Fastest revenue growth in 10 years for Deloitte

REVENUES at Deloitte’s UK operations are up 13.6% to £3.04bn – the fastest revenue growth for the firm in a decade.

Overall group revenue was up 11.2% to £3.1bn. This is the sixth consecutive year of revenue growth and the fastest increase in 10 years.

Profit distributable to partners for 2016 was £608m, compared to £593m in 2015. The average profit earned by each equity partner in the year, based on the firm’s distributable profit, was £837,000, compared with £822,000 in FY15.

In the region Deloitte advised on transactions totalling more than £1bn, including the sale of Shepherd Group’s construction division to Wates, the refinancings of Hg Capital portfolio business JLA and of Rutland backed AFI Uplift.

The group was also involved in the sales of Endless backed FMG to Redde plc and of LivingBridge-backed IT Services provider Onyx to Pulsant, and the acquisition of Leeds-based Nexus Vehicle Rental by Bowmark.

Deloitte’s Leeds office employs over 500 people and recently announced five director promotions and the promotion of Chris Wildsmith’s to partner in the Transaction Services team.

Martin Jenkins, practice senior partner for Yorkshire and the North East at Deloitte, said: “I’m pleased to report another year of strong growth for the firm and our clients in Yorkshire in line with the national picture. We have continued to invest across the practice to deepen and broaden our capabilities to serve our clients and make a positive impact on their businesses.

“All areas of our business contributed positive growth with particularly strong double-digit growth in Consulting, Tax, Risk Advisory and in our M&A businesses. From an industry perspective growth was strongest in consumer and industrial products, TMT and in healthcare & life sciences. Our consulting capabilities continue to be a differentiator in the market with drivers of growth being digital and business transformation projects.”

David Sproul, senior partner and chief executive of Deloitte, commented: “This year we have seen double-digit growth across all business areas. We have had significant success in the audit market, with four wins in the FTSE 100, taking our market share to 23%.

“The early economic indicators suggest the uncertainty created by the Brexit vote will lead to a slowdown in the second half of this year. However, UK businesses are both adaptable and resourceful and the UK remains in the top tier of the world’s most competitive economies, benefitting from strong institutions and a highly-skilled workforce.

“Business must now work with government to set a vision for a post-EU environment that is open, pro-growth and, crucially, delivers prosperity and opportunity for all.”

 

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