Deloitte revenues for the year ended 31 May 2003 increased by 33% to 1228m.
Deloitte reports revenue growth
The results reflect the Andersen transaction from August 2002 when over 3000 partners and staff joined the firm.
Deloitte also announced that John Connolly had been re-elected the UK firm's Senior Partner and Chief Executive. Also effective 1 June 2003, Connolly has been appointed Global Managing Director of Deloitte Touche Tohmatsu and Chairman of the Global Management Committee.
Reporting on financial year 2003, John Connolly said, '2003 has been a year of huge activity for the firm. The major development in the year was the integration of over 3000 people from Andersen and our goal was to achieve this with as little disruption as possible. Within just 12 weeks the enlarged firm was operating in its new integrated shape with leadership roles clearly established.
'The successful integration enabled us to continue with the exceptional level of client focus which characterises our firm. Market conditions were very tough throughout most of the year and we have performed well with a continuous flow of new engagements across all business areas.
'In April, we concluded that we would retain the Deloitte Consulting business which has now been combined with our other consulting operations. This provides Deloitte with an unparalleled range and depth of skills which will benefit the delivery of all of our services to clients.
'With effect from 1 August 2003, the firm will operate as a limited liability partnership in the UK.'
John Connolly commented further on the firm's business profile and service line growth, 'The firm has now achieved an exceptionally well balanced business profile by service line and across client segments. We provide services to a high proportion of the UK's largest companies, to government departments and other areas of the public sector and we continue to serve exciting middle market companies, especially high growth businesses.
'Growth in the audit business was satisfactory, with the acquisition of many new clients including prior Andersen clients, but also many new clients won in competition throughout the year. Our tax business has performed exceptionally. During the year, both the International Tax Review and Euromoney identified our firm as the Number 1 UK tax firm.
'The Consulting business has enjoyed reasonable success, but no growth, in very tough markets in which corporate investment has slowed considerably. The high growth in Corporate Finance reflects our strength in that area, especially in private equity where throughout Europe we enjoyed considerable success, particularly on the larger transactions. Our Reorganisation Services division and post merger integration team in Corporate Finance had exceptional years.
'Finally, on the people side, we added almost 750 new graduates to our firm as we continue to build for the future.'
'Deloitte continued to support a wide range of community initiatives based around the themes of enterprise, education and employability. Our eskills4industry initiative, an IT training programme for students from disadvantaged communities, won the London regional Award and gained a 'Big Tick' accreditation from Business in the Community in this year's awards for excellence.
'Eskills4industry pilot has been so successful that we are now working towards rolling out the programme in 10 new locations including Cambridge and Norwich. This initiative is just one of a number that we support other initiatives include business mentoring and secondary school mentoring.'
'We have commenced the new business year with perhaps some early signs of increased market opportunity, but overall we are still cautious. It will be well into Autumn before it would be wise to make a determination as to how strong the recovery might be. The Deloitte firm is, however, strongly positioned to succeed in any market.'
Commenting on the success of the firm, Andy Swarbrick, Senior Partner for Deloitte & Touche in Cambridge, added: 'I am very pleased with the success of the firm both nationally and locally and find it hard to believe that almost a year has passed since our transaction with Andersen UK. In Cambridge we have had a healthy flow of new business wins and with solid foundations in place we are eager to build our presence, all the time maintaining an unstinting commitment and focus on our clients, on quality and on our people.'
Deloitte & Touche
Deloitte & Touche is the UK's fastest growing major professional services firm based in 23 UK locations, with around 10,000 staff nationwide and fee income of 1228 million in 2002/2003. It is a member firm of Deloitte Touche Tohmatsu, a leading professional services organisation, delivering world class assurance and advisory, tax and consulting services, with around 120,000 people in over 140 countries. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.
Deloitte & Touche is authorised and regulated by the Financial Services Authority. The information contained in this article is correct at the time of going to press. For further information on Deloitte & Touche, you can access our website on www.deloitte.co.uk
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.