The fee income announcement puts figures just announced by Big Five rivals in the shadows. Ernst & Young UK has just posted a fee increase of 13% and Andersen Worldwide an increase of 17%.
Deloittes senior partner John Connolly said: We had a most successful year in winning the audits of some major corporations, including leading FTSE companies, including Abbey National, AstraZeneca, Anglo American, Trinity Mirror, Caradon, Willis and FirstGroup.
Among our other major assignments in the last year was our work in the Vodafone merger with AirTouch, AstraZeneca's merger, and the Anglo American Minorco merger.
John Connolly, who was elected the new Senior Partner and CEO of the Firm in October 1998 said: 'Deloitte & Touche celebrated its Centenary Year in 1999 with another excellent result. We performed strongly throughout the Firm and took advantage of very good market conditions for our services.'Indeed, the year was a period of high activity, including putting into place new leadership and management teams absolutely committed to our clients.'
'The UK corporate sector has been both financially successful and very active. Transaction activity has been influenced positively by the general trend towards industry consolidation, a strong US economy and a continuing high level of interest from private equity funds (including US investors) in building asset portfolios.
'All of this has led to very good market conditions for the advisory sector in general and the Big 5 in particular. We have taken advantage of this.'
Deloittes said their revenue breakdown was as follows:
Assurance & Advisory
Our financial performance has been excellent with a 20% growth in revenues.
The market for tax services was buoyant in the year and we recorded our highest ever growth rate of 21%.
Corporate Finance enjoyed yet another year of significant growth, up 31%.
In relatively flat market we achieved a respectable financial performance with revenues growing by 9%.
We achieved growth in revenues of 43% with the biggest opportunity in the market being for IT services.Deloitte Consulting
The UK division of Deloitte Consulting grew revenues of 12% following a flat summer.
OutsourcingOur outsourcing company CSL enjoyed an outstandingly successful year in 1998/99 with turnover up by 32%.
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