Deloitte Reports 6 Percent Rise in Full-Year Revenue in UK, Switzerland

August 29, 2018 Updated: August 29, 2018

Deloitte on August 28 reported a near 6 percent increase in full-year revenue in Britain and Switzerland, driven by growth in its audit and risk advisory segment.

Deloitte said it had also launched legal services in Britain, moving onto the turf of traditional law firms.

Earnings and market share at Deloitte, EY, PwC, and KPMG, the “Big Four” accounting firms, have come under political scrutiny, with the industry in Britain set to voluntarily propose this week market share limits for the firms.

“The audit profession has faced significant scrutiny in the past year, with concerns raised over quality, conflicts of interest and a lack of choice,” David Sproul, senior partner and chief executive of Deloitte North West Europe, said in a statement.

“These are serious concerns and we recognize the need for change.”

Sproul said Deloitte audited 27 percent of Britain’s FTSE 100 top listed companies.

Revenue rose to 3.60 billion pounds ($4.59 billion) for the financial year ended May 31, from 3.38 billion pounds a year earlier.

Distributable profit was 584 million pounds or 832,000 pounds per equity partner, the company said.

By Kanishka Singh and Huw Jones.