Welcome to the first Annual Report of Deloitte & Touche LLP, following our adoption of LLP status on 1 August 2003.

The last few years have been a time of considerable change and complexity for our profession. In the UK, and globally, we have experienced huge shifts in the regulatory environment, at a time when markets for professional services have been tough. In 2002 we saw the demise of Andersen to leave a Big 4.

Deloitte in the UK has been transformed over the last five years. Revenues have more than doubled, we have positioned ourselves as the professional services firm with the broadest range of capabilities and we have massively increased our client base in our chosen markets. The recruitment of nearly 3,400 people from Andersen in 2002 added hugely to our strong talent pool.

Deloitte is now positioned for even greater success. We have established an ambitious and straightforward goal:

To be recognised as the pre-eminent and most trusted professional services firm, famous for the calibre of our people and respected for the exceptional quality of our work.

We know we have to earn this position and we have made a good start. We have set ourselves clear goals and we are confident that we will achieve them.

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