Deloitte partners to receive £865,000 each after another year of growth
Deloitte equity partners will each pocket £865,000 this year after the accountancy giant announced a seventh consecutive year of growth.
Revenue at the firm, which has a large office in Nottingham, was up 11.2% to £3.4bn for the year ending 31 May, with shareable profits standing at £608m – a sum that will be distributed between Deloitte’s 703 partners.
Bosses at Deloitte are putting the performance down to a string of big FTSE 100 wins.
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. The firm won a series of major audits this year, including BAE Systems, BP, Centrica and GlaxoSmithKline which has taken our share of the FTSE 100 audit market to 26% and we saw further success in 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 by the global tax reset, Brexit and the possibility of US tax reform, alongside continued demand for technology-enabled compliance services. Financial Advisory advised on 87 M&A deals last year with a total value of more than £7bn and we advised on 38% of main market IPOs. We also saw strong growth in forensic driven by a number of large investigations and regulatory remediation work across Europe. From an industry perspective, growth was notable in Consumer and Industrial Products and Life Sciences and Healthcare.”
Sproul added: “We have continued to invest through this year of uncertainty and that investment in our people, in winning market share and in building market leading solutions has resulted in flat distributable profits.”
Deloitte says it promoted more than 5,000 people this year, while in the UK, the firm promoted 57 new partners and recruited a further 30. The proportion of female partners in the UK now stands at 19%, up from 14% in 2014. Deloitte has a target that 25% of partners will be women by 2020.
