'Stellar' year in Yorkshire helps Deloitte post £3.97bn in revenue

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Professional services giant Deloitte posted revenues of £3.97 billion with its Yorkshire mergers and acquisition tax team having seen its busiest year.

Deloitte in the UK and Switzerland has increased revenue by 10.9 per cent in the year ended May 31 from £3.58bn in 2018 and hired circa 4,000 people, including more than 1,200 graduates and apprentices.

Stuart Cottee, Deloitte

Stuart Cottee, Deloitte

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Deloitte’s Yorkshire and North East practice reported double digit revenue growth in the region. with the regional tax team seeing continued demand across its client base.

Overall its M&A tax team advised on more than 50 deals with a combined value in excess of £10bn.

Senior partner in Yorkshire Stuart Cottee said: “It’s been a stellar year. Our Yorkshire and North East practice has performed extremely well overall, with exceptional results achieved by our Global Employer Services, Risk Advisory and Transaction Services businesses.

“This strong performance saw the team winning noteworthy mandates in what is still a buoyant M&A market and was further boosted by a substantial number of new client wins across all our service lines.

“We are proud to act for some of the most innovative, respected and thriving organisations across the region.

“The audit team in Yorkshire and the North East saw some prominent wins this year, and in line with the national picture, we see significant ongoing long-term investment in audit quality."

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Partner promotions in the Yorkshire and North East practice increased this year to four, all of whom have been with Deloitte for the whole or majority of their careers. Senior promotions also included 10 promotions to director.

The practice also recruited 47 new graduates and seven school leavers onto the Deloitte Brightstart apprenticeship with similar investment in grassroots talent planned for the September 2019 intake.

Mr Cottee said: “Our senior promotions reflect the strong performance of our local business.

“They also reflect our strong growth ambitions for the Yorkshire and North East practice over the coming years as we continue to invest in bringing through talent to help us serve the needs of our clients."

Looking ahead, Mr Cottee said the Yorkshire and North East practice had started the new financial year encouragingly with a healthy pipeline of M&A activity.

He added: “We’ve made no secret of our bold growth plans for the region. We are investing in building new businesses in the region including our Real Estate offering which is already playing a key part in high profile local projects and our Market Gravity consulting business who have a really exciting and forward-thinking approach to innovation.

“While there is undoubtedly more economic and political uncertainty ahead, I am staying positive as we continue to invest in our people and make a positive impact on our clients and the local community.”

Richard Houston, UK and North South Europe senior partner and chief executive, said: “It’s a huge privilege to be leading Deloitte and these results are a testament to our talented people and the progress we have made. But I want us to go further - ensuring we are making a positive impact in all of the work we do - with clients, our people, and importantly across the many communities in which we work.

“Among my priorities in the months and years ahead will be an unequivocal focus on workplace culture and inclusion."