Deloittes shows strong consulting growth
Deloitte & Touche announced a 19.3% increase in revenue in its financial year ending 31 May, with particularly strong growth in its consulting services sector.
The Big Five firm saw its revenues grow to £822m from £689m last year. Deloittes said most of its growth in consulting services as a result of several international assignments.
Deloitte consulting experienced a 30% increase in the last year and its ‘other’ advisory services were up 33%. Unlike its competitors, the firm has maintained it does not intend to spin off its consulting wing.
Its assurance and tax divisions grew 16%, with a continued flow of new clients and expansion in its enterprise risk advisory services.
Chief executive and senior partner John Connolly said this growth is ‘a particularly strong performance in a highly competitive market, which showed a weakening in the last quarter influenced by transaction volumes’.
But growth slowed in its financial advisory services. Although the sector grew 10.7%, Connolly said there was a decline in its mergers and acquisitions advisory service in the latter part of the year.
Deloittes also said it had appointed 53 new partners, 27 from competitors outside the firm and 26 through internal promotion.
But despite this increase, the Big Five firm remains number three in the Accountancy Age Top 50 table, behind KPMG that had a fee income of £1.16m and PricewaterhouseCoopers, which brought in £2.12m.
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