Major audit wins help big four firm record seventh consecutive year of growth
Deloitte equity partners will pocket an average of £865,000 this year after the accountancy giant announced a seventh consecutive year of growth.
Revenue at the firm was up 11% to £3.38bn for the year to May, with shareable profits standing at £608m – a sum that will be distributed between Deloitte’s 703 partners.
The revenue growth was boosted by winning major audits for BAE Systems, BP, Centrica and GlaxoSmithKline, which helped increase its coverage of the FTSE 100 to 26%.
“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,” said David Sproul, senior partner and chief executive of Deloitte.
“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 Midlands also saw year-on-year growth for the seventh consecutive year, echoing national performance, and continued to invest in both its people and premises. Headcount rose 5% during the year and the firm invested more than £12m in its refurbishment of its Birmingham office at Brindleyplace.
It highlighted strong performance in its tax, and audit and risk advisory divisions.
Pauline Biddle, Deloitte’s senior partner in the Midlands
“The last year saw further positive news for our region, from the appointment of the new West Midlands Metro Mayor to the shortlisting of our cities for both high profile international events, and major employers.”
In the UK, the firm promoted 57 new partners and recruited a further 30 – with five of the new partners being based in Birmingham. The proportion of female partners in the UK now stands at 19%, up from 14% in 2014, as it targets 25% by 2020.
