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December 7, 2022

Deloitte is Coming to Take PwC’s Consulting Crown in Australia

Deloitte "if you just follow, you'll never lead" sheep billboard

News is slow over here in the land of Coors and corn syrup, let’s take a quick trip to Oceania. Via AFR:

Deloitte is challenging PwC’s place as the largest consultancy by revenue in Australia as the firm posts a 19 per cent jump in income to $2.5 billion in the year to May.

The strong performance was due to surging demand for Deloitte’s technology, risk and financial services advice. Profit at the firm also increased, with staff set to receive bonuses, said chief executive Adam Powick.

The firm, which reports ahead of its big four consulting rivals, generated more income in the year to May than PwC, the long-time No. 1 firm, did the financial year before. PwC, which booked $2.4 billion in revenue last financial year, usually reports in August.

“There was strong growth across all parts of our business, and that was very pleasing as we typically see a little more variability in our results,” Mr Powick said.

Gartner has ranked Deloitte as the No. 1 consulting service provider ten times now.

As a quick catch-up on global numbers last year: FY 2021 PwC global revenue rose 4.9% to $45.1 billion for the year ending June 30. Last year Deloitte became the first Big 4 firm ever to report global revenue greater than $50 billion, FY 2021 Deloitte global revenue rose 5.5% to $50.2 billion for the year ending May 31.

This could come as another blow to PwC as Deloitte stole their other crown for biggest Big 4 firm in 2016 and P-dubs been fighting like hell to get it back ever since. Will PwC surprise us with a strong come-from-behind win in August? If not, at least PwC can still cling to its long-time #1 ranking on the Vault Accounting 25. Although Deloitte is breathing down their necks there, too.

We expect to start hearing Big 4 global revenue numbers come fall.

Deloitte on track to topple PwC [Australian Financial Review]

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