'Undistracted' Deloittes grows by 20%.
Deloitte & Touche has attributed fee income growth of nearly 20%, announced this week, to a lack of plans for spinning off any of its businesses allowing it to ‘focus on clients’.
The UK’s third largest firm reported revenue growth of #822m for the year May 2001, compared to #689m last year.
John Connolly, senior partner and chief executive, said: ‘Revenue growth of 19.3% is a particularly strong performance in a highly competitive and complex market.’
A spokeswoman added that one of the reasons for the company’s continued growth was that, unlike rivals, it was not worrying about selling any of its practices.
She said: ‘We are not being distracted because we are not floating any arm and we are not interested in selling anything.’
Consulting has brought in the most revenue this year, accounting for 20% of the firm’s income.
Connolly said: ‘Our approach to consultancy is particularly effective. Deloitte Consulting’s focus on major corporates produced excellent results.’
Despite the company having a relatively small insolvency team, Deloitte’s is ready for an economic downturn according to the spokeswoman. She said the team had expanded in the last six months.
More on Deloitte’s results at: www.accountancyage.com/News/1123245, leader page 10.