Deloitte records strong performance


02-08-2005

Deloitte today reported a strong performance for the financial year ended 31 May 2005.

Revenues at 1,355 million increased by 8.8% over the prior year and profit before tax grew by 11.6% to 419million.



John Connolly, Deloitte's Chief Executive and Senior Partner, commented: 'Our partners are pleased with the firm's performance. Our business model continues to be very straightforward - we provide a broader and deeper range of skills to our clients and we focus passionately on quality.



'We continued to place a massive emphasis on creating the environment which enables the talented people in our firm to develop professionally and to enjoy their careers.



'The environment has been complex and the market has been very competitive. Each of our four core business divisions Audit, Tax, Consulting and Corporate Finance performed well.



'We attracted a whole range of new clients from very large, multi skill advisory engagements for major corporates, significant assignments for UK Government and Public Sector, FTSE 100 and 250 audit appointments and exciting high growth middle market and smaller businesses.



'Our performance in M&A has been strong reflecting our exceptional position in tax and in transactional due diligence. Deloitte was named Europe's Private Equity Accounting firm of the year for the second year running which in part reflected the dominance of Deloitte member firms in European major Private Equity transaction.



'On 1st August we completed the transaction which brought the Burlington commercial due diligence partners and staff into our firm which will further expand our offering in this area.



'The high growth in Audit was in part driven by the flow of regulatory and risk engagements much of this associated with US Sarbox implementations.



'Our consulting strength and the differentiation this brings to our industry expertise helped to deliver good growth across most sectors but especially so in Public Sector, Financial Services, Energy and TMT. In Travel, Tourism and Leisure we advised on over 75% of the major transactions which will shape the future of the UK Tourism, hospitality and leisure industry.



Focus on People



'This year we welcomed 50 new partners, including 20 recruited from competitors, 1100 experienced hires and 850 new graduates making Deloitte one of the largest graduate recruiters in the UK. In a competitive environment we believe it is our ability to recruit high calibre and motivated professionals that will differentiate us.



'As a people business we understand the need to provide an environment where our people can excel professionally to their highest abilities and also create value for the wider community.



'Deloitte's well-established corporate responsibility programmes support the community and environment. The benefits of our people participating in firm-wide and individual community programmes are significant.



'We were pleased to be recognised in Business in the Community's corporate responsibility index and over the course of the year our partners and staff supported many charities including the Tsunami Disaster Appeal with partners donating 1million and with staff also contributing 146,000.



'The London Bombing Relief Fund also received 100,000 from the firm. Also, we were particularly proud of the important roles played by Deloitte partners within the winning bid team for the 2012 London Olympics.



Andy Swarbrick, Cambridge office senior partner comments: 'In the same way as Deloitte nationally goes from strength to strength, our local team has had an exceptional year with an 8% growth in revenues.



'We have been involved in a number of significant client transactions and have won new business in all of our service lines across a range of industries. In Cambridge we are proud the way we have developed - we have all the resources and capabilities of a Big 4 firm but have a willingness to invest in early stage companies and provide an appropriate range of services to them.



'As a professional services firm, the talent, commitment and creativity of our partners and staff are key to our success. Our people have continued to work tirelessly during the year and we are looking forward to the year ahead with great confidence.'



Looking Forward



Markets continue to remain challenging and complex, the economic climate is unsettled but we are confident that Deloitte will continue to make good progress.







This announcement is ahead of Deloitte's annual report and financial statements which will be published in September 2005.

 

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.

Deloitte LLP