Fee income rockets at Deloittes
Deloitte & Touche has outstripped competitors with the highest growth rate of 21.8% pushing up fee income to £796m for the year ending May 2000.
The news means Deloittes’ income surpasses that of Ernst & Young, ousting its Big Five rival from third place in the Accountancy Age Top 50.
Deloittes senior partner John Connolly, said: ‘Deloitte UK has had an extremely strong year in all business divisions. Revenue growth of 21.8% follows 28.9% and 21.1% in the two prior years. The growth reflects the continued acquisition of high-quality clients both in the top 350 corporate sector and the vitally important middle market. All advisory and consulting businesses had outstanding years.’
Deloittes’ audit practice saw a growth rate of 21%, despite a trend in Big Five firms to reduce their audit work.
‘We have had a very successful period, with many clients retaining Deloittes as auditors, tax advisors and consultants,’ said Connolly.
Deloittes’ audit arm scored its biggest coup against competitors gaining the contract for the Royal Bank of Scotland. RBS recently acquired the NatWest Group, making it the UK’s largest corporation. RBS was previously audited by PricewaterhouseCoopers and NatWest by KPMG.
- Deloitte & Touche is to float its outsourcing company CSL, which deals with projects such as council tax collection and payroll services, the company has announced. The float will help to fund growth and acquisitions at the Big Five firm. Last year, CSL achieved a turnover of £107m ? a rise of more than 25%.