M&A tax team reports busiest ever year with combined deals totalling £10bn
The Yorkshire and North East region of Big Four firm Deloitte says its M&A tax team has reported its busiest ever year, advising on over 50 deals with a combined value in excess of £10bn.
It comes as Deloitte in the UK and Switzerland released its annual results for the year ended 31 May 2019; which saw a 10.9% increase in revenue, from £3.58bn in 2018 to £3.97bn in 2019. The firm’s distributable profit was £617m, up from £584m in the prior year.
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.
Average profit per equity partner is based on distributable profit and was £882,000 in the year ended 31 May 2019.
Deloitte’s wider Yorkshire and North East practice reported a strong year, with double-digit revenue growth in the region. Led by practice senior partner Stuart Cottee, the business operates from offices in Leeds and Newcastle.
Cottee said: “It’s been a stellar year. Our Yorkshire and North East practice has performed extremely well overall, with exceptional results achieved by our Global Employer Services, Risk Advisory and Transaction Services businesses.
“This strong performance saw the team winning noteworthy mandates in what is still a buoyant M&A market and was further boosted by a substantial number of new client wins across all our service lines.
“We are proud to act for some of the most innovative, respected and thriving organisations across the region.
“The audit team in Yorkshire and the North East saw some prominent wins this year, and in line with the national picture, we see significant ongoing long-term investment in audit quality.”
Cottee said the Yorkshire and North East practice had started the new financial year encouragingly with a healthy pipeline of M&A activity.
He added: “We’ve made no secret of our bold growth plans for the region. We are investing in building new businesses in the region including our Real Estate offering which is already playing a key part in high profile local projects and our Market Gravity consulting business who have a really exciting and forward-thinking approach to innovation.
“While there is undoubtedly more economic and political uncertainty ahead, I am staying positive as we continue to invest in our people and make a positive impact on our clients and the local community.”
Partner promotions in the Yorkshire and North East practice increased this year to four, all of whom have been with Deloitte for the whole or majority of their careers. Senior promotions also included ten promotions to director.
The practice also recruited 47 new graduates and seven school leavers onto the Deloitte Brightstart apprenticeship with similar investment in grassroots talent planned for the September 2019 intake.
Richard Houston, UK and North South Europe senior partner and chief executive, said: “It’s a huge privilege to be leading Deloitte and these results are a testament to our talented people and the progress we have made. But I want us to go further – ensuring we are making a positive impact in all of the work we do – with clients, our people, and importantly across the many communities in which we work.
“Among my priorities in the months and years ahead will be an unequivocal focus on workplace culture and inclusion. I want Deloitte to be a strong representation of society, with a diversity of thought and experience, which will only improve how we serve our clients.”
