Deloitte announces record revenue of US$43.2 billion
11.3 percent increase marks ninth consecutive year of growth
- All Deloitte services, industries, and regions experienced continued growth
- The number of Deloitte professionals grew 8.4 percent to more than 286,000—an agile workforce fit for the opportunities of the Fourth Industrial Revolution
4 October, 2018 – Deloitte just reported aggregate member firm revenue of US$43.2 billion for the fiscal year ended 31 May 2018 (FY2018). This is an 11.3 percent revenue increase of US$4.4 billion.
“FY2018 was exceptional for Deloitte as we continued to deliver a measurable impact for clients, our people, and society. These results reflect Deloitte’s unrelenting commitment to serving clients with quality and distinction while embracing important public-interest responsibilities,” says Punit Renjen, Deloitte Global CEO. “Over the past year, we have increased strategic investments in the capabilities and services most sought-after by clients in the fastest-growing markets in the world. We also have expanded our efforts and investments to drive audit quality and innovation while achieving strong financial results.”
“In the Middle East, Saudi Arabia’s Vision 2030, the UAE and Saudi Arabia’s implementation of Value Added Tax as well as other GCC countries, Dubai 2020, innovation and Artificial Intelligence are just some of the changes the region is currently experiencing. To support our clients and the societies we work in, Deloitte Middle East continues to invest in its Audit, Consulting, Tax, and Risk and Financial Advisory practices to put our stakeholders at the forefront of these changes and provide them with the tools they need to excel in this new landscape,” says Omar Fahoum, Deloitte Middle East CEO.
Transition to Fourth Industrial Revolution (Industry 4.0) delivers growth across all businesses, industries and regions
Deloitte’s global strategy and multidisciplinary business model continued to deliver successes in FY2018. All five practice areas—Audit & Assurance, Consulting, Financial Advisory, Risk Advisory, and Tax & Legal—grew during this time.
Among the industries driving Deloitte’s growth in FY2018 were Technology, Media & Telecommunications, and Financial Services; each grew revenue more than 12 percent on a US-dollar basis. Consumer and Industrial Products was the top contributor with US$1.3 billion revenue gained from FY2017 to FY2018.
Overall, Europe, Middle East, and Africa (EMEA) grew fastest among the regions with a USD revenue growth rate of 15.9 percent, followed by Asia Pacific at 13.3 percent, and the Americas at 8.0 percent.
Building a diverse, inclusive, agile workforce to meet the needs of tomorrow
In FY2018, Deloitte increased its workforce to approximately 286,000 professionals, an 8.4 percent increase. Growth occurred across all regions and practice areas, with more than 77,000 professionals hired.
Additionally, in FY2018 Deloitte elevated 676 professionals to partner, a 19 percent increase from FY2017. Globally, 174 of these partners are women. Geographically, Asia-Pacific saw the largest share, with 242 professionals elevated to partner, representing a nearly 30 percent increase over last year. The Americas elevated 238 new partners and the Europe, Middle East, and Africa region (EMEA) elevated 196.
Deloitte’s targeted investments in senior leadership admissions is in line with its belief in the long-term strategic importance and potential of the region, as well as the firm’s initiatives regarding nationalization, diversity and corporate responsibility and sustainability.
“As the longest serving professional services firm operating in the Middle East, we continue to invest in the region and provide the best services to our clients. We are delighted to admit over 30 new partners, directors and principals in the Middle East who bring with them an array of skills and industry-wide expertise and knowledge that, combined with the backing of our global network, will allow us to serve our clients and provide them with best-in-class services, both regionally and globally,” says Fahoum.
Deloitte continues to build a diverse, inclusive, agile workforce that is deeply skilled and ready for Industry 4.0. How and where work is done is changing, and Deloitte is responding by providing its people with exceptional professional experiences, including new approaches to connectivity, learning and development, and advancement.
Deloitte’s dedication to attracting, retaining and developing the very best global leaders, at all levels across the organization, is illustrated by its investment in its network of Deloitte University (DU) centers around the world. Through DU, Deloitte professionals advance their careers and participate in leadership development programs in a world-class learning environment that inspires them to be their best.
In FY2018, Deloitte doubled down on its talent investment and increased its impact by delivering the DU experience to more than 90,000 professionals and opening Deloitte’s seventh DU location, in Mexico City.
New mindset for societal impact
Addressing the complex challenges society faces today has become an imperative for business, and one that requires a new mindset for action. Deloitte embraces this opportunity—through its client work and hands-on community activities, and by sharing insights.
Deloitte’s ambition is to create pathways for people to fulfill their aspirations and find meaningful work in the new economy. The WorldClass societal-impact initiative expands access to education and career-building opportunities for those affected by Industry 4.0. The goal is to impact 50 million futures by 2030.
The Deloitte Accelerator for Social Innovation in the Middle East (DASI), launched in early 2018, also provides social enterprises in the region with an opportunity to grow and scale their impact. DASI’s components include a regional competition across 13 countries in the Middle East to identify two winning innovative social enterprises that will receive customized and financial Deloitte support packs of advisory services, mentorship, networking opportunities, and skills-development .
“At the core of Deloitte’s business model is the fundamental belief that working with a sense of purpose and serving with quality and distinction make a positive impact on our clients, our people, and our communities. It is through our work that we contribute to building a more equitable and sustainable world,” says Renjen.
Recognizing the impact Deloitte is making in preparing its people and its clients for the technological disruption of the Fourth Industrial Revolution, Fortune recently named Deloitte to its “Change the World” list. The annual ranking recognizes top companies who are making measurable progress addressing important societal problems.
To learn more about Deloitte’s societal impact, please read Deloitte’s 2018 Global Report.
Note: All growth rates in this press release are in USD unless otherwise specified.
About the Deloitte societal-impact commitment
Addressing the complex challenges society faces today has become a mandate for business, and one that requires a new mindset for action.
Deloitte is taking action through WorldClass, a societal-impact initiative to empower 50 million futures by 2030. Our ambition is to create pathways for people to fulfill their aspirations and find meaningful work in the new economy. The Deloitte network is also empowering women around the globe, promoting environmental sustainability, investing in new insights and methodologies, and serving clients to fulfill their purpose.
Deloitte is committed to responsible business practices, serving the public interest, and making an impact on society. Learn more about our commitments here.
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Deloitte provides audit, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 245,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.
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About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DTME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DTME’s affiliates and related entities cannot oblige each other and/or DTME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable only for its own acts or omissions and not those of any other affiliate.
Deloitte provides audit, tax, consulting, financial advisory and risk advisory services through 25 offices in 14 countries with more than 3,300 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has also received numerous awards in the last few years, which include bestAdvisory and Consultancy Firm of the Year 2016 in the CFO Middle East awards, best employer in the Middle East, the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.