PracticeAccounting FirmsDeloitte revenues surge thanks to IFRS

Deloitte revenues surge thanks to IFRS

Deloitte has cashed in on International Financial Reporting Standards with a leap in audit revenues, according to its interim results.

Link: Deloitte outlines global expansion plans

John Connolly described as ‘satisfactory’ an overall 8.8% growth in turnover, up £53m to £650m year on year for the six months ended 30 November 2004.

Audit made the greatest contribution, rising by 14.9%. However, the firm included risk and regulatory consulting revenues in the figure.

Connolly said: ‘The high growth reflects the trend of Deloitte continuing to attract a flow of new audit clients, and also our specialist teams advising on International Financial Reporting Standards and other significant risk consulting engagements for audit and non-audit clients.’

Tax revenues were up 4.5%, corporate finance 12.4% and consulting 4.8%.

Connolly drove home Deloitte’s sense of vindication at maintaining its consulting division in contrast to all the other Big Four firms.

‘Our consulting business is in great shape and our firm benefits significantly from the decision to retain consulting. The market has improved and our practice has capitalised on a good flow of engagements,’ he said.

Net profit before partner benefits and income was up 17.3% from £171m to £201.4m.

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