Deloitte UK has posted revenues of £2.55bn for the year ending 31 May 2014, a 1.4% increase year-on-year.
The figure represents a fourth consecutive year of revenue growth for Deloitte in the UK, as net revenues after expenses and disbursements increased to £2.13bn, a 3% increase from 2013 (£2.06bn).
Profit distributable to partners for 2014 dropped to £554m, compared to £571m in 2013, as the average profit earned by each partner in the year, after providing for pensions and annuities payable to retired partners, dropped to £750,000 from £772,000 in 2013.
David Sproul, chief executive and senior partner of Deloitte, commented: “This is the fourth consecutive year in which revenue has increased, with the firm growing by more than 30% in this period, averaging growth of 6.9%. This year saw the slowest growth of those four years, reflecting the uncertainty that has existed.
“Looking ahead, we expect that better economic conditions will result in significant improvements across our markets. Growth has increased in the first quarter of the new financial year and we are seeing a renewed confidence and optimism in our clients to make investment decisions. The global ambition of our clients and our people is creating opportunities for the firm to increase revenue internationally. More than 200 of our partners and staff are currently on secondment overseas and we think this will become a bigger feature over the next year or more.
“However, whilst we continue to make investments for the future, we do hold a concern that political uncertainty may dampen business activity later in the year.”
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.
The firm also saw 72 new partners promoted or recruited during 2014, boosting its total staff numbers to nearly 14,000 with 3,400 other hires, including 1,500 at entry-level positions.
So far in 2014 Deloitte has been appointed to high-profile administrations such as Paul Simon and the receivership of London landmark The Gherkin, as well as handling CVA processes for Mamas and Papas and LA fitness.
In July, three Deloitte insolvency practitioners were referred to the Institute of Chartered Accountants in England and Wales (ICAEW) by business secretary Vince Cable over a potential conflict of interest regarding the administration of electronics retailer Comet.