Deloitte reports FY2020 revenue

New York, NY 15 September 2020 — Deloitte today reported aggregate global revenue of US$47.6 billion for the fiscal year ending 31 May 2020 (FY2020), a 5.5 percent increase in local currency* and 3.9 percent increase in US dollars. In the first nine months of FY2020, prior to the effects of the pandemic and global slowdown, the aggregate growth rate was 8.9 percent in local currency and 7.5 percent in US dollars, with all Deloitte businesses and regions experiencing growth.

“FY2020 has been a tale of two halves. In the first part of the year, we were serving our clients, people, and communities as normal, then the COVID-19 pandemic struck, bringing with it a level of global disruption we’ve rarely seen in our 175-year history,” said Punit Renjen, Deloitte Global CEO. “Our number one priority has remained the health and safety of our people. From the beginning, we adopted a ‘people-first’ approach recognizing that we all needed flexibility and support to adjust to the new normal. Amidst a tragedy that has affected millions, we continue to focus on our professionals’ mental and physical wellbeing as well as addressing the pandemic’s profound impact on our clients and communities.”

Deloitte’s actions have been guided by our resilient leadership framework[1] – Respond, Recover, and Thrive. Looking ahead to FY2021, Deloitte’s commitment to building a better future means preparing clients to navigate further disruption while we contribute to a society that is more sustainable and equitable for all.

Respond: As the pandemic spread worldwide precipitating a global lockdown, Deloitte prioritized safety and business continuity, while supporting communities in need

Supporting employees and clients

Almost overnight, we virtualized the business to prioritize employee safety and continuous business operations. We leveraged our expertise with flexible working solutions by adopting technologies that enabled seamless virtual collaboration, and we adjusted schedules to accommodate team member, client, and family obligations. We also accelerated the rollout of a personalized virtual learning platform, which enabled the rapid transition from in-person to online learning experiences. This new digital learning platform provides our professionals with access to skills training and the latest business and industry knowledge.

At the same time, Deloitte quickly mobilized to support clients in responding to the pandemic’s myriad challenges, providing guidance related to supply chain risks and disruption, workforce strategies, business continuity and financial management as well as technology and digital solutions.

Supporting communities

Activating the capabilities of our people across our global footprint, Deloitte took a multi-pronged approach to addressing the needs of communities impacted by the pandemic, contributing nearly US$20 million in donations and employee time. We provided in-kind donations of laptops and electronics for virtual learning to support millions of students globally as well as airline credits and personal protective equipment for health care workers.

Deloitte people also provided nearly 60,000 pro bono hours of their skills and expertise to communities in need. Such solutions included 3D-printed medical supplies in Spain[2], a crowdsourcing app to provide frontline workers with grocery deliveries in Canada[3], and an initiative to deliver 250,000 meals[4] in India to those experiencing food scarcity during the lockdown.   

Recover: As the world reopens, Deloitte is helping clients develop a solid foundation for the post-COVID-19 future

The ongoing health and economic crises present challenges for businesses: from safeguarding workers to ensuring business continuity, financing, liquidity, and customer engagement to expanding digital capabilities. As the world reopens, Deloitte is guiding businesses through this journey and, continuing to deliver the quality, breadth and depth of services and expertise enabled by our multidisciplinary services model.

Business insights:

  • Audit & Assurance responded quickly and effectively to the challenges posed by COVID-19 to ensure the continued delivery of consistent, high quality audits. This was enabled by Deloitte’s cloud-first technology strategy and innovative collaboration tools to transition seamlessly to virtual auditing around the globe. We are committed to maintaining our critical public interest role within the financial ecosystem, informing[5] organizations and stakeholders with objective audits and disclosures. Assurance services continue to grow, helping clients to navigate the financial, regulatory, and operational realities of COVID-19. Audit & Assurance grew 2.6 percent.
  • Consulting delivered technology-enabled targeted solutions[6] to help clients respond to and recover quickly from challenges such as the virtual workplace, disrupted supply chains, and dramatically shifting customer needs. Enhanced by a broad ecosystem of alliances with industry leaders such as Adobe, Alibaba Cloud, Amazon Web Services (AWS), Dell Technologies, Google Cloud, IBM, Informatica, Oracle, Salesforce, SAP, ServiceNow, and Workday, Consulting expanded its footprint globally in digital, cloud transformation, AI and machine learning, Internet of Things (IoT), and intelligent automation. Deloitte’s Consulting practice continues to build for the future, making targeted acquisitions and developing new capabilities to empower clients across all sectors to recover and thrive in the post-COVID landscape. Consulting grew 7.1 percent.
  • Financial Advisory mobilized our Distressed Market Offering, advising clients[7] through the respond and recover phases of the pandemic and beyond, driving offensive and defensive M&A strategies to help clients emerge stronger from the crisis. The Forensic practice helped companies and governments build stakeholder trust and combat the trillions of dollars of damage wrought by fraud, economic waste, and financial crime. The Infrastructure & Capital Projects and Economics practices made a significant public impact by supporting governments’ responses to COVID-19, including green energy transformation, climate, and sustainability projects. Financial Advisory grew 3.0 percent.
  • Risk Advisory supported clients through new risk management challenges[8] in digital transformation, reputation management, customer engagement, and the supply chain. In response to an exponential increase in cyber threats emerging from the virtual workplace, the Cyber practice advised clients on potential threats, so that employees could work from home and collaborate safely online and businesses could transform and transact with confidence. As clients increasingly looked to guide their businesses towards a more sustainable future, we supported the transformation needed to meet new regulatory mandates. Looking forward, Risk Advisory remains committed to helping clients build trust, resilience, and security, building responsible businesses that can sustain and thrive in an increasingly unpredictable world. Risk Advisory grew 5.6 percent.
  • Tax & Legal rapidly pivoted to help clients[9] address the increased complexity and shifts in their businesses caused by the COVID-19 crisis. Demand accelerated for digital solutions, particularly cloud-based ERP systems, and for advice on how to organize and operate tax and legal departments. The significant challenge of adapting to remote working has increased demand for co-sourcing and outsourcing, as well as shifted buyer preferences to a smaller number of preferred service providers. Demand also increased for employment advisory assistance, as well as corporate and supply chain reorganization and rationalization. Looking ahead, as governments work to stabilize economies, Deloitte will support clients in navigating the various reliefs, credits, and incentives programs while helping them stay vigilant around ongoing major tax reform initiatives and unilateral measures such as digital services taxes. Tax & Legal grew 6.5 percent.

Thrive: Looking to the future, Deloitte is committed to creating a more equitable and just world in the wake of the pandemic

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