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Consulting helps fuel Deloitte UK revenues growth for fourth year

Deloitte

London: Deloitte has increased its revenues in the UK for the fourth year in a row, despite economic uncertainty.

The business advisory firm reported that its revenues rose by 1.4% in year-on-year terms, hitting £2.55 billion over the 12 months to the end of May.

Once expenses and disbursements were accounted for, the group said its net revenue for the period was 3% higher, reaching £2.13 billion.

Corporate finance growth

The company's annual report shows its corporate finance division expanded by 4.7%, to £424 million, over the 12-month period. Meanwhile, its consulting arm saw a 0.5% improvement, with revenues amounting to £622 million.

Deloitte's tax practice generated revenues of £562 million, broadly in line with last year's reading of £563 million. Audit revenues edged downwards, from £719 million to £706 million.

Economic conditions 'improving'

Commenting on the data, Deloitte's chief executive and senior partner, David Sproul, said the group has achieved growth of more than 30% over the last four years.

He admitted that high levels of uncertainty have slowed growth in recent times.

But Sproul added: "Looking ahead, we expect that better economic conditions will result in significant improvements across our markets.

"Growth has increased in the first quarter of the new financial year and we are seeing a renewed confidence and optimism in our clients to make investment decisions. The global ambition of our clients and our people is creating opportunities for the firm to increase revenue internationally."

GDP boost

In terms of Value Added, a sum of £1.77 billion was contributed to Britain's Gross Domestic Product (GDP) by the firm's partners and employees over the latest financial year. This total has improved by 4.8%, in year-on-year terms.

Skills and recruitment

Sproul said the group is keen to maintain its focus on skills and recruitment in the months ahead, and he welcomed the fact that Deloitte Digital's new offices opened in Clerkenwell earlier this summer.

He added that the next-generation CFO programme continues to prove popular, while the Deloitte Access scheme is helping disadvantaged young people to gain a foothold in the employment market.

Deloitte said profits distributable to partners amounted to £554 million, compared to £571 million last year.

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