DELOITTE has announced a 10% jump in average profit earned by each partner to £822,000 as the firm increased revenues on the back of improved economic conditions.
The professional services firm had “an excellent year” in Yorkshire, a trend which it said has continued into the current financial year. In August alone, Deloitte has advised on Tastecard’s acquisition by private equity house Bridgepoint Development Capital, FMG’s sale to Redde and Permira’s purchase of Lowell Group.
Nationally, Deloitte’s revenues for the year to May 31 grew 6.4% to £2.71bn with profit distributable to partners up 7.0% to £593m.
“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.” said David Sproul, chief executive of Deloitte.
Growth in Yorkshire was led by its consulting practice, with an increase in its income of more than 20%, whilst each of the other main service areas of audit, tax and financial advisory all achieved “strong single digit growth”.
Its strong performance was highlighted in July, when it was named corporate finance team of the year at TheBusinessDesk.com’s Rainmaker Awards.
“In line with the national picture we can report an excellent year for the firm and our clients in Yorkshire,” said Martin Jenkins, Deloitte’s senior partner for Yorkshire and the North East.
“We are proud to act for some of the most innovative, respected and successful organisations in the region and we’ve been able to add significant value to these businesses over the past 12 months.
“We have increased our share of an improving M&A market with our advisory, tax and due diligence practices experiencing the highest activity levels since the start of the financial crisis and advising on more than 60 completed transactions.
“This trend has continued into the new financial year with the advisory practice alone completing seven transactions in the first quarter.”
