Deloitte records double-digit revenue growth

Deloitte, the business advisory firm, has increased revenue by £340m in the year ended 31 May 2017, from £3,040m to £3,380m. This is the seventh consecutive year of revenue growth and the second consecutive year of double-digit growth.

David Sproul, Senior Partner and Chief Executive of Deloitte, commented: “This is a good performance in a complex and uncertain market which has been impacted by Brexit and the elections in the US and UK. Our Consulting and Audit and Risk Advisory businesses both grew by double-digits. Consulting has continued to see significant demand for technology-enabled business transformation and there has been further strong growth in Deloitte Digital, our creative digital consultancy. The firm won a series of major audits this year, including BAE Systems, BP, Centrica and GlaxoSmithKline which has taken our share of the FTSE 100 audit market to 26% and we saw further success in the FTSE 250, private and international markets. Our Risk Advisory business has seen increasing demand for supplier risk, cyber and regulatory advice.

“Growth in tax was driven by the global tax reset, Brexit and the possibility of US tax reform, alongside continued demand for technology-enabled compliance services. Financial Advisory advised on 87 M&A deals last year with a total value of more than £7bn and we advised on 38% of main market IPOs. We also saw strong growth in forensic driven by a number of large investigations and regulatory remediation work across Europe. From an industry perspective, growth was notable in Consumer and Industrial Products and Life Sciences and Healthcare.”

Deloitte’s practice across the North East and Yorkshire now employs over 700 people.

Stephen Hall, office senior partner in Newcastle, said: “The success of Deloitte is not only measured in the positive impact we make for our clients and our people, but also in the difference we make to the wider community.

“Through our responsible business strategy, One Million Futures, we are supporting Action for Children, which gives children and young people the practical and emotional support they need to help them thrive and build the skills they need for adulthood.”