We took a number of actions during FY20 to build resilience and protect jobs and our firm as the crisis hit, including suspending salary increases and reducing promotions. Over the year we saw a balanced performance across our businesses and industries, with revenue growth of 9.1% although distributable profits were down 16%. Our pipeline of work remained strong but, like many other businesses, we will continue to feel the impact of COVID-19 as we enter FY21.
While the pandemic has created clear challenges, we, along with many organisations, are using this time to think about the business we want to be in the future. How can we simplify and transform what we do? How can we make more of a positive impact? How can we change the way we work? For the benefit of all of our stakeholders, we must take this opportunity to change our business for the better.
And we’re doing that in several ways. Firstly, in a world of limited resources, we’re focusing on what matters most: looking after our people and serving our clients.
Secondly, we are staying true to our purpose and acting in the public interest. Our impact on society has never been clearer or more visible than during this crisis – and I want this to live on as we support our nations and our clients to recover.
Thirdly, we’re acting with agility to meet clients’ changing needs - whether that’s transitioning thousands of people to remote working or making important acquisitions that mean we can better respond to the major trends driving change and opportunity in our markets.
And lastly, we are collaborating in new ways. Not only using new technologies but also just simply working across businesses and borders as part of Deloitte North and South Europe.