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August 25, 2010

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.

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“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.

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