Deloitte revenue drops in `extremely tough' market
Gross revenues down 2%, tax down 7%, corporate finance down 9%
Big Four accounting firm Deloitte has reported a downbeat performance for
the last year with gross revenue down 2%, reflecting `extremely tough’
conditions.
John Connolly, Deloitte Senior Partner and Chief Executive, blamed `extremely
tough markets’ for the performance which saw net revenue plateau at £1.7
billion.
Audit and the consulting division did experience growth of 7% and 3%
respectively. However net revenues were down 7% in tax and 9% in corporate
finance.
There’s less to go around for partners who will receive a share of £601m,
down 6.1% on the 2008 numbers, with the average profit-per-partner falling 7.5%
to £883,000.
`Overall business performance was satisfactory in extremely tough markets,’
Connolly said.
`Looking forward, we anticipate only a fragile and slow recovery, and our
success will continue to be the product of our exceptionally talented people
being relentlessly committed to our clients, to market leading, innovative
service and to an obsession with quality.’