Deloitte expands business at record levels but warns of Brexit "challenges"

 
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Deloitte stressed the importance of keeping borders open as part the UK's exit from the EU (Source: Getty)

Audit wins underpinned the fastest revenue growth for 10 years at big-four accountants Deloitte.

Group revenue increased by 11.2 per cent for the year to May 2016 to £3.1bn with distributable profit up 2.5 per cent at £608m.

Deloitte said that the Brexit vote would lead to a slowdown in Britain's economic growth and although it would "introduces new challenges".

"We are confident in our ability to navigate this time of upheaval,” said managing partner David Sproul.

Deloitte picked up four FTSE 100 audit wins during the year, taking its share of the blue-chip index to 23 per cent. The bottom line for partners was that average profit distributed jumped from £593,000 to £608,000.

Deloitte hailed changes to its recruitment process during the year that would mean it was agnostic to academic institutions - it said it was the largest UK company to introduce such a strategy.

Returning to the topic of the result of EU referendum, Sproul echoed calls from Institute of Chartered Accountants in Scotland for the priority to be clarity over the future of EU nationals working in Britain.

“The government must recognise that further restricting skilled migrants could be detrimental to the UK’s ability to attract global investment and the diverse pool of international talent that has supported our country’s growth.

"Rights of EU migrants should be protected and any future migration policies should respond to our economic needs rather than be overly focused on total numbers.

“Business must now work with government to set a vision for a post-EU environment that is open, pro-growth and, crucially, delivers prosperity and opportunity for all,” he said.

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