Deloitte & Touche UK annual revenues reach £713.6m for the financial year ended May 31 2002
The 15.7% growth on the previous year continues Deloitte's strong financial performance for the 5th consecutive year. Revenues in Deloitte Consulting UK which has been economically separate from Deloitte & Touche throughout the year increased by 7.2% to £220.1m.
John Connolly, Deloitte & Touche Chief Executive and Senior Partner commented, "Market conditions became increasingly difficult as the year progressed and the low level of transaction activity and reduced investment levels of our clients slowed our business performance in the second half. The 15.7% growth rate achieved for the full year, including first time results from B&W Deloitte, was very satisfactory and continues our 5 year track record of double digit growth."
"Looking forward, we continue to see tough markets made even more complex by the current business environment. Our relentless focus on clients and quality will ensure we perform ahead of the market across all sectors."
Deloitte & Touche is the UK's fastest growing major professional services firm based in 23 UK locations, with over 10,000 staff nationwide and fee income of £713.6 million in 2001/2002. It is a member firm of Deloitte Touche Tohmatsu, a leading professional services organisation, delivering world class assurance and advisory, tax and consulting services, with around 120,000 people in over 140 countries. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.
Deloitte & Touche is authorised and regulated by the Financial Services Authority.
Business division performance
The divisional revenues and growth in the year ended 31 May 2002 are shown below:
|£M||Growth Rate %|
|Audit & Assurance||267.9||7.5|
|Advisory and Consulting Services||239.8||35.4|
|Deloitte Consulting UK Division (Braxton)||220.1*||7.2%|
*DC revenues include £21m in respect of services provided to FTSE 350 audit clients of Deloitte & Touche
Growth in Audit and Assurance and Tax Divisions at 7.5% and 8.1% respectively was satisfactory and reflects a continuation of excellent client acquisitions in the year.
Advisory and Consulting Services includes Corporate Finance and Transaction Services, Actuarial Consulting, Management Solutions, Human Capital, Forensic & Dispute Consulting and Reorganisation Services. The 35.4% growth rate reflects a strong first year performance from B&W Deloitte, the division established following the merger with the Bacon & Woodrow Insurance Actuarial and Consulting business in early 2001.
Our Reorganisation Services practice, with 40% growth, has been exceptionally busy with major engagements including Energis, ITV Digital and Dolphin Telecom. Management Solutions and Human Capital Divisions each recorded growth in excess of 20%. Revenues were slightly down in Corporate Finance and Transaction Services.
"Deloitte & Touche was once again ranked in The Sunday Times "Best 100 Companies to Work For" ahead of our professional services competitors. We continued to attract highly talented partners and highlights this year included a team of merger integration specialists joining Corporate Finance and a team of Reorganisation Services partners.
"Deloitte's community investment programme was once again very active. The firm led e-skills4industry, a revolutionary business-focused pilot training scheme in Information Technology for sixth formers from three schools in Tower Hamlets, one of the UK's most deprived boroughs.
"Additionally, Deloitte's business mentoring and secondary school mentoring programmes were shortlisted in the Business in the Community annual awards. These schemes benefit hundreds of young people from disadvantaged communities. They are open to all our people in the UK and volunteers give half a day each month to the programme."
"The completion of our transaction to hire over 3500 people from Andersen UK will give us the opportunity to develop a distinctive professional services firm. We will work to play a significant role in helping to restore confidence in the profession and the market place. Our vision is built on integrity and unstinting commitment and focus on our clients, on quality and on our people", John Connolly added.