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August 29, 2018

Audit and risk advisory growth drives Deloitte revenues in the UK up 5.1%

Deloitte increased its revenue by 5.9% in the UK and Switzerland for the year ended 31 May 2018.

This worked out as growing 5.1% to £3,091m ($3,984m) in the UK and up 11.4% to £489m in Switzerland.

Across the service lines, audit and risk advisory revenues grew by 10.2% to £1,027m, consulting increased by 1.7% to £873m, and tax saw its revenue rise by 5.8% to £732m. Financial advisory remained at £459m.

For the year, Deloitte said its distributable profit was £584m which, when spread across the firm’s 702 partners, gave an average profit per partner of £832,000.

David Sproul, senior partner and chief executive of Deloitte North West Europe, said: “This is a good result in a market facing slower economic growth and continued uncertainty. Tax revenues have been boosted by demand for M&A, private client and employment-related services work, as well as demand for digital solutions to global compliance obligations, where we are continuing to invest. Following the launch of our UK legal services, we are also growing our offering in immigration, employment services, corporate dispute and resolutions, alongside a focus on ‘new law’ services.”

Sproul recognised there had been significant scrutiny over the audit profession over the past year, including concerns over quality, conflicts of interest and lack of choice. Deloitte audits 27% of the FTSE 100 in the UK, and Sproul said the firm was investing in training and technology to help its 4,300 auditors.

On risk advisory, Sproul noted: “Our risk advisory business saw an increase in demand for cyber and regulatory advice, while consulting was focused on reinforcing its leading position in delivering digital transformation programmes for clients. The business integrated new additions including creative agency Acne and proposition design consultancy Market Gravity into Deloitte Digital, whilst continuing to build its alliances in the market with Apple and McLaren Applied Technologies.”

Recruitment

Deloitte said it recruited 5,000 people in the last financial year, including over 1,700 graduates and school leavers.

Over 3,000 of those who joined the firm were based in London.

Despite recruiting 5,000 new staff, its total headcount only grew 4.2%, or 735, to 18,336. This means it also lost over 4,000 staff over the same period.

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