After a year of significant decline, Deloitte revenues remained flat at € 632 million during the year ending May 31, 2011. Our Consulting business had an extraordinary year with 17% growth while our Tax advisory business showed modest growth of 5%. Financial Advisory Services saw a small drop in revenues overall, but experienced favorable market conditions in the second half of the year. Our Audit business is still facing challenging market conditions, and has not yet returned to growth.
Executive Board: J. Volkers, R.J.M. Dassen, C.J.G.M. de Boer
The continued decline of Audit was mainly experienced in the public sector (local and national government). In Consulting, we also saw a decline of revenues in this sector, but which was more than offset by the significant growth in the financial services and consumer business sectors.
Against this challenging backdrop, we successfully managed our costs and efficiency levels to protect our margins. We increased remuneration, especially the variable pay element, which had come under significant pressure in previous years. We also increased our investments in innovation, an area to which we are committed, to build new services and products that will drive growth in the future.
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