Deloitte, the professional services firm, has reported revenue of £2.71bn for the year ended 31 May 2015, a 6.4% increase on the previous year’s revenue of £2.55bn. The firm’s net revenue, after expenses and disbursements, grew by 6.1% to £2.26bn from £2.13bn in 2014.*
Deloitte UK reports strong financial results
David Sproul, senior partner and chief executive of Deloitte, commented: “The past 12 months have been marked by improved economic conditions and stronger business confidence. 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.
“The uncertainty which stalked the early years of economic recovery has diminished but not disappeared. Concerns remain over fragility in the Eurozone and turbulence in the Chinese economy, whilst the UK’s position in the EU must be resolved quickly to avoid it becoming a drag on business investment. However, our new financial year has started brightly and we are optimistic that overall, the outlook remains positive for the UK in an evolving global economy.”
Consulting revenue grew by 10.5% to £687m (£622m in 2014), whilst Financial Advisory saw revenue increase by 9% to £462m (£424m). Revenue in the Tax service line increased by 5% to £590m (£562m) and Audit rose by 0.3% to £708m (£706m). The firm’s Swiss practice increased revenue by 13% for the second year in a row to £267m (£236m; or 16% in local currency terms from CHF346m to CHF401m).
Paul Schofield, Cambridge office senior partner stated, “The growth Deloitte has seen nationally reflects our growth in the South East. The Cambridge office is growing and recruiting across all service lines – Audit, Tax, Private Client Services and Corporate Finance. This is turn reflects the aspiration and activity in the local marketplace.”
Supporting growth and providing trust
“Deloitte’s success is really measured by making an impact that matters on our clients’ success, our people’s careers and the society in which we operate. Through our client work, we encourage investment in the UK and help business improve its growth, productivity and efficiency, whilst underpinning trust and confidence in the capital markets. Our audit practice signed more than 16,000 audit reports and our analytics tool, Spotlight, examined in excess of one billion financial records. This year, we advised the first new UK high street bank in over 100 years on its retail branch strategy, helped develop a new digital quarter in the former Olympic Park in east London and worked with a Premiership rugby club to turn masses of player data into meaningful intelligence.”
“To support this work, we continue to be one of the largest recruiters in the UK. We employed more than 1,500 graduates, school leavers and interns, along with 3,000 experienced hires. We created 700 new jobs at our Centre of Excellence in Cardiff, in turn becoming one of the largest private sector employers in Wales. We have also cemented our commitment to helping young people develop the right skills to aid social mobility. In collaboration with Teach First, more than 1,000 Deloitte volunteers have supported 3,000 students from 14 schools across the UK. Through the Access to Accountancy scheme we have also provided work experience to 141 young people from disadvantaged backgrounds in Birmingham and London.”
The Deloitte Cambridge office comprises 8 Partners and over 250 staff who deliver a full range of professional services to the East Anglian region. As well as focussing on the life sciences and technology sectors for which the region has become so renowned, the office has long standing specialisms in other sectors including the professions, consumer business, food and agribusiness.