PracticeAccounting FirmsDeloitte praises London’s ‘excellence’

Deloitte praises London's 'excellence'

John Connolly hails London as Deloitte posts double-digit growth

Deloitte made over £1.8bn in revenues last year, as chief executive John
Connolly hailed London as a ‘centre of excellence for professional services’.

The Big Four firm booked a revenue increase of 15.6% on the previous year,
with profits of £572m, 17% up on 2005-06.

Connolly himself earned £4.6m for his work in leading the firm, ensuring he
remains the highest-paid accountant in the top firms.

The firm said the growing dominance of the City of London underpinned the
results.

‘Our performance reflects strong markets creating growing opportunities to
serve our clients, our strength in gaining new clients, the importance of London
as both the primary global financial and professional services centre, and
particularly, in the level of mergers and acquisition activity,’ Connolly said.

Citing the huge sums made by both accounting and law firms, he told
Accountancy Age: ‘London has become a centre of excellence for professional
services.’

The growth means that Deloitte is likely to meet its ambitious £2bn in two
years target set 18 months ago. The firm needs growth of 11% this year to reach
its goal.

‘We are hoping to do better than that,’ said Connolly.

The growth was driven mainly by increases in tax revenues, up by 19.2%. The
firm now makes more than £500m from tax advice alone, at £508m.

‘The recent actions by the UK government to address UK business tax
competitiveness are driving significant activity amongst our international
clients focusing on the tax efficacy of their global operations,’ Connolly said.

He also claimed that the firm was ‘growing market share,’ and that he did not
expect rivals to match Deloitte’s numbers.

Deloitte partners now earn an average of £877,000, the firm said, compared
with £765,000 last year, an increase of 14%.

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