Deloitte's partners report average earning of GBP822k

By MoneyTimes

Aug 25, 2015 03:07 AM EDT

The 'Big Four' accounting firm Deloitte's partners on an average posted earnings of GBP 822,000 for 2014. Deloitte's partners numbering 721 recorded a 9.6 percent growth as their average earning was up from GBP 750,000 in 2013 to GBP822,000 in 2014, according to the UK arm of the accounting firm.

Chief Executive and senior partner David Sproul got GBP2.8million up from previous GBP2.6million.

According to the UK arm of Deloitte, the accounting firm's revenues grew 6.4 percent during the past 12 months ending May to GBP2.71billion and profits rose seven percent to GBP593million. 

During the past 12 months, the improvement in the business confidence and economic factors helped the accounting firm perform much better. 

Sproul said: "While we saw some hesitation in the run-up to the general election, the broad-based increase in appetite from UK Plc to invest in growth, efficiency improvements, governance and risk management and their customer focus has contributed to a positive set of results for our firms."

Deloitte warned in advance about the possible threats in the form of the Euro zone and China to the global economy.  Sproul further said that the debate over the inclusion of Britain in the European Union (EU) could harm funds inflow.

It has been pledged to hold a referendum on Europe by 2017 and this proposal was supported by Prime Minister David Cameron. 

Commenting on the ongoing adverse conditions in the global economy, Sproul further said that though the uncertainty that prevailed during the early years of recovery, had gone, but not totally vanished. He still feels that uncertainty is still looming across the global economy. 

Deloitte is one among the four 'Big Four' accounting firms in the world. The other three are Ernst&Young, PricewaterhouseCoopers (PWC), and KPMG. These Big Four companies audit over 80 percent of the US public companies. 

Deloitte LLP is at the top of the Big Four list. The New York-based accounting firm has four subsidiaries. The Big Four accounting firm Deloitte gets revenues from audit and enterprise risk services, consulting, taxation and financial advisory services.

In 2013, Deloitte posted encouraging earning results as the revenues reached $32.4billion. Beating the recession, Deloitte revenues were continuously growing even during the global economic crisis. Audit and enterprise risk services account for a major chunk of revenues followed by consulting, tax and financial advisory services. 

Deloitte is upbeat on future prospects in the UK's economy as Sproul says: "However, our new financial year has started brightly and we're optimistic that overall, the outlook remains positive for the UK."

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