Consulting division boosts Deloitte’s annual revenues

DEMAND for consulting services helped Deloitte deliver record aggregate revenues of $34.2bn (£21bn) for the fiscal year ending 31 May, the professional services firm has said.

Deloitte’s consulting division, which delivered double-digit growth, contributed to a 6.5% increase in global sales and vastly outstripped the performance of the Big Four firm’s audit division, which grew by 2.5%.

Additional growth of 7.7% in tax and legal, 6.8% in financial advisory and 4.2% in enterprise risk services also contributed to its fifth consecutive year of international growth, compared to much more modest growth of 1.4% in the firm’s UK outfit.

Like its Big Four rivals, Deloitte has been building its consulting division in order to offset stagnating sales in the audit market. In 2013, Deloitte bought US strategy consultants Monitor, while PwC snapped up international consultancy business Booz & Co in April and, most recently, EY acquired The Parthenon Group, which provides a range of strategic and transaction advisory services across the globe.

Americas member firms led regional growth with an aggregate 7.5% increase in local currency with the strongest growth coming from Latin America and Brazil. The US, the largest member firm in the network, produced particularly strong growth, led by an 11.3% increase in Consulting.

Europe, Middle East, and Africa member firms grew by an aggregate 5.8% in local currency, while Asia Pacific member firms experienced combined growth of 4.9%%.