Deloitte revenues up from previous year

Business advisory firm Deloitte has reported revenues of £2.5bn for the year ended 31 May 2013, an 8% increase on the previous year

Deloitte offices on Newcastle Quayside
Deloitte offices on Newcastle Quayside

Business advisory firm Deloitte saw revenues rise 8% to £2.51bn in a year which saw growth across all of its divisions.

The company, which has a strong presence in Newcastle, also saw pre-tax profits increase to £610m for the year ended May 31, up from £560m during the previous 12 months.

Profit distributable to the partners was also up by £2m for 2013 at £571m, which means that the average profit earned by each partner in the year, after providing for pensions and annuities payable to retired partners, was £772,000, compared with £789,000 last year.

The firm achieved strong performance across its five business divisions, with consulting growing by 14% to £596m, audit by 12% to £742m, tax by 6% to £563m and corporate finance by 1% to £405m.

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 said it had directly invested over £1m this year in helping small and medium-sized companies to grow, including giving tailored support to around 30 high potential socially innovative businesses across the UK.

Sproul said: “An independent evaluation of this programme by Social Enterprise UK found that our support helped those enterprises enjoy an average growth rate of 45% in the past year.

“We have now announced our second wave of Social Innovation Pioneers to continue the success of this scheme.”

Deloitte 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: “Through this programme we will be providing pro bono support to a selected group of more than 20 small and medium-sized businesses to develop their strategies for growth. This is particularly focused on helping generate international opportunities and allows smaller companies to tap into Deloitte’s on-the-ground expertise throughout its international network of member firms.

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