Big Five – Deloittes fees surge in UK

Deloitte & Touche earned close to #650m in the year to 15 April, thanks to a surge in post-Christmas business, UK senior partner John Connolly said this week, writes John Stokdyk.

The income was up from the #563.3m Deloittes reported for the financial year to 15 September 1998, with Deloitte Consulting’s revenues growing by 24%. Audit and assurance revenue grew by 16%.

Although Deloittes ranks fifth of the Big Five in the UK, it will be treading close on the heels of Ernst & Young and Arthur Andersen if it succeeds in sustaining this growth rate.

Connolly announced the ‘interim’ figures after he was formally confirmed as UK senior partner. In addition, he assumed global responsibility for assurance, audit and advisory services, which account for $5bn (#3bn) of annual revenue – some 60% of Deloitte Touche Tohmatsu’s total income.

As well as confirming Connolly’s position, the firm’s international partners chose James Copeland as their new chief executive officer.

By revealing the outline figures at the half-year stage, Deloittes appears to be opening a new PR war among the Big Five. A spokesman for KPMG said the firm released proper interim figures, but that these would not be due until June.

PricewaterhouseCoopers, however, said it did not publish breakdowns.

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