• Register
Return to: Home > News > Tax > Deloitte UK reports marginal revenue drop

Deloitte UK reports marginal revenue drop

Deloitte UK has reported a slight revenue drop despite a raft of high profile consulting acquisitions in the past year.

Deloitte’s revenue fell 1 percent to £1,953 million ($3,033 million) in the year to 31 May 2010.

All service lines except corporate finance suffered. Audit revenue had a 3 percent fall, Tax revenue was down 2 percent and consulting revenue dropped 4 percent on previous fiscal year results. The corporate finance business grew by almost 11 percent, a surprising result considering generally poor market conditions for M&A.

Deloitte’s profit for the financial year, which is distributed to the firm’s partners, was £590 million compared with £601 million in 2009.

The average profit earned by each partner was £873,000 compared with £883,000 last year.

The firm said it performed well given a challenging economic environment, and economic indicators back this up. The UK GDP contracted nearly 5 percent in 2009 and it is predicted to grow by 1 percent in 2010, adding shine to Deloitte’s performance.

“Whilst the economic environment will remain fragile, we anticipate a return to revenue growth for our audit, tax and consulting businesses in 2011,” Deloitte UK senior partner and CEO John Connolly predicted.

Deloitte increased its headcount to above 12,000 people and the firm added 118 new partners and associate partners.

There were several mergers for Deloitte in the past year which added more that 750 staff. Deloitte acquired real estate advisory firm Drivers Jonas, consulting firms ReportSource and Exsigno, sustainability consultancy dCarbon8, and risk and security firms IM Global and Simulstra.

Deloitte is the first Big Four firm to publish its figures in the UK, with rivals results expected in the next few months.

Top Content

    MSI joins AGN and DFK in Global Connect

    A year after AGN International and DFK International launched Global Connect, multi-disciplinary association MSI has joined the group.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    The UK: uncertain waves rule Britannia

    The UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.