The Big Four firm revealed its combined member firm revenue was up 9.4% to $46.2bn (£37.4bn), the tenth consecutive year of growth. The rate of growth is down on last year’s figures when revenue grew by 11.3%.
The area of fastest growth was Asia Pacific which produced revenue up 11.6%. The Americas also saw strong growth at 10.4% while revenue for Europe, the Middle East and Africa (EMEA) was up at 7.9%.
All the service lines experienced growth. Consulting proved to be the star performer with a growth rate of 15.2%, thanks to clients looking for help with their digitally enabled business transformations.
The firm said that the growth was powered by “sustained and successful orchestration of assets and ecosystems across digital, cloud, cognitive and AI, and internet of things (IoT) in collaboration with key alliance partners, such as Adobe, Alibaba Cloud, Amazon Web Services (AWS), Google Cloud, IBM, Informatica, Salesforce, SAP, ServiceNow, and Workday”.
It added, “Areas of hypergrowth included the consumer industry and energy, resources and industrials industry verticals, and solutions to signature issues clients face in areas like the future of work, smart cities, and the future of health.”
Tax and legal grew by 8.5% on the back of new global tax reforms – including the digitisation of reporting and the increasing pressure on multinational businesses to be more transparent – and growing demand for integrated legal services.
Risk advisory was up 8.4% overall with Deloitte’s cyber risk and financial risk services turning in double digit growth. Financial advisory went up by 8.1%, while audit and assurance put in a solid performance, rising 3%.
“Our FY 2019 results are a validation of Deloitte’s strategy to deliver high-quality, globally consistent service to our clients while continuing to serve the public interest and working to restore trust in capital markets,” said Deloitte Global chief executive Punit Renjen.
“We evolved and innovated our offerings to address current and emerging client needs, and we increased our investments in learning and development to build a workforce with deep knowledge, capabilities, and leading-edge insights.”
He added that the firm owed its success in part to its network of strategic alliances with “the world’s most powerful and innovative companies”. These enabled Deloitte’s clients to “solve their most complex problems, shape new markets and create sustainable value”.
Over the year, the firm expanded its workforce by 9% to around 312,000 professionals.
The second largest of the Big Four, PwC, is due to publish its results shortly. Originally, the world’s largest firm, it ceded first place to Deloitte after a sluggish performance in 2016. By last year, the gap between the two had widened to $1.1bn.
Deloitte’s 2019 results show that it is still powering ahead and PwC will have to produce spectacular global results in order to narrow the gap.