Deloitte revenues hit record £3.1bn
Big Four firm Deloitte experiences fastest revenue growth in 10 years.
The business advisory firm reported double-digit growth across all five of its business areas, with audit wins contributing the most to the upwards spike.
A run of four wins in the FTSE 100 means the firm now has a 23% market share.
Group revenue rose by 11.2% to £3.1bn in the financial year ending 31 May 2016, with the UK arm of the firm experiencing a 13.6% rise to £30.4bn.
This was good news for the firm’s partners, with the average profit earned by each equity partner coming in at £837,000.
David Sproul, Senior Partner and Chief Executive of Deloitte, praised the firm's “significant success” in the audit market and said it had “also been a strong year for our advisory businesses, given high levels of demand for our M&A, risk management and regulatory, international tax and compliance services".
Speaking on the subject of Brexit, David admits that early indicators show that the UK economy is expected to experience a slowdown during the second half of the year.
However, he went on to say that “UK businesses are both adaptable and resourceful and the UK remains in the top tier of the world’s most competitive economies, benefiting from strong institutions and a highly-skilled workforce.
Echoing the findings of this week’s Finance Directors’ Survey by The CA Magazine in partnership with law firm DLA Piper, Deloitte’s CFO survey shows that the continued ability of UK organisations to hire EU nationals must be a priority during Brexit negotiations.
David said: “The government must recognise that further restricting skilled migrants could be detrimental to the UK’s ability to attract global investment and the diverse pool of international talent that has supported our country’s growth. Rights of EU migrants should be protected and any future migration policies should respond to our economic needs rather than be overly focused on total numbers. This is whilst recognising the need for politicians and business leaders to make the economic case for immigration more clearly.
“Business must now work with government to set a vision for a post-EU environment that is open, pro-growth and, crucially, delivers prosperity and opportunity for all.”