Deloitte 2009 client revenue down 4.9%
- Source: Global Times
- [23:42 October 26 2009]
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Global accounting firm Deloitte Touche Tohmatsu said yesterday revenue at its member firms slipped 4.9 percent in fiscal 2009 to $26.1 billion, hurt by a decline in deals amid the global economic downturn.
Deloitte, one of the "big four" accounting firms, said revenues were essentially unchanged in its audit and tax businesses, and financial advisory services' revenues dropped 6.1 percent, hurt largely by the drop in global merger and acquisition activity.
That was partially offset by a 7.3 percent increase in growth at its consulting business, said the accounting firm.
"In a difficult economic climate we were able to achieve growth in many places," Deloitte's chief executive Jim Quigley said in a telephone interview, adding he is seeing greater possibilities for economic activity going forward.
"The conversation has shifted from whether we are going to move into a more severe recession to asking what is the shape of the recovery."
"The ability to actually finance and complete some transactions has been enhanced and for our professionals who assist in mergers and acquisitions, even though the number of closed deals continues to lag, the number of deals under consideration has started to pick up," he said.
On a regional basis, the firm said that its business in the Americas region saw a 1.3 percent decline in revenue growth, while Asia continued to be its fastest-growing region for the fifth year in a row.
Deloitte said it expanded its workforce by more than 40,000 people in fiscal 2009, bringing its total workforce to about 169,000.
Reuters
