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 the 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, led by Deloitte Private, remains core to the firm. “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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