Revenues rise at Deloitte
A STRONG performance across all business divisions has seen Deloitte increase revenues.
Revenues at the business advisory firm rose from £2.3bn to £2.5bn for the year ended May 31 2013, an 8% increase.
Consulting grew by 14% to £596m (£524m in 2012), audit by 12% to £742m (£663m), tax by 6% to £563m (£529m) and corporate finance by 1% to £405m (£402m).
Deloitte, which has a Yorkshire office based in Leeds, will be reviewing its regional performance later this week.
David Sproul, chief executive and senior partner of Deloitte, said: “This is a strong performance for our firm given the continuing challenging economic environment.
“We continue to make significant investments in the business, including a new pension scheme for our people which has attracted an additional 2,500 members. We have also invested in the breadth and depth of expertise we offer our clients, such as through the acquisition of strategic consulting firm, Monitor, and this is reflected in the growth we have achieved across our business.
“I believe UK businesses have reached a turning point in terms of confidence and, with substantial cash holdings and improving credit conditions, they’ve got the firepower to invest for growth. The appetite for risk is increasing and clients are showing greater willingness to invest. This is evidenced by a higher demand for those services that are focused on helping clients grow.”
Deloitte has directly invested over £1m this year in helping small and medium sized companies to grow. This includes tailored support to around 30 high potential socially innovative businesses across the UK.
It has also established its UK Futures programme, which aims to address the challenges British businesses face as they seek a new era of growth.
Sproul added: “Investing in skills and talent remains a key priority for Deloitte. Last year we recruited almost 1,700 graduates, school leavers and students and have a further 1,750 places available this year. We also promoted 48 new partners in June and hired 22 direct entry partners from competitors and industry over the past 12 months, taking the total number of partners in the firm to 1,011. This represents an important investment in the future success of our clients.”
The firm said it has recruited more than 3,000 people in last financial year and profit distributable to partners for 2013 was £571m, compared to £569m in 2012.
