Deloitte today hailed a “turning point” in the fortunes of UK Plc as the accountancy giant posted an increase in revenues and profits.
The firm said that the return to growth of the UK economy was at the root of its improving performance. Revenues shot up 8% to £2.5 billion for the year to the end of May.
However, average profit per equity partner dropped to £772,000 from £789,000 after the number of partners rose and the profit pool only edged up to £571 million from £569 million.
“I believe UK businesses have reached a turning point in terms of confidence and, with substantial cash holdings and improving credit conditions, they’ve got the firepower to invest for growth,” said David Sproul, chief executive and senior partner of Deloitte.
“The appetite for risk is increasing and clients are showing greater willingness to invest. This is evidenced by a higher demand for those services that are focused on helping clients grow.”
