Deloitte Report GBP2 Billion Target-Beating Performance

Thu, 03 Jul 2008

The reputation of accounting giant Deloitte may have already surpassed that of the UK’s biggest firm, according to its chairman John Connolly.

Connolly announced yesterday that the firm had beaten its ‘2in2’ target - £2bn of revenues in two years -this year by just £10m.

The chairman denied Deloitte was focused on overtaking PricewaterhouseCoopers, but said the company may "have overhauled them already in terms of our standing in the market place".

"I have been saying, with some confidence, growth is not at double-digit levels, so to achieve the growth we have requires a superior performance to our competitors, "he commented.

"We genuinely do not seek to be larger than other firms, we seek to be the highest regarded."

Hundreds of Deloitte partners met at the Park Lane Hilton on Wednesday to hear Connolly reveal that the firm’s superior performance meant it would pass the £2bn figure by £10m for the year ending 31 May 2008.

As a result, year-on-year growth at the firm was 11.5 per cent, down on the 15.6 per achieved last year, although bosses will be more than pleased with the performance given the current economic climate.

Growth is understood to have come across the service lines with Deloitte reporting a strong audit performance, a 13 per cent rise in consulting and a 12 per cent improvement in corporate finance booking.

Deloitte said all of its 12,000 employees would receive a £1,000 bonus as a way of saying thank you.
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