Deloitte reports fastest revenue growth in 10 years

DELOITTE has reported its fastest annual revenue growth in a decade with a rise of 13.6%, reaching a turnover of £3.04bn.

The Big Four firm increased group revenue by £313m in the year ended 31 May 2016, topping £3bn for the first time.

Profit distributable to partners for 2016 was £608m, compared to £593m in 2015. The average profit earned by each equity partner in the year, based on the firm’s distributable profit, was £837,000, compared with £822,000 in 2015.

David Sproul, senior partner and chief executive of Deloitte, said: “This year we have seen double-digit growth across all business areas. We have had significant success in the audit market, with four wins in the FTSE 100, taking our market share to 23%. It has also been a strong year for our advisory businesses, given high levels of demand for our M&A, risk management and regulatory, international tax and compliance services.

“We’ve also had high demand for our business transformation capabilities using technologies such as digital, cloud and analytics.  In our international markets the firm’s Swiss Practice has grown significantly, at 26%.”

Deloitte continues to be one of the largest recruiters in the UK, with 1,100 graduates, 200 school leavers and close to 3,000 external hires joining this year.  In 2016, Deloitte announced major changes to the firms’ student recruitment process, introducing academic institution blind recruitment and academic contextualisation.

It was also one of the first firms to report its gender pay gap, which stands at 16.8% this year, compared to 17.8% in 2015, and the national average of 19.2%. The firm’s aspiration is that 25% of partners will be women by 2020 and this year 24 women were promoted to Partner (30% of the total partner promotions), bringing the percentage of female partners to 17.6% overall.

Sproul said: “Gender diversity is a priority for our firm and I’m pleased that we’ve made good progress on ways to attract, retain and develop female staff. Our use of concrete data to inform our gender-equality strategy was recognised by the United Nations this year and we were the first business advisory firm to launch a Return to Work programme, aimed at helping women who’ve been out of the workforce for an extended period to return to a career.”

The firm has invested across Scotland, specifically for the launch of a new Glasgow office in addition to a new digital studio in Edinburgh as part of a global network of 26 Deloitte Digital studios. In Scotland the firm increased its number of partners and directors to 35 and 45, while 53 graduates and 10 BrightStarts were recruited to its Edinburgh, Glasgow and Aberdeen operations.

Related reading