Deloitte has increased global revenue by 1.8
percent to $26.6bn, momentarily inching ahead of rival
PricewaterhouseCoopers.

Deloitte’s growth is due to the strength of
its consulting business and solid demand in Asia and Latin
America.

PricewaterhouseCoopers is due to release its
global figures in about a month and will need to grow aggregate
firm revenue by at least 1.7 percent to cling onto top spot.

It’s impossible to predict how PwC will
perform. In the past few years, Deloitte has closed in on its
rival, although PwC UK recently reported
stronger growth than Deloitte UK. Whichever network
ends up on top, the lead is likely to be marginal.

Any revenue growth is positive because
economic conditions are still tough in most western markets while
Deloitte’s UK firm, the network’s second largest contributor,
recently reported a 1% contraction.

Consulting powers growth

Revenue growth was fuelled by a strong
performance from the Deloitte’s consulting business, which grew fee
income by 15% to $7.5bn. This growth included the acquisition of
several consulting firms, such as BearingPoint’s North American
public sector practice and the UK real estate consultancy Driver
Jonas.

Global audit revenue declined 1 percent to
$11.7bn despite the network increasing its market share of the
Fortune Global 500 by 1 percent. Tax revenue declined by 5% to
$5.4bn and financial advisory revenue was down 2 percent to
$2bn.

Deloitte said its results were affected by
modest reductions in hourly rates as fee pressure has been a
constant pain for firms across the world. A global M&A drought
is likely to be the reason why financial advisory work
declined.

Revenue generated from public sector work
increased 38% while manufacturing and financial services work
remained flat.

Firms in the Asia-Pacific region led growth
with 9% to $3.6bn, Americas firms grew revenue 4% to $13bn, while
Europe, the Middle East and Africa showed a 3% decline to
$10bn.

Deloitte said it has more than 170,000
professionals, which makes it the largest employer of accountants
in the world.

In a month the network could also be crowned
the market leader in revenue.