Deloitte partners feel the squeeze despite increase in revenues

It is the second straight year partners have seen a decline

Partners at the UK arm of Deloitte have taken home less money for the second year in a row, as the Big Four accountant suffered a slowdown in growth.

Average profit per partner dropped to £750,000 for the year to the end of May, according to Deloitte UK’s annual figures released today, down from £772,000 for the previous 12 months as the profit pool fell to £554m from £571m.

It is the second straight year partners have seen a decline, having received an average of £789,000 for the 12 months to May 2012, and comes as Deloitte UK posted annual revenues of £2.55bn, an increase of 1.4 per cent.

That is the fourth consecutive year of rising sales, but they grew at the slowest pace for that period, which the firm’s chief executive David Sproul blamed on “the uncertainty that has existed”.

However, he struck an upbeat tone for the future, saying he was expecting “better economic conditions [to] result in significant improvements across our markets”.

Growth at the start of the current financial year “has increased”, he added, noting “a renewed confidence and optimism in our clients to make investment decisions”.

However, Mr Sproul did warn that business activity may be dampened this year by “political uncertainty”. A survey by Deloitte released last month found next year’s general election and the possibility of a UK referendum on Europe were worrying finance officers of major UK firms more than economic issues.

Deloitte UK’s results revealed a drop in revenues at its audit division, to £706m from £719m over the previous year.

The figures come ahead of the introduction later this year of new rules from the UK Competition and Markets Authority forcing all companies in the FTSE 100 and FTSE 250 to put their audit out to tender every decade.

Meanwhile, in April the European Union approved even tougher rules forcing listed companies to switch their auditor every 20 years.

Figures released earlier this month by Deloitte’s rival PwC showed that of the 350 top listed firms in Britain, there were likely to be 56 firms putting out their audits to tender this year – compared to 30 tenders in 2013 and 18 in 2012.

However the Big Four – which also include EY and KPMG – still dominate the UK’s biggest companies.

Deloitte UK also said its tax practice saw a tiny dip in revenues, to £562m from £563m, while corporate finance rose 4.7 per cent to £424m.

Start your day with The Independent, sign up for daily news emails
Sport
England's women celebrate after their 3rd place play-off win against Germany
Women's World CupFara Williams converts penalty to secure victory and bronze medals
Arts and Entertainment
Ricardo by Edward Sutcliffe, 2014
artPortraits of LA cricketers from notorious suburb go on display
News
newsHillary Clinton comments on viral Humans of New York photo of gay teenager
Arts and Entertainment
The gang rape scene in the Royal Opera’s production of Gioachino Rossini’s Guillaume Tell has caused huge controversy
music
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'