Big Four firm Deloitte believes the cost of its London Olympics sponsorship will have been worthwhile if it increases revenue by 1% to 2% on the back of its involvement with the Games.

Announcing an 11% jump in UK revenue to £2.3bn for year ended 31 May 2012, senior partner David Sproul said the Olympics had given his firm the chance to show clients the range and breadth of the firm's capabilities. 'We are very positive that we will benefit from the Games,' he said, 'and if it caused us to have an extra one or two percent of revenue over the next few years then that would pay for it.'

More than 750 partners and staff have been involved with the London Olympics, adding up to some 750,000 hours of work over the last five years. Sproul said the firm was now involved in Istanbul's bid to host the Games in 2020, as well as preparations for Rio 2016 and the FIFA football world cup in Qatar in 10 years time.

'It has given us the opportunity to make the case about what we can do at major events and has shown clients our range of abilities, and that applies as much for major acquisitions and business transformations.'

Distributable profits grew 6% to £569m (£535m in 2011), though average profit per partner only rose 4% to £789,000 (£758,000 in 2011). Sproul, whose own share of profits grew from £2.6m in 2011 to £2.8m, said this more modest growth in profits was a result of investment in the business and its partners and staff.

The firm recorded growth over all of its business divisions. Audit grew 13% to £663m (£586m in 2011) which Sproul put down in part to a growth in its governance and regulation work. He admitted that statutory audit fee growth was very hard but that the firm had walked away from some opportunities as it could not reduce fee further.

Consulting revenue grew by 14% to £524m while tax increased by 7% to £529m and corporate finance by 6% to £402m (£381m in 2011). The firm's Swiss practice, which it took over in 2010, grew by 21% to £211m (£175m in 2011).

Talking about allegations made by New York state's Department of Financial Services over Deloitte's US firm's report on alleged sanction breaches by investment bank Standard Chartered, Sproul said: 'You can't control what someone alleges, in colourful language, but we refute the statements.'