Deloitte in Switzerland reports another year of very strong growth at 24% for FY16
Zurich, 30 August 2016
Deloitte in Switzerland has increased gross revenue1 by 24% to CHF 660 million in the fiscal year ended 31 May 2016. The sixth consecutive year of double-digit percentage growth was driven by the significant success of the firm’s Advisory services and continued strong performance within its Audit and Tax & Legal practices. To maintain this level of growth and the positive impact on its clients, Deloitte is investing heavily in the next generation, creating new jobs and innovative service offerings in the process.
In a market characterized by ongoing economic uncertainty and digital transformation, Deloitte in Switzerland once again delivered outstanding results, with all business areas contributing to a record performance. In the 2016 fiscal year ended 31 May 2016, the firm’s gross revenue grew to CHF 660 million from CHF 532 million in FY15. This 24% increase marks the continuation of Deloitte’s exceptional growth path in Switzerland.
Simon Owen, Chief Executive of Deloitte in Switzerland, commented: “2016 marks the sixth consecutive year of double-digit growth at Deloitte in Switzerland and I’m proud of the many things we’ve achieved in the last twelve months. Whilst I’m naturally pleased with our financial performance, I’m very excited about the differential and innovative ways we are positively impacting our clients in Switzerland. We continue to adapt well to new and changing markets as well as to attract and retain the very best talent in this market.”
He continued: “At a more granular level, this year we have seen strong performance across all business areas – particularly within our Advisory businesses, with high levels of demand experienced for our M&A, forensic, risk and regulatory services. We have also seen strong demand for our business transformation capabilities augmented with technologies such as digital, cloud, cyber and analytics. Our more traditional businesses have also fared well: Tax & Legal continue to deliver good results and we have had significant success in Audit – growing by 14% –, as we manage complex audit engagements for numerous SMI and FTSE100 firms as well as commit more investment to ‘the future of the audit’.”
Highlights from FY16
In the past year, Deloitte in Switzerland has further developed its business, its people, and the impact the firm has on its clients and the community through:
- Cementing our position as the leading Advisory firm in Switzerland with tremendous new business success, including further expanding our footprint in forensics, M&A, technology and cyber risk services through the acquisition of teams and combining our local strengths with our global scope.
- Continued commitment to delivering quality and value beyond compliance and a methodological approach to ensuring our core Audit proposition is the best it can possibly be.
- Further strengthening our local and international Tax & Legal footprint, and, as a result, receiving recognition as ‘Tax Firm of the Year’2 for the fifth consecutive year.
- With the world currently facing unprecedented disruption, helping our clients capitalise on new ways of thinking, operating and connecting by leveraging our industry specific knowhow. Our core industries financial services, life sciences and consumer and industrial products all posted strong performances.
- Making an impact to society by supporting innovative start-ups, continued commitment to our charity partners and increased engagement in the health and wellbeing of our people and the community, e.g. through our Schweizer Firmen-Triathlon and global Team Dimension Data sponsorships.
Investing in talent – More than 250 jobs created
Deloitte has increased its talent pool in Switzerland by 18% to 1,690 employees (FY15: 1,431 employees), thus creating more than 250 new jobs throughout the firm’s functions and regional offices in the last year. This included welcoming 20 new Partners and nearly 200 graduates.
Deloitte strives to become the firm of choice for the very best latent within Switzerland, and continues to energetically invest to reach that goal. Creating a culture of opportunity and diversity remains a top priority: Women represent 27% of the firm’s leadership, which includes Jackie Hess, the first female service line leader of any Big Four firm in Switzerland. In FY16, Deloitte invested CHF 4.4 million in tailored learning and development activities for its employees. In addition, in the past few months, Deloitte has introduced both a new, pioneering performance management approach and a parental leave policy unrivalled within the professional services industry.
On the current market situation, Simon Owen said: “Organisations in Switzerland continue to face extensive disruption – whether caused by new technologies, increased regulatory requirements or economy volatility. And Deloitte will continue to actively invest to help our clients transform their organisations, accelerate talent and fuel economic progress.”
Looking ahead, he added: “We are seeing continued growth in the first quarter of the new fiscal year and I am excited about the opportunities as we head towards 2020. We will continue our commitment to service clients in new markets and new ways. This is a fantastic time to be at Deloitte and we are determined to work hard to continue to make an impact that matters to our clients, our people and our society.”
1 Gross revenue of Deloitte in Switzerland and Deloitte in the UK from Swiss clients
2 Awarded by the International Tax Review: http://www2.deloitte.com/ch/en/pages/press-releases/articles/deloitte-named-tax-firm-of-the-year-in-switzerland.html
Note to editors
In this news release, Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.com/ch/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte AG is a subsidiary of Deloitte LLP, the United Kingdom member firm of DTTL. Deloitte AG is an audit firm recognised and supervised by the Federal Audit Oversight Authority (FAOA) and the Swiss Financial Market Supervisory Authority (FINMA).
The information contained in this news release is correct at the time of issuance.