Deloitte revenues surge despite government ban on lucrative consultancy contracts Magazine

Accounting giant Deloitte, which includes a large office in Nottingham, has announced revenue increases of 11.2% to 3.4bn – despite serving a six-month ban on?lucrative government consultancy contracts.

The ban which has been only lifted in July would have been a reaction to a leaked memo?criticising ministers’ Brexit plans and price the firm dearly even though it had become the next consecutive year of double-digit growth, the pace of growth was slower than in 2016, when revenue rose 13.6 per-cent.

However,?the firm did win several major audits within the year, including BAE Systems, BP, Centrica and GlaxoSmithKline, and, for that reason, the firm now audits 26 per-cent of your FTSE 100’s companies.

Shareable profits stand at 608m translating into an?verage profit per equity partner of 865,000 up from 837,000 in the earlier year.

David Sproul, Senior Partner and Chief Executive of Deloitte, said: “This is an efficient performance in a complex and uncertain market which has been suffering from Brexit as well as the elections the united states and UK. Our Consulting and Audit and Risk Advisory businesses both grew by double-digits. Consulting has continued to check out significant demand for technology-enabled business transformation there have been further strong increase Deloitte Digital, our creative digital consultancy. The firm won a number of major audits this year, including BAE Systems, BP, Centrica and GlaxoSmithKline that’s taken our share of your FTSE 100 audit target 26% and that we saw further success during the FTSE 250, private and international markets. Our Risk Advisory business has seen increasing demand for supplier risk, cyber and regulatory advice.

“Growth in tax was driven with the global tax reset, Brexit and also the prospects for US tax reform, alongside continued interest in technology-enabled compliance services. Financial Advisory advised on 87 M&A deals not too long ago which includes a total importance of above 7bn and now we advised on 38% of main market IPOs. Additionally we saw strong boost forensic driven by a number of large investigations and regulatory remediation work across Europe. From a marketplace perspective, growth was notable in Consumer and Industrial Products and Life Sciences and Healthcare.”

Sproul added: “We have continued obtain through this holiday season of uncertainty which purchase of our people, in winning share of the market also in building market leading solutions has resulted in flat distributable profits.”

Deloitte says it promoted much more than 5,000 people this coming year, with the UK, the firm promoted 57 new partners and recruited one more 30. The proportion of female partners in great britan now stands at 19%, up from 14% in 2014. Deloitte provides a target that 25% of partners shall be women by 2020.

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