Business advisory firm Deloitte has released its financial results for the year ending on 31 May 2017, increasing revenue by £340m from £3,040m to £3,380m.
This is the seventh consecutive year of revenue growth and the second consecutive year of double-digit growth.
The revenue breakdown is as follows: consulting revenue grew by 13.6% to £859m; audit and risk advisory by 13.1% to £932m; tax was up by 5.7% to £691m; and financial advisory, grew by 1.5% to £459m.
Deloitte Switzerland grew by 14.4% to CHF564m (£439m). Distributable profit for 2017 was flat year on year at £608m and average profit per equity partner was £865,000.
David Sproul, Senior Partner and Chief Executive of Deloitte, commented: “This is a good performance in a complex and uncertain market which has been impacted by Brexit and the elections in the US and UK.
“Our Consulting and Audit and Risk Advisory businesses both grew by double-digits. Consulting has continued to see significant demand for technology-enabled business transformation and there has been further strong growth in Deloitte Digital, our creative digital consultancy.
“The firm won a series of major audits this year, including BAE Systems, BP, Centrica and GlaxoSmithKline which has taken our share of the FTSE 100 audit market to 26% and we saw further success in the FTSE 250, private and international markets. Our Risk Advisory business has seen increasing demand for supplier risk, cyber and regulatory advice.
“Switzerland delivered another impressive performance, driven by high demand for digital technology, cyber and M&A services. The firm has also won new audit clients including Lafarge Holcim.
“We have continued to invest through this year of uncertainty and that investment in our people, in winning market share and in building market leading solutions has resulted in flat distributable profits.”
In the past 12 months, Deloitte has announced a number of technology alliances and acquisitions, including an alliance with Apple to help companies use the iOS platform and with McLaren Applied Technologies to build data-driven business products.
The firm also completed the acquisition of Market Gravity and has continued to invest in further developing its creative consulting capabilities with the acquisition of Swedish creative agency Acne announced last week.
More than 3,500 people were recruited in the last financial year, including more than 1,600 school leavers, interns and graduates. This includes a record number of new joiners to its BrightStart apprenticeship scheme.
More than 200 school leavers joined Deloitte through this scheme in FY17 and this number will increase again to almost 300 in September’s intake.
Sproul added: “Our priority is to ensure our talent pool is diverse and reflects the make-up of today’s society and we are proud of the progress made so far. We will continue to work hard to show that everyone can thrive, develop and succeed in our firm.
“We also recognize the difference we can make by improving access to education and training across society more broadly. Through One Million Futures we want to help people overcome barriers to education and employment and in the process raise aspirations, improve skills and develop leaders.”
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