Finance

Deloitte execs share £14m profit after Covid-19 contract boom

Profit for key executives at Deloitte has jumped to an average of more than £1.5m in a year where the firm’s revenue was boosted by its work on government Covid-19 contracts.

Nine key management personnel received £14m in profit for the year ended 31 May, an average of £1.55m, according to Deloitte’s annual report published on 30 September.

In the previous year, seven key management personnel at the firm shared £6m, with each receiving an average of £857,142 in profit share.

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Deloitte’s revenue grew 4% to £4.5bn in the year to 31 May, while operating profit jumped 23% to £756m from £611m the previous year.

Deloitte’s revenue was boosted in part by its work on the UK’s coronavirus response.

“Our highest profile project involved bringing together expertise from across our firm to help design the national testing programme – the largest diagnostics network in UK history. This capability has played a key part in the re-opening of the UK economy after months of national restrictions,” Richard Houston, Deloitte’s CEO and senior partner said in a statement.

Deloitte has been awarded Covid-19 contracts worth £280m since the start of the pandemic, according to data provider Tussell.

Deloitte said its revenue growth had also been driven by strong demand for M&A advice in a booming market.

Partner pay at Deloitte soared to over £1m in the year to 31 May, boosted by a one-off payment from the sale of its restructuring arm to Teneo.

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Average profit per equity partner climbed to £854,000, up from £731,000 the previous year.

Deloitte’s 691 equity partners will also receive a payment of around £200,000 as their share in £136m of profit generated by the sale of the firm’s restructuring business.

“Our people and partners have shown incredible commitment in these challenging times. Their efforts have allowed us to adapt at pace to support the national response to Covid-19, contribute to our communities, and help clients navigate the disruption to markets, supply chains and the economy,” Houston said.

To contact the author of this story with feedback or news, email James Booth

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