Advisory services provider Deloitte has posted a double-digit growth in consulting services unit followed by a 7.7 per cent rise in tax & legal services, boosting aggregate revenues to $34.2 billion for the fiscal year ended May 31, 2014.
This is the company's fifth consecutive year of growth which represents growth of 6.5 per cent in local currency, or 5.7 per cent in US dollars. Deloitte posted revenues of $32.4 billion for fiscal year ended May 31, 2013.
Consulting, which contributes one-third of the revenues, was the growth driver with a 10.3 per cent (local currency) increase. Financial advisory and enterprise risk services recorded increases of 6.8 per cent and 4.2 per cent, respectively. Audit services division grew 2.5 per cent.
"By repeatedly forging new ground, Deloitte continues to stay ahead of the considerable disruption facing clients, our people, and the society in which we operate," said Barry Salzberg, CEO of Deloitte Touche Tohmatsu Ltd.
Within Asia Pacific, the firm's member firms saw business rising 4.9 per cent last year as against 3.1 per cent in FY13. Japan delivered 5.1 per cent growth, while both India and New Zealand grew in the double digits.
Europe, Middle East and Africa (EMEA) member firms grew 5.8 per cent in local currency. In particular, Italy posted 11.5 per cent growth, Germany grew 11.8 per cent and France had a 10.5 per cent growth, demonstrating strong performance over FY13. Aggregate revenues for the sub region of Africa increased by 17.6 per cent.
The Americas member firms led regional growth with an aggregate 7.5 per cent in local currency; the strongest growth occurred in Spanish-speaking Latin America (LATCO) which was 14.1 per cent and Brazil experienced 10.6 per cent. The US, the largest geography in terms of member network, produced particularly strong growth, led by an 11.3 per cent increase in consulting.
Deloitte provides audit, consulting, financial advisory, risk management, tax, and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte member firms hired 54,000 professionals in FY14, growing its workforce by 3.7 per cent to 210,400.
(Edited by Joby Puthuparampil Johnson)