Lower profits for Deloitte partners

Profits paid out to partners at Deloitte fell in the year to May, as the accountancy firm saw a rising in staffing costs.

UK sales rose to £2.1bn, compared to £1.95bn last year, the firm said yesterday. But the average profit per partner fell to £758,000 from £873,000 as it spent more on hiring new staff, growing its headcount by 8 per cent. In all, it recruited over 1,500 experienced staff, while more than 1,000 graduates will join the firm this autumn.

Chief executive David Sproul said the firm had notched up a a "robust performance" while strengthening the business for the future. "We are investing heavily in our people, graduates and new partners to broaden and deepen the range of expertise and services we offer our clients," he said.