The UK’s second largest accounting firm Deloitte today (12 August) posted revenues of over £2.5 billion for the year ending 31 May 2013.
The figure represents 8% growth compared with the £2.3 billion earned in the previous year, despite average profit per partner falling by 2% over the same period.
Profit distributable to partners for 2013 rose marginally to £571m, compared to £569m in 2012. However the average profit earned by each partner in the year, after providing for pensions and annuities payable to retired partners, dropped to £772,000 from £789,000 in 2012.
Deloitte has been involved in several high profile administrations during 2013, including retail casualties such as Blockbusters, HMV, Modelzone and Republic.
David Sproul, chief executive and senior partner of Deloitte, believes the firm presented a “strong performance given the continuing challenging economic environment.”
Increased revenues were largely driven by improvements within Deloitte’s Consulting and Audit divisions, posting 14% (£596m in 2013) and 12% (£742m in 2013) increases respectively.
Sproul said: “I believe UK businesses have reached a turning point in terms of confidence and, with substantial cash holdings and improving credit conditions, they’ve got the firepower to invest for growth.
“The appetite for risk is increasing and clients are showing greater willingness to invest. This is evidenced by a higher demand for those services that are focused on helping clients grow.”
The firm has also established a UK Futures programme, which aims to address the challenges British businesses face as they seek a new era of growth.
Sproul said: “Through this programme we will be providing pro bono support to a selected group of more than 20 small and medium-sized businesses to develop their strategies for growth.”