Deloitte’s revenue down by 2.4% for FY24
The big four firm's 2024 revenue saw a slight decrease due to challenges in the current economic environment.
Deloitte has recorded revenue of $2.78 billion for the 2024 financial year, which ended on 31 May.
The total revenue represents a 2.4 per cent decrease in comparison to the 2023 financial year, recorded at $2.85 billion.
Deloitte said the results were impacted by weaker business demand across most sectors of advisory and consulting offerings.
Deloitte Australia CEO Adam Powick said the company had been significantly impacted by external economic pressures.
“The external environment did have a direct impact on Deloitte’s financial results, with revenue contracting 2.4 per cent over the past 12 months in response to slowing demand for professional services across a number of key industry sectors,” Powick said.
In the past 12 months the firm has operated in an intense government and public scrutiny backdrop but remains focused on investing in the long-term sustainability and growth of the firm, Deloitte said.
“It has been a complex and challenging 12 months in the Australian professional services sector, driven by factors such as significant political and public scrutiny, economic uncertainty and the dampening of client speed,” Powick said.
Despite weaker demand in particular areas, client demand remains strong for core services spanning audit, tax, climate, cyber and technology and across sectors including mining and metals, power and utilities and technology.
Powick said Deloitte’s “core focus” stayed close to the needs of clients and delivering high-quality client services and outcomes.
“While parts of the economy have been challenging, we experienced strong client demand for a broad cross-section of our skills and services in domains such as core audit and tax services, cyber security, climate reporting and transition, ERP systems, data and AI, and cloud and engineering services,” he said.
The Deloitte workforce also declined slightly to 13,077 employees, reflecting the challenging market conditions.
Recording weaker revenue and operating with fewer staff in this financial year has not stopped Deloitte from committing to long-term growth, Powick said.
“Importantly in FY24, we continued to invest in the long-term growth and future of our Australian practice, including completing a number of key transactions, admitting over 70 new partners, hiring nearly 1,200 graduates, promoting nearly 3,000 professionals, and developing and rolling out a globally leading generative AI platform.”
Powick said Deloitte would adopt measured optimism and clear intent for the future and its services heading into the new financial year.
“Ultimately our success depends on our ability to consistently add value for our clients, underpinned by the quality, skills and values of our Deloitte partner and professional team,” he said.
“I am proud of the way Deloitte Australia has continued to lead and make a positive impact on the back of high value client work and thought leadership, a focus on attracting and developing highly talented professionals and a commitment to building a strong culture founded on integrity, quality, innovation and respect.”
