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Deloitte Overview

Deloitte Touche Tohmatsu is a company that provides audit, tax, consulting and advisory departments. In 2009, the firm’s revenues were US$26.1B. They also had 168,000 employees in 140 locations. Deloitte revenues that year were as follows: Audit $11.9 billion, Tax $5.7 billion, Advisory $8.5 billion.

The firm was founded in London in 1845 by William Deloitte. Deloitte, Haskins & Sells was incorporated in 1952. Deloitte & Touche was put together in 1989. In 1995, the name changed to Deloitte Consulting. Deloitte Touche Tohmatsu is a Swiss Verein. Jim Quigley is Deloittes’s Global CEO.

2011 Performance

Deloitte Touche Tohmatsu, the worldwide company, had fiscal 2011 revenues for the year ending May 31, 2011 of US$28.8 billion, a 7.7% upward swing in local currency terms. However, these numbers represented an increase of 8.4% in US dollars from 2010 of $26.6 billion.

By service line, Consulting (Advisory) was the one that grew the quickest at 14.4% in local currency terms; and in US dollar terms, revenue increased 14.9% from $7.5 billion in 2010 to $8.6 billion in 2011. Financial advisory growth was helped by valuation, restructuring and forensic related services. Other positive factors included higher M&A volume and an upward trend in inbound and outbound investments in emerging markets.

Audit revenue increased 3.5% against 2010 in local currency terms; in US dollar terms, Audit grew by 4.7% from $11.7 billion to $12.3 billion. Tax also rose 4.9% against 2010 in local currency terms; in US dollar terms, Tax grew by 5.2% from $5.4 billion to $5.6 billion. Financial Advisory Services revenue increased 13.8% in local currency terms, but in US dollar terms, grew by an outstanding 15.1% from $2.0 billion in 2010 to $2.3 billion in 2011.

In terms of Industry, Financial Services recorded the highest revenue growth with 13.5%, Energy and Resources grew by 8.8%, Life Sciences grew by 8.1% and Manufacturing by 7.5%.

Here’s the breakdown geographically.  Americas increased 9.3% in local currency terms and 10.4% in US dollar terms from $13.0 billion in 2010 to $14.4 billion in 2011. Europe, Middle East and Africa revenues increased 5.2% in local currency terms and 3.2% in US dollar terms from $10.0 billion in 2010 to $10.4 billion in 2011. Asia Pacific grew 8.5% in local currency terms and 15.8% in US dollar terms from $3.6 billion in 2010 to $4.2 billion in 2011.

Asia Pacific revenues grew 15.8%, following a 9% growth, making it the fastest-growing region for the seventh consecutive year. India and Australia grew more than 25%, Deloitte China grew 8.3%. Brazil and Chile grew in excess of 20%. Deloitte United States and Canada posted exceptional growth. Middle East, Sweden, Turkey and Norway all experienced double-digit growth.

Although these are all outstanding statistics , these numbers could not help Deloitte keep its lead over PwC and stay as the largest Big Four firm in the world. Its 2011 revenues of $28.8 billion were behind PwC’s 2011 revenues of $29.2 billion by a good $420 million, after being ahead in 2010 by a tiny margin of $9 million or 0.03%. Our 2009 analysis noted that if Deloitte’s growth rate were to exceed PwC’s growth rate only by a minimum of 0.3%, Deloitte’s 2010 revenues in US dollar terms would make it number one among the Big Four firms. Although this happened, PwC’s sprint in 2011 allowed that firm to regain its number one position.

However, PwC revenues grew by 1.5% and Deloitte revenues enlarged by 1.8% from 2009 to 2010, and so Deloitte was ahead by a small but important margin, which Deloitte highlighted by indicating that “Deloitte ascends to become the largest private professional services organization worldwide”. PwC was not named in the same press release. In 2009, Deloitte revenues shrank at a quicker rate than those of PwC, so the gap narrowed but did not completely close.  By having an outstanding year in 2009, arguably one of the toughest environments in recent memory, Deloitte showed it was a strong contender when it came to leadership.

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