PracticeAccounting FirmsAndersen integration boosts profits at Deloitte

Andersen integration boosts profits at Deloitte

Deloitte & Touche has revealed profits per partner of £570,000 in the Big Four firm's first interim results since it adopted limited liability partnership status.

Link: Deloitte in bid for scholars

The figure was available for the first time yesterday, as Deloitte announced pre-tax profits of £172m for six months to 30 November. The unaudited figure compared with £90m the previous year, a dramatic difference mainly due to £70m of costs associated with the integration of Andersen partners and staff in 2002.

Turnover was up to £597m from £547m for the equivalent period last year, demonstrating some of the benefits of the de facto takeover of Andersen’s UK business.

Revenues increased for audit (up 4% to £159m), tax (up 27% to £184m) and corporate finance (up 21% to £110m). That more than compensated for an 8% fall from consulting takings, down to £145m. Deloitte now stand alone among the big four firms in having a consulting operation.

John Connolly, senior partner and chief executive, said: ‘The unique Deloitte business model embracing audit, tax, consulting and corporate finance has enabled our firm to be successful across a broad range of services and industries.’

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