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Deloitte North West Europe reports 6 percent rise in full-year revenue

Deloitte North West Europe reports 6 percent rise in full-year revenue
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay   -   Copyright  HANNAH MCKAY(Reuters)
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(Reuters) – Deloitte North West Europe on Tuesday reported a nearly 6 percent increase in full-year revenue, driven by growth in its audit and risk advisory segment.

Earnings and market share at Deloitte, EY, PwC and KPMG, the Big Four accounting firms, have come under political scrutiny, with the industry in Britain set to voluntarily propose this week market share limits for the firms.

“The audit profession has faced significant scrutiny in the past year, with concerns raised over quality, conflicts of interest and a lack of choice,” David Sproul, senior partner and chief executive of Deloitte NWE, said in a statement.

“These are serious concerns and we recognise the need for change.”

Revenue rose to 3.60 billion pounds ($4.59 billion) for the financial year ended May 31, from 3.38 billion pounds a year earlier.

Distributable profit was 584 million pounds, or 832,000 pounds per equity partner, the company said.

Deloitte NWE is the second largest member firm in the Deloitte network, combining operations in Belgium, Ireland, the Netherlands, the Nordics, Switzerland and the UK.

($1 = 0.7841 pounds)

(Reporting by Kanishka Singh in Bengaluru and Huw Jones in London; Editing by Sriraj Kalluvila)

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