With growth of 28%, corporate finance is the fastest growing service and is helping propel the UK’s Top 50 firms towards the Pounds 7bn barrier.
SEC strictures and market conditions have taken their toll: the average growth rate for the bigger practices slipped from 18.3% last year to 15% this year.
But in spite of this, combined income for the Big Five climbed to Pounds 5.32bn.
The world?s largest professional services firm, PricewaterhouseCoopers, still refuses to release fee income figures for the UK, but our analysis shows its fees top Pounds 2bn – assuming the firm’s 15% global growth rate applies to the UK.
Deloitte & Touche is the fastest growing Big Five firm at 21% and has leapt Ernst & Young to take third place. E&Y sold its consultancy arm to Cap Gemini for Pounds 369m, but records like-for-like growth of 16%.
Average growth in the mid-tier has nearly halved, falling from 21.4% to 11.2%.
This is largely due to the entrance at number 15 of consolidator Tenon into the market. Tenon Group, the first plc in the Top 50, has an income of Pounds 58.5m following acquisition of the non-audit arm of five UK practices. The audit business of these firms accounts for a second new entrant, Blueprint Audit, at number 45.
Top 50: Opinion
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