Deloitte sees UK revenue rises return

 
Elizabeth Fournier
UK REVENUES at Deloitte, one of the City’s big four accountancy firms, have risen by seven per cent over the past year, it said yesterday, returning to growth after seeing contraction since 2008.

The global firm posted UK revenue of £1.9bn for the year to 31 May, up from £1.78bn in 2010.

Chief executive and senior partner David Sproul said the past year had seen a “robust performance in challenging and competitive markets”.

The firm’s consulting and corporate finance divisions turned in the strongest performances, with revenue growth of 13 per cent and 11 per cent respectively.

Audit – which boosted client numbers this year with the addition of Glencore and International Power to its list – was up four per cent, while the tax division saw growth of five per cent.

Deloitte increased its headcount by eight per cent over the year, with a further 1,200 graduates and school leavers slated to join the firm this autumn.

Its equity partnership also swelled by four per cent, an increase that Deloitte said had directly impacted its profit distributable to partners – which fell to £535m from £590m last year.

Outgoing senior partner and chief executive John Connolly took home £4.4m in 2011, compared to £5.1m last year.

Profit allocated to David Sproul, the new senior partner and chief executive, was £2.6m.

Sproul’s upbeat statement also highlighted Deloitte’s potential for expansion, with the firm focusing its efforts outside its established markets.

“I see opportunities for growth in sectors and geographic regions where Deloitte is not currently the leading professional services provider,” Sproul said.