Deloitte UK and Switzerland has reported a 10.9% increase in revenue for the year ending 31 May 2019, up from £3.58bn to £3.97bn.
Across business lines, it reported that Audit and Risk Advisory revenue grew by 8.1% to £1.110bn (of which Audit and Assurance was £582m), Consulting increased 9% to £952m, and Financial Advisory by 10.5% to £507m. Tax and Legal saw its revenue rise by 17.8% to £862m, with Deloitte Switzerland experiencing growth of 10% to £538m.
The firm’s audit quality record from FRC inspections also improved over the prior year – 84% of audits reviewed by the FRC in 2018/19 were found to require no more than limited improvements, compared with 76% in 2017/18.
According to reports as a result of its performance, the average profit share for the 699 equity partners at the firm this year will be £882,000, a £50,000 increase compared with the previous year and the highest payout at the firm in over a decade.
Richard Houston, UK and North and South Europe senior partner and chief executive, said: “Our 2019 results reflect the long-term investment we have been making across our business and, in particular, in audit quality and the training, technology and talent required to support it. This investment has helped us succeed in the market and improved the financial performance of our audit business.
“We’ve also made strong progress this year on our purpose agenda. For example, our female partner promotions were up threefold, and we supported over 416,000 people get access to education and employment through our social impact strategy.”
He added: “It’s a huge privilege to be leading Deloitte and these results are a testament to our talented people and the progress we have made. But I want us to go further – ensuring we are making a positive impact in all of the work we do – with clients, our people, and importantly across the many communities in which we work.
“Among my priorities in the months and years ahead will be an unequivocal focus on workplace culture and inclusion. I want Deloitte to be a strong representation of society, with a diversity of thought and experience, which will only improve how we serve our clients.”