Deloitte records double-digit revenue growth in ‘strong year’ for Yorkshire

Deloitte, the business advisory firm, has increased revenue by £340m, its seventh consecutive year of growth as it hailed a “strong year” for Yorkshire.

For the year or year ended May 31, 2017, revenue was up 11.2% to £3.4bn while consulting revenue grew by 13.6% to £859m and audit and risk advisory by 13.1% to £932m.

Tax was up by 5.7% to £691m and financial advisory, on a like-for-like basis, grew by 1.5% to £459m.

Distributable profit for 2017 was flat year on year at £608m and average profit per equity partner was £865,000.

Martin Jenkins, practice senior partner for Yorkshire and the North East at Deloitte, said: “Our practice has performed well this year, with strong growth in tax, financial advisory and consulting, as well as some prominent audit wins, such as FTSE-listed Fenner.  We are proud to act for some of the most innovative, respected and thriving organisations across the region.”

Deloitte’s financial advisory team in Yorkshire advised on 22 transactions with a combined value in excess of £2.2bn.  This included the £750m sale of Zenith Vehicle Holdings, the £326m sale of Gardner Aerospace, the £61m sale of Aflex Hose and the sale of Contract Vehicle Holdings (CVL).

The regional tax team saw continued demand across its client base, from FTSE companies to smaller entrepreneurial businesses, and advised on more than 50 transactions across corporate M&A, private company disposals and private equity investments.

The firm’s national global employer services practice, which has a strong presence in Yorkshire, led by partner Helen Kaye, won the ‘Best Tax Team in a Big 4 Firm’ award at the 2017 Tolley’s Taxation Awards.

Mirroring the firm’s national picture, consulting growth was driven by demand for technology-enabled business transformation, while risk advisory was led by increased interest in supplier risk, cyber and regulatory advice.

Deloitte’s practice across Yorkshire and the North East now employs more than 700 people.

The firm has also promoted two new partners and six new directors in the region.

Jenkins added:  “We have consistently invested in talent and these senior promotions underline our commitment to further developing our practice and enhancing the services we offer to clients in Yorkshire and the North East.  We have also recruited 50 graduates, two undergraduates on an industrial placement and 10 school leavers, who joined Deloitte as part of the firm’s BrightStart apprenticeship scheme.

“The success of Deloitte is not only measured in the positive impact we make for our clients and our people, but also in the difference we make to the wider community.  Through our responsible business strategy, One Million Futures, we are supporting IntoUniversity, a charity which offers an innovative programme to help people from disadvantaged backgrounds attain either a university place or a route into a sustainable career.”

Reflecting on the first quarter of the new financial year, Jenkins said: “Notwithstanding the challenges and uncertainty resulting from Brexit and the recent US and UK elections, I am encouraged by the continued momentum we have seen in the market over the past three months. This is reflected in sustained M&A activity levels over the summer including, most recently, the £152m sale of Heron Foods to FTSE-250 retailer B&M Bargains, which was initiated and led by our teams in Leeds.”