Deloitte Annual Revenues Flat

New York (Nov. 11, 2002) – Facing significant revenue losses related to the Sept. 11 terror attacks, Deloitte Touche Tohmatsu reported a scant 1-percent increase in year-end global revenues, to $12.4 billion, for the period ended May 31.

That fell far short of last year’s revenue growth of nearly 11 percent for the same period.

Deloitte also reported that its consulting revenue remained flat.

The Big Four firm said the past year had been both difficult and rewarding. The firm was forced out of its New York office for 11 months by the terror attacks and made the decision to spin off Deloitte Consulting following a series of accounting scandals. Deloitte remains the lone Big Four firm that has not as yet spun off its consulting arm.

On the upside, the firm absorbed 23,000 former Andersen employees from practices in more than 20 countries, and added 263 new global multinational company audit clients over the year.

“Our continued ability to grow is a tribute to the commitment of our people to protect the public interest, serve our clients with excellence, and support each other in the face of unprecedented challenges,” said DTT chief executive James E. Copeland, Jr.

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