Deloitte reports revenues of £1.5bn but warns good times over

News Article - 09 August 2006
Category: Regulatory

Deloitte has reported revenues up 15 per cent to £1.55 billion for the financial year ending in May but warned that the recent good times for the industry may be over.

"The markets will be tougher in the year ahead," said Deloitte chief executive John Connolly.

"The complex interaction of the turmoil in the Middle East, oil prices, fear of inflation, a slowing US economy and now the recent UK interest rate increase impact corporate confidence and there is already evidence of this."

The group is nonetheless targeting revenues of £2 billion by 2008. Consultancy has provided the biggest revenue boost, up 22 per cent to £381 million.

Audit revenues were up 17.2 per cent to £487 million, corporate finance was up 10.2 per cent to £265 million and tax was up 10.1 per cent to £426 million.

Deloitte now has the second largest share of FTSE 350 companies, providing audit services to 23 per cent of listed firms.

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