Sunday 9 February 2020 6:36 pm

Outgoing Deloitte boss took home £3.3m last year

The outgoing boss of Deloitte took home £3.3m last year, the audit giant’s accounts show.

David Sproul stepped down as chief executive and senior partner of the firm’s north and south Europe partnership (which includes the UK) last year to take up the role of global deputy chief executive of the firm.

His pay increased from £3m to £3.3m in the year to 31 May according to the firm’s limited liability partnership accounts which were filed with Companies House over the weekend.

Read more: Deloitte fined £1.8m and reprimanded over Comet administration failures

Revenue for the firm’s north and south Europe (NSE) partnership grew to £5.7bn last year from £5bn the previous year.

Profit before tax slipped to £433m from £679m the previous year.

Deloitte previously announced that its partners would receive an average profit share of £882,000 for the year to 31 May, up six per cent on the previous year.

Distributable profit differs from profit as reported in the firm’s accounts as a consequence of, among other things, the treatment of equity partner annuities.

The undrawn financings facilities of Deloitte LLP, the UK partnership, fell from £701m in 2018 to £375m last year.

Read more: Deloitte boosts partner pay as profits jump

The firm said this was driven by the fitting out of its London base at 1 New Street Square and a revision in engagement management processes which increased the amount of unpaid money it was owed by clients which it said was expected to normalise to that of prior years in 2020.

The firm’s UK revenue increased to £3.3bn from £3bn last year.

Its audit business boosted income from £31bn to nearly £1.2bn, its consulting arm increased revenue from £1.5bn to £1.7bn and its tax and legal arm increased revenue from £1bn to £1.2bn.

Consulting boss Richard Houston succeeded Sproul as chief executive in June last year.

Deloitte partners received the highest profit share of the Big Four firms last year.

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