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June 30, 2008

Deloitte edges closer to PwC in UK

The UK’s second highest fee earning firm has reported revenues for its 2007-2008 fiscal year climbed to just above £2 billion ($4 billion) following growth of 11.5 percent. Deloitte UK’s strong growth followed a 16 percent increase in fee income last year and 15 percent in 2006.

The results push Deloitte closer to the UK market leader PricewaterhouseCoopers’ 2007 fee income of £2.1 billion.

Deloitte, whose financial year ends on 31 May, is the first UK Big Four firm to report its interim results – PwC and Ernst & Young’s fiscal years end on 30 June and KPMG’s on 30 September.

Deloitte Global chairman and UK firm leader John Connolly said the firm had reached its major “two in two” target. In 2006, Connolly set the goal to take revenues to £2 billion within two years.

The strong results were hinted at last November when Deloitte UK chairman David Cruickshank spoke to the International Accounting Bulletin.

“Audit has had a fabulous run of securing new FTSE 100 audit relationships over the last year or 18 months and there’s no other firm that would be able to boast that,” Cruickshank said.

“We are very, very pleased we kept our consulting practice because it’s absolutely the core of our practice now.”

PwC v Deloitte fee income

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