Deloitte Reports 12th Consecutive Year of Revenue Growth for Member Firms and Announces New Vision and Strategic Focus
Goal is to establish a standard of excellence.
New York, December 19, 2005 — Deloitte Touche Tohmatsu (DTT) today released its annual review, “Sustaining Growth: Deloitte Touche Tohmatsu Worldwide Member Firms 2005 Review,” which reports aggregate member firm financial results for fiscal 2005 and also articulates a new strategic direction for DTT member firms. The new strategic direction is intended to elevate all of its member firms’ businesses to be the standard of excellence, thus strengthening their market differentiation.
For fiscal 2005, Deloitte Touche Tohmatsu member firms had aggregate revenues of US$18.2 billion — a 10.9 percent increase over the US$16.4 billion reported last year. This marks the third consecutive year of double-digit growth from continuing operations. Fiscal 2005 also marked the 12th consecutive year that Deloitte member firms have posted aggregate revenue increases.
The decision to keep audit, tax, consultative and financial advisory services within the member firms has again proven to be the right course of action. Indeed, throughout 2005, the growth in demand for Deloitte member firms’ services remained strong, enabling the member firms to experience robust revenue increases across the board in each of the four primary businesses and across all geographies.
“I am delighted that such strong performance was sustained in a challenging global environment and at a time when member firms were extensively reviewing their operating procedures. It is a testament to the continuing focus on client service and commitment to excellence exhibited by the people of Deloitte member firms,” said William G. Parrett, CEO of Deloitte Touche Tohmatsu.
Deloitte member firms continued their geographic expansion in fiscal 2005 — completing mergers in China, India, Korea and Latin America. The continued emergence of China as a global economic superpower has created tremendous opportunities in the Asia Pacific region.
“Within the next five years, Deloitte China plans to double its head count to more than 10,000 people. And, with continued growth in China, it is expected within the next decade that Deloitte China will become the second largest Deloitte member firm,” Mr. Parrett said.
In addition, Deloitte member firms have shown strong growth in Europe. Mr. Parrett added, “the Deloitte member firms in Europe have all experienced very positive growth. This will continue to be driven not just from Central Europe, but also Eastern Europe, which is the next major market. International tax, merger and acquisition and enterprise risk services will lead Deloitte member firm growth.”
In a move designed to make Deloitte a premier brand, better position Deloitte member firms for the next decade’s challenges and opportunities, and differentiate Deloitte even more, Mr. Parrett also announced the organization’ new vision and strategy.
“he way we have operated in the past was fine, but expectations from the investing public, clients, and regulators have increased, so we have to get even better at what we do,” said Mr. Parrett.
“But we will not stop at simply getting better. Deloitte is different, and we want Deloitte member firm clients and other stakeholders to experience this. When people think of Deloitte, we want them to think of excellence,” he said.
“Over the past 12 months DTT took a long hard look at every aspect of the member firms’ businesses,” said Mr. Parrett. “There was thorough and systematic input from Deloitte member firms around the world. The new strategy is very much a reflection of the breadth and depth of partners everywhere.”
The new strategic initiatives will concentrate on such factors as enhancing and protecting the Deloitte brand, building the next generation of talent, enhancing cross-border execution, more focus to the middle market and more consistent client service delivery worldwide, among others.
“Over the past decade Deloitte member firms have focused on building size and scale around the world to ensure member firms had the reach to serve their increasingly global client base. Today’s challenge is to reach a new level of quality, professionalism, market presence, growth and profitability through distinctive global service. This is what will set us apart,” he said.
The Deloitte Touche Tohmatsu Worldwide Member Firms 2005 Review provides further insight into Deloitte’s financial performance, geographic expansion and investments, initiatives to attract and retain top talent, client service, corporate social responsibility and the organization’s new strategic direction. It is available at www.deloitte.com/annualreview.
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, Deloitte delivers services in four professional areas — audit, tax, consulting and financial advisory services — and serves more than one-half of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients and successful, fast-growing global growth companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.
As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu” or other related names.
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