Deloitte revenue up to £2.71bn

BIG four accountancy firm Deloitte has reported strong revenue growth and an increase in profit.

Revenue was up by 6.4% to £2.71bn for the year ended May 31 (2014: £2.55bn), while profit increased by 7% to £593m.

The firm – which has a large operation based in Manchester – reported growth across all five business areas.

Senior partner and chief executive David Sproul said: “The past 12 months have been marked by improved economic conditions and stronger business confidence.

“Whilst we saw some hesitation in the run-up to the General Election, the broad-based increase in appetite from UK plc to invest in growth, productivity and efficiency improvements, governance and risk management and their customer focus has contributed to a positive set of results for our firm.

“The uncertainty which stalked the early years of economic recovery has diminished but not disappeared.  Concerns remain over fragility in the Eurozone and turbulence in the Chinese economy, whilst the UK’s position in the EU must be resolved quickly to avoid it becoming a drag on business investment.

“However, our new financial year has started brightly and we are optimistic that overall, the outlook remains positive for the UK in an evolving global economy.”

Consulting revenue in the UK grew by 10.5% to £687m (£622m in 2014), whilst financial advisory saw revenue increase by 9% to £462m (£424m).

Revenue in the tax service line increased by 5% to £590m (£562m) and audit rose by 0.3% to £708m (£706m).

Profit distributable to partners for 2015 was £593m, compared to £554m in 2014.

The average profit earned by each partner in the year, after providing for pensions and annuities payable to retired partners, was £822,000 compared with £750,000 last year.