Wednesday 8th February 2012 10.36am
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Robert Patterson
Partner Agency and Development
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Post your Events Deloitte posts strong performance in a tough environment as it positions itself for future growth
Deloitte UK reports its financial results for year ended 31 May 2010
Deloitte, the business advisory firm, has reported revenues of £1,953 million for the year ended 31 May 2010, just £16 million below the previous year, despite the tough economic environment.
In the North East, Deloitte’s Newcastle office has performed well in spite of a difficult wider economic climate. Indeed, overall revenues have remained steady while there has been growth in the office’s Audit and Tax departments.
Commenting, Paul Williamson, Office Senior Partner at Deloitte in Newcastle said: “It is hard to underestimate just how difficult the economic conditions have been. Notwithstanding that, the team at Deloitte in Newcastle have all worked incredibly hard to deliver a very positive year.
“We have made a significant investment in new offices with our move to Trinity Gardens on Newcastle’s Quayside and continued with our recruitment of key personnel, all of which shows our commitment to enhancing service provision across the North East.
“Whilst we expect the economic climate to remain tough, our results mean we remain confident in setting our business challenging targets for the coming year and a continuation of the growth of our business and service capability.”
John Connolly, Deloitte senior partner and CEO, added: “Despite a second successive year of very challenging markets for Deloitte and our clients, we are emerging from the recession with a very satisfactory performance and our standing in the market enhanced. Our firm is in great shape to support our clients in the continuing complex environment, and to capture growth opportunities as we continue to gain market share.
“Our revenues were £1,953 million, just £16 million lower than 2009. The profit for the financial year distributable to partners was £590 million against £601 million in 2009. The average profit earned by each partner in the year, after providing for pensions and annuities payable to retired partners, was £873,000 compared with £883,000 last year.
“Each of our business divisions performed strongly in the context of the economic environment. Revenues in Corporate Finance grew by 10.6%, whilst revenues were down 2.9% in Audit, 2.3% in Tax and 4% in Consulting.
“We continue to build our audit market share, with significant FTSE 100 audit wins including Kingfisher plc and Essar Energy plc, while Tax achieved a market leading performance. Consulting produced a very robust performance given curtailed discretionary spend in both the public and private sectors. Whilst the economic environment will remain fragile, we anticipate a return to revenue growth for our audit, tax and consulting businesses in 2011.
“We have placed special emphasis on retaining and developing our people throughout the downturn and, in fact, increased our headcount by 2.5% to over 12,000 people as we build the firm for the future. During the year, we appointed 118 new partners and associate partners and we will hire 1,100 new graduates in the year ahead.
“We added a range of new businesses to our firm as part of our plans to position and grow the firm for the future, bringing in over 750 people. Drivers Jonas Deloitte was created following the merger with real estate advisory firm Drivers Jonas; we added ReportSource and Exsigno into our Consulting division; acquired sustainability consultancy dCarbon8; and expanded our Risk and Security businesses through the acquisition of IM Global and Simulstrat. Each of these transactions brings exceptional people, new skills and great clients to our firm.
“We will continue to look for opportunities to bring in highly skilled people who enable us to offer increased range and depth of advice to a broader number of clients. Notwithstanding the continuing challenges facing all businesses, I am confident that Deloitte is well positioned for the year ahead.”
Deloitte is today publishing its 2010 Annual Report which provides greater detail on the firm's business progress and performance, and its contribution to the wider community. It also provides insight and opinion on a range of important issues, such as education and skills, pensions and taxation, which impact not only on business, but on society in general.
Key highlights in the Deloitte 2010 Annual Report include:
· Deloitte and its people made a total contribution of nearly £10 million to the community, including more than 44,000 hours of volunteering and pro bono work;
· We received the platinum rating in the Business in the Community Corporate Responsibility Index and from the same organisation, the Race for Opportunity Collaboration Award for our Employability Skills initiative;
· We are a leading sponsor of the London 2012 Olympic and Paralympic Games and launched the inaugural Deloitte Ride Across Britain to raise funds for Paralympics GB. Separately, we sponsored the inaugural Deloitte Street Child World Cup and again funded the Deloitte Ignite festival at the Royal Opera House.
Recognising the appalling plight and suffering of people in Pakistan, Deloitte has today donated £1 million to the Disaster Emergency Committee’s Pakistan Floods Appeal.
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