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Deloitte Achieves Sixth Year Of Double-Digit Revenue Growth

by Glen Shapiro,, New York

29 July 2008

Deloitte Touche Tohmatsu last week announced that fiscal year 2008 aggregate member firm revenue increased by 18.6% in US dollars, and 13% in local currencies, to USD27.4bn.

This marks Deloitte’s sixth consecutive year of US dollar double-digit revenue growth from continuing operations, the accounting group revealed.

It went on to state that every service line and geographic region delivered strong growth. Deloitte aggregate revenues were USD23.1bn in FY2007.

Announcing the results, Deloitte Global CEO Jim Quigley suggested that:

"Our people's continued focus on excellence and their demonstrated ability to work together across geographies to meet our clients' needs are fundamental to our success."

"Our results show that our client-centric business model built upon a global culture of consultation and collaboration—and delivery through strong member firms with global connections—is a winning strategy."

In the past year, Deloitte grew by approximately 15,000 people, with considerable growth in the emerging markets.

Deloitte's firms in Brazil, Russia, India, and China ("BRIC") have experienced 90% growth in the number of professionals over the past three years.

Globally, Deloitte now has approximately 165,000 people, operating in approximately 140 countries.

Quigley continued:

"Our strong global culture unites all of our people, bringing consistency to everything we do. We are focused on providing the same high-quality Deloitte experience to all of our clients regardless of their size or geographic location.

"Our culture is clearly our strength, and our firms are committed to its ongoing development."

"This was evidenced earlier this month in the United States, where our US member firm announced a USD300mn investment to build a state-of-the-art learning and development center for our people. The decision to build Deloitte University is a very significant and tangible commitment to our talent and to the importance of our culture."

Financial Advisory services grew at 26.6% to USD2.4bn, followed by consulting services at 22.2% to USD6.3bn, tax and legal at 20.4% to USD6.0bn, and audit at 14.8% to USD12.7bn.

Asia Pacific led with revenue growth of 30.3% to USD3.2bn, with every Asia Pacific member firm delivering double-digit revenue growth, it was announced.

Europe, the Middle East, and Africa increased revenue by 22.6% to USD11.3bn, with CIS growing at 40.8%.

The Americas improved revenues by 12.9% to USD13.0bn, with Latin America and the Caribbean leading the region, with 22.4% revenue growth.

Quigley announced that he remained confident about Deloitte's continued success because of the strength of its model, which combines local depth and global scale:

He stated that: "These are clearly uncertain economic times. Our focus on innovation together with our strong global culture and diversity of skills will enhance our ability to assist our clients as they compete in these turbulent times."

"At Deloitte, we remain focused on our long-term success and will continue to invest in our people, new products and services, and maintain our long-standing commitment to corporate responsibility," he concluded.

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