Deloitte's profits flatlined last year as the accountancy firm navigated a six-month ban from pitching for UK government contracts.
Revenue for the year ended 31 May rose 11.2 per cent to £3.4bn, with consultancy revenue up 13.6 per cent to £859m and revenue from Deloitte's audit and risk advisory business up 13.1 per cent to £932m. Revenue from the firm's tax arm rose 5.7 per cent to £691m.
Distributable profits for the year were flat at £608m, which the company said was due to increased investment into its staff. It hired 1,600 school leavers, interns and graduates over the period.
Why it's interesting
Deloitte was hit with a six-month ban on bidding for government consultancy contracts last year, and was only allowed to start pitching for the lucrative work again in July. It was banned after it leaked a memo criticising ministers' Brexit plans, putting five per cent of its UK revenues at risk.
What Deloitte said
David Sproul, senior partner and chief executive of Deloitte, said: "This is a good performance in a complex and uncertain market which has been impacted by Brexit and the elections in the US and UK. Our consulting and audit and risk advisory businesses both grew by double-digits.
"Consulting has continued to see significant demand for technology-enabled business transformation and there has been further strong growth in Deloitte Digital, our creative digital consultancy."