Accountancy giant reports double-digit Midlands growth

Deloitte has reported an increase in revenue by 10.9% for the year to the end of May, up from £3.58bn in 2018 to £3.97bn.

Across business lines, Audit and Risk Advisory revenue grew by 8.1% to £1.1bn (of which Audit & Assurance was £582m), Consulting increased 9% to £952m, Financial Advisory by 10.5% to £507m and Tax & Legal saw its revenue rise by 17.8% to £862m.

Profit was £617m, up from £584m in the prior year. However, the firm said that without a one-off gain on the sale of an investment, lower provisioning charges and currency gains; profit would have been flat.

Deloitte said it achieved double-digit growth in the Midlands over the period.

The firm made four new partner promotions and hired 13 new directors. Headcount has grown to almost 900 across Birmingham and Nottingham, and the firm has recruited over 170 people over the period.

Jane Whitlock, practice senior partner for Deloitte in the Midlands, says: “Attracting and retaining talent is essential to the success of the Midland practice and I am delighted that we continue to invest in our people, and attract people from across the UK and further afield in a competitive market.

“Birmingham is a great place to work and live. The Midlands performance is testament to the talent within our region. Over the past twelve months, we have won significant new clients, and our corporate finance and transaction services teams have advised on over forty deals.

“The Midlands tax and audit teams are amongst the largest within Deloitte outside of London and we continue to recruit. Going forwards there will be further additions to our risk advisory team as we help clients adapt to the digital landscape that we all operate within.”

The Midlands saw a strong performance across all service lines, and as part of Deloitte’s One Million Futures strategy, completed a three year society partnership with Action for Children, raising over £195,000 plus pro-bono and volunteer support to make an impact on hundreds of lives.

“In the short time I have been practice senior partner I have been overwhelmed by the commitment of our people and their generosity to help local communities,” says Jane.

“I’m incredibly proud of what we have achieved and whilst there are inevitable economic and political challenges, there are exciting times ahead for the region with the 2022 Commonwealth Games getting ever closer and Coventry set to become the 2021 UK City of Culture.”