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November 19, 2008

Deloitte Germany posts record results

Assurance consulting increases of more than 60 percent have boosted Deloitte Germany’s revenues by 35 percent from €579 million ($746 million) to €779 million for the year ended 30 June 2008.

Despite the increase, Deloitte Germany remains the smallest of the country’s Big Four with its three rivals posting revenues in excess of €1 billion in 2007. The firm said the growth was driven by consulting services around risk management, compliance and taxes.

Audit-related accounting consulting services were a major contributor to the firm’s big jump. Led in particular by compliance investigations, the assurance consulting practice recorded a 64 percent increase from €261.6 million to €429.8 million. The firm’s tax practice grew by 13 percent helped by gains in transfer pricing and M&A advisory services.

Transaction services and corporate finance advisory boosted the corporate finance division to €63.9 million, a 16 percent rise.

Deloitte Germany chief executive Wolfgang Grewe said the results are the best the firm has ever achieved. The firm will continue to expand its service offering and invest in talent even in the current fiscal year, he added.

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