revenue growth of 11.5 percent to reach £2.01 billion ($3.68
billion) for the year ended 31 May 2008. The firm’s profit rose by
16 percent to £654 million.
Deloitte UK senior partner and chief executive John Connolly
pocketed £5.7 million (up 22 percent) while partners on average
took home £970,000 (up from £877,000). The results confirm Connolly
as one of the highest paid leaders in the UK profession.
Connolly said each of the firm’s core service lines generated
double-digit growth. Audit accounted for £619 million (up from £557
million) which represents 30.8 percent of the firm’s fee split.
“Our audit practice built further upon the winning position it
has attained in the last few years achieving net revenue growth of
11.1 percent with particularly strong performances from our
security, risk and regulatory teams, combined with a continuing
flow of new clients in our core audit division,” he said.
Tax also performed well despite the downturn in M&A
activity. Connolly said: “Net revenue growth was 10.6 percent
fuelled by our leading position in many service lines and the
opportunities offered by a tax environment that remains uncertain
with continuing legislative change leading to a demand for our
compliance, reporting and accounting services.
“Consulting net revenue grew by an exceptional 13.2 percent,
with a particularly strong performance in enterprise applications,
the business systems planning and implementation unit.
“From an industry perspective, the highest growth was achieved
in the financial services and the technology, media and
Deloitte’s corporate finance practice achieved 13.1 percent
growth despite a slowdown in the last quarter due to a cooling
M&A market. Deloitte said growth was buoyed by debt, forensic
and restructuring work and the firm’s ability to respond to
changing client needs.
Connolly added: “Our forensic and dispute services group has
seen tremendous growth over the past year, with revenues up 50
percent and our corporate finance advisory team had a successful
year assisting with multinational deals particularly those
involving infrastructure or sovereign wealth funds.”
Connolly noted one of the firm’s major highlights of the past
year was becoming a sponsor and official provider of professional
services to the London Organising Committee for the Olympic Games,
and the 2012 Paralympic Games. The firm will also sponsor the 2012