In contrast to double digit growth last year, Deloitte has reported a ‘mixed performance across the business’, for the year ended 31 May 2024.
Revenue for the year increased 2% to £5.7bn. Audit and Assurance saw an 8% revenue growth, but consulting revenues contract by 1%, and the financial advisory business contracted by 2%.
Distributable profit was £756m, and the total tax contribution was £1.75bn. Headcount for the year was broadly flat at 27,573.
The average profit per equity partner (there are 749) was down 5%, to £1,012,000. Deloitte remains the only Big 4 firm in the UK paying its partners over £1m for the last two years.
Deloitte’s pay and inclusion report explains it launched its first gender balance action plan 10 years ago. It set itself a target of 40% female partners by 2030, with an interim target of 30% by 2025. Following a June pay review and promotions 30% of Deloitte’s partners are now women (up from 29% in June 2023). Although it has achieved its target a year early, Deloitte said it was important “to have the right interventions in place to support an inclusive environment”.
It pointed out that 48% of the early careers hires in FY24 were female.
Deloitte’s 2025 target was also to have 12% of its partners from an ethnic minority background. It has again been achieved this target a year early.
However, it’s target for Black partners is 3% by 2025, but currently this total is just 1%.
