PracticeConsultingConsultant fees top £10bn

Consultant fees top £10bn

Consultancy spending rose by 9.4% last year, helping UK consultants earnings to top the £10bn mark for the first time, according to new figures from the Management Consultancies Association.

The rate of growth – twice that recorded in 2002 – was driven in the last quarter of 2003 by outsourcing consultancy services, which grew by 4.8%. The growth reflected the ongoing trend towards OCS and IT related consulting, which has increased by 28% in the last twelve months and doubled in the last five years.

Bruce Petter, executive director of the MCA, said: ‘Whilst we did not expect a return to double-digit growth in 2003, if ever, the increase in IT and outsourcing consultancy over the last 12 months has supported a return to significant growth after a tough year in 2002.

‘This is extremely encouraging for the consulting sector. MCA member firms are also expecting the sales cycle for IT work to shorten in the next quarter, which suggests this trend will continue through 2004.’

MCA members are particularly optimistic about business generation from the primary industries (including utilities, mining and metals), financial services and the public sector, the association said.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer