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October 29, 2009

News Briefs

FINANCIAL RESULTS Deloitte Netherlands revenue drops 5 percent

Deloitte Netherlands revenue has dropped 5 percent from €748 million ($1.1 billion) to €709 million for the 2008/2009 financial year.

“Deloitte has, given the market circumstances, realised a very healthy turnover. We’ve been able to strengthen our position, particularly in the public and financial services sectors. We also keep investing in our people and in innovation,” Deloitte chairman Roger Dassen said.

Audit services revenue decreased by 2 percent due to an increase in pricing pressure while tax services dropped by 6 percent, which the firm said was related to the reduction of its M&A services.

However, consulting services had growth of 1 percent for the year and financial advisory services revenue remained stable. Staff also felt the effects of the economic downturn with numbers dropping by 163 down to 5,489 staff for the 2009 fiscal year.

The firm said the drop was due to the sale of some parts of the business and the departure of about 130 employees who were made redundant in a number of its business units, including consulting. Deloitte still expects to employ about 400 graduates in the coming fiscal year.

FINANCIAL RESULTS Ireland market leader revenue down

Ireland’s largest professional services firm has recorded a 6.5 percent drop to its all-Ireland fee income to €332 million ($491 million) for the year to 30 June 2009. PricewaterhouseCoopers (PwC) Ireland recorded revenues to €355 million in 2008.

The firm was the highest fee earning firm reporting all-Ireland figures, according to the International Accounting Bulletin’s Irish survey in August last year.

PwC Republic of Ireland senior partner Ronan Murphy said it had been a very difficult year both for clients and the firm.

“What started as a financial correction, stemming from problems in one area of the US mortgage market, quickly spread to become a global economic crisis with far-reaching business consequences for Ireland,” he said.

Murphy said business restructuring, cost control, performance improvement, reward and pension planning, and helping multinational companies to establish new operations in Ireland were the service lines that had the strongest performance in the past year.

PwC all-Ireland staff numbers stood at 2,673 to 30 June.

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