August 27, 2018 / 11:08 PM / a month ago

Deloitte reports 6 percent rise in full-year revenue in UK, Switzerland

(Reuters) - Deloitte on Tuesday reported a nearly 6 percent increase in full-year revenue in Britain and Switzerland, driven by growth in its audit and risk advisory segment.

Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay - RC1614FC2010

Deloitte said it had also launched legal services in Britain, moving onto turf of traditional law firms.

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 North West Europe, said in a statement.

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

Sproul said Deloitte audited 27 percent of Britain’s FTSE 100 top listed companies.

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.

Reporting by Kanishka Singh in Bengaluru and Huw Jones in London; Editing by Sriraj Kalluvila and Mark Potter

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