Deloitte practice hit by drop in revenues

BUSINESS advisory firm Deloitte's north east operation, which includes Yorkshire, suffered a dip in revenue last year as Britain faced the worst recession for a generation.

The North East practice, which employs 410 staff in Leeds, yesterday reported "healthy revenues" of 75m in the year ended May 31, compared to 79m last year. Across the UK, Deloitte recorded a full year revenue of 1.95bn, which is 16m down on last year.

Geoff Taylor, senior partner for Deloitte's North East practice based in Leeds, said: "Despite a second successive year of extremely challenging markets for Deloitte and our clients, we are emerging from the recession with a very satisfactory performance and our standing in the market enhanced.

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"Our firm is in great shape to support our clients in the continuing complex environment, and to capture growth opportunities as we continue to gain market share.

"Each of our business divisions performed strongly in the context of the economic environment.

"Revenues in corporate finance grew 11 per cent, higher than the national result, while revenues remained unchanged from 2009 in audit.

"Overall, tax also remained stable with the benefit of a particularly strong performance in corporate tax."