Despite the pandemic, the Big Four firm increased fee income and reported strong profitability. For year end 31 May 2021, distributable profit was 14% higher than last year rising from £518m to £590m. This was still down from the £617m that was made in 2019.

The average profit per equity partner was £854,000 which is up significantly from last year’s £731,000. Deloitte also made payments of between £500 and £2,000 to all UK staff below partner level, with the amount paid determined by the employee’s pay grade.

Deloitte’s results show that its audit and assurance revenue grew to £655m up from £627m in 2020, consulting also recorded substantial growth bringing in £1.1bn after reporting just over £1bn last year, as the firm continues to build non-audit business. The revenue for financial advisory sat at £578m which is an increase from £525m last year and risk advisory accounted for £484m of fee income, which is a drop of 10.2% from £539m in 2020. The firm’s tax and legal service line brought in revenue of £969m, up 3% from £939m last year.

The results