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Deloitte UK reports over 6% growth thanks to consulting services

In financial year 2015, Deloitte UK has reported higher growth (6.4%) than in the previous year (1.4%), however most of the revenues come from consulting and advisory services, highlighting once more challenges in the audit market.

Deloitte UK has growth in revenue of 6.4% in the year to 31 May 2015, up to of £2.71bn ($4.28bn). Deloitte UK chief executive David Sproul attributed the growth to an improved economic environment and stronger business confidence.

These figures include the firm's Swiss practice which increased its revenue by 13% to CHF 401m (£267m). Consulting was the firm's fastest growing service line, with £687m in revenue up 10.5% from the previous year. Financial Advisory grew by 9% up to £462m, tax services increased by 5% to £590m.

Audit was the lowest growing service line for Deloitte UK (0.3%) up to £708m.

"Whilst we saw some hesitation in the run-up to the General Election, 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," Sproul said.

Nevertheless he said concerns remain over the fragility in the Eurozone and suggested that the UK's position in the EU must be resolved quickly to avoid it becoming a drag on business investment.

Gender pay gap
Alongside its financial results Deloitte UK announced it will publish its gender pay gap data next week.

In advance of the release, Spraul said: "Deloitte's gender pay gap stands at 17.8%, around 1.3% below the national figure. However, when looking across the organisation as a whole the pay gap between male and female employees at each grade is significantly lower, at 1.5%."

He commented that the firm was determined to improve the retention of women with the ambition that 25% of the partners will be women by 2020. "We have also taken a number of steps to support these objectives, most recently introducing a return-to-work initiative designed to support women back into employment," he said. "We believe that without a representative share of senior female employees average pay will never truly equalise. This is something we are working very hard to resolve."

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