Deloitte Ireland reports 12% rise in revenues

Deloitte Ireland’s revenues rose by 12 per cent last year as the Big Four firm said it was “cautiously optimistic” about continued growth.

Results published by Deloitte for the financial year to May 2023 report “strong growth” across its business as the firm saw revenues rise by 12 per cent to €478.9 million.

This growth is less than half the 24.3 per cent jump in revenues reported last year, which totalled €429 million.

Audit revenues in the year to May 2023 reached €107.7 million, up from €88.3 million last year. Non-audit revenues, which include the consulting wing of the firm, totalled €371.2 million, up from €340.6 million.

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Harry Goddard, chief executive of Deloitte Ireland, said that the external environment remained challenging for clients throughout the period. The firm saw strong demand for projects in digital transformation, climate and assurance services over the year, as well as supporting clients through complex ESG regulation, climate actions, cyber threats and financial crime, he added.

“This year was unique as we also saw the emergence of a transformational technology in generative artificial intelligence. Deloitte clients, be they SMEs, multinationals or early-stage entrepreneurs, are increasingly looking for teams that have multidisciplinary capabilities,” he said.

Mr Goddard said that assisting clients to deploy AI technology would be a “key focus” of the business over the coming years.

The firm announced in June that it was creating 300 new jobs in Cork, doubling its presence in the city, as it is establishing a new technology and analytics hub and building up its advisory capabilities in AI.

On the outlook, Mr Goddard said he was cautiously optimistic about the domestic Irish economy.

“The downside risks include the impact of interest rates, the performance of the economies of some key trading partners and geopolitical tensions,” he said. “The Irish economy remains resilient and is continuing to grow this year. Over the medium term we would be cautiously optimistic, and we will be planning for continued growth.”

Figures released this month showed that Deloitte globally increased its revenues by 15 per cent in the past year, extending its lead as the largest of the Big Four professional services firms with income of $64.9 billion (€61.41bn).

Deloitte Ireland also highlighted steps taken in the past year in relation to talent and sustainability, including committing €500,000 to DCU Centre for Climate and Society, committing €5 million over three years as part of a WorldImpact portfolio of initiatives, a programme for those returning to work after an extended career break, as well as an internship programme for those who have applied for international protection or refugee status.