Deloitte's revenues shoot up more than seven per cent in the firm's eighth year of growth

 
Lucy White
UK revenues grew by 11.2 per cent (Source: Wikimedia Commons)

Accountancy firm Deloitte has welcomed its eighth consecutive year of growth in results this morning, as revenues grew 7.1 per cent in local currency terms over the year ending in May.

Deloitte's member firms around the globe generated revenues of $38.8bn (£29bn), and hired almost 70,000 new staff over the 12-month period.

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Each of the firm's five business areas – audit and assurance, consulting, financial advisory, risk advisory and tax and legal – achieved growth.

“Deloitte's revenue growth is attributable to two factors,” said Punit Renjen, Deloitte Global chief executive.

“First, our multi-disciplinary business model continues to be a source of competitive strength. Second, clients have choices and they are increasingly choosing Deloitte to help them navigate change and reinvent themselves in a constantly evolving global business environment.”

The strong results come despite some rocky moments during the year, including a grovelling apology to Prime Minister Theresa May, a watchdog fine and a number of probes.

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Two industries particularly aided Deloitte's revenue growth – technology, media and telecommunications and consumer and industrial products. Both grew revenue by more than nine per cent.

Perhaps unsurprisingly, in a year full of uncertainty, the firm's risk advisory business increased revenues by the most at 12.9 per cent.

Asia Pacific revenue saw the largest uptick of the geographic regions at nine per cent, followed by Europe, the Middle East and Africa at 8.6 per cent and the Americas at 5.6 per cent.

Although Deloitte has made a substantial number of hires over the year, it has also invested in technology to help increase automation.

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It has developed cloud-enabled platforms to serve its audit and assurance customers, which include elements of machine learning.

Meanwhile it has also set up a network of cyber intelligence centres to help clients protect themselves, in a year which has seen several high-profile cyber attacks.

Last month, Deloitte's UK arm announced its revenues had grown 11.2 per cent to £3.4bn. However its profits flatlined.

The firm is the first of the UK's Big Four beancounters to release its reports, but was leading the way along with EY last year in terms of revenues.

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