Our combined global revenues were US$22.9 billion for the financial year ended 30 June 2011, compared with US$21.3 billion in 2010, a 7.6% increase. In local currency, revenues grew 5.3%.
Our 2011 financial year saw a strong performance in each of our four geographic Areas. All of our service lines showed growth, reflecting our focus on our core services, a better economic environment and renewed activity in the capital markets. Assurance revenues were up 5.0%, Tax 6.0%, Advisory 17.5% and Transaction Advisory Services 7.7%. Growth in all of our service lines was almost entirely organic, with acquisitions accounting for less than half a percentage point.
Over the past five years, we have invested more than US$1.5 billion, mainly in the emerging markets. This commitment meant that we achieved another year of strong revenue across the emerging markets in 2011, with combined revenue growth of 20%. Brazil achieved organic revenue growth of 26%, while India, Africa, China and the CIS increased revenues 22%, 19%, 18% and 16%, respectively. Based on the success of this program, we will maintain this investment at comparable levels for the foreseeable future.
As a result of the improvement in our business, we’ve grown our headcount to 152,000. This represents an increase of nearly 11,000 people over the course of the 2011 financial year. In today’s increasingly complex and diverse world, we are focused on building lifelong relationships with our people. Our aim is to have outstanding talent to provide our clients the best service wherever they do business.
Looking ahead, the economic outlook remains uncertain with slow growth in many developed markets, sovereign debt issues in the eurozone, and inflationary pressures in many emerging markets. Given these headwinds, it is more important than ever that we continue to remain focused on the important role that we play in the world’s capital markets, in our profession, with our clients and with our people.
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