Deloitte expands in Cambridge and posts fastest revenue growth in 10 years
Cambridge is playing a key role in a significant uptick in financial fortunes for business advisory firm Deloitte in the UK.
The firm says it is investing heavily in new staff and premises in the science & technology hotspot.
UK group revenue was 13.6 per cent higher at £3.04 billion for the year ended May 31. It was the sixth consecutive year of revenue growth and the fastest increase in 10 years as well as marking the first time Deloitte had topped the £3bn landmark.
Paul Schofield, practice senior partner for Deloitte for the Eastern region offices of Cambridge and St Albans, said: “This year we have seen double-digit growth across all business areas.
“We have had significant success in the audit market, with four wins in the FTSE 100, taking our market share to 23 per cent. It has also been a strong year for our advisory businesses, given high levels of demand for our M & A, risk management and regulatory, international tax and compliance services.
“We’ve also had high demand for our business transformation capabilities using technologies such as digital, cloud and analytics. In our international markets the firm’s Swiss practice has grown significantly, at 26 per cent. “The national picture reflects our success in regional markets including Cambridge. In Cambridge we are investing heavily including new offices in Station Road.
“From an industry perspective, growth was most notable in health and life sciences, financial services, manufacturing and technology, media and telecommunications. Our global, private and national sectors all performed well, demonstrating our ability to serve a range of different demands and requirements.”
In the past year Deloitte has also invested in more than 30 disruptive startups – 20 of which were developed by Deloitte’s own people. The firm continues to be one of the largest recruiters in the UK, with 1,100 graduates, 200 school leavers and close to 3,000 external hires joining this year.
Schofield is predicting a Brexit-related slowdown and warned of a potential backlash for businesses seeking to employ migrant talent.
He said: “The early economic indicators suggest the uncertainty created by the Brexit vote will lead to a slowdown in the second half of this year. However, UK businesses are both adaptable and resourceful and the UK remains in the top tier of the world’s most competitive economies, benefiting from strong institutions and a highly-skilled workforce.
“Our CFO survey showed business seeks clarity from government over the negotiations with the EU. The Government must recognise that further restricting skilled migrants could be detrimental to the UK’s ability to attract global investment and the diverse pool of international talent that has supported our country’s growth.
“Rights of EU migrants should be protected and any future migration policies should respond to our economic needs rather than be overly focused on total numbers.”