Friday 15th August 2008
If ever there was a sector which offered a great cushion from the affects of the wider economy it is the accountancy business with news that the top man at Deloitte, John Connolly, earned £5.7 million this year after seeing his profit share entitlement increase by 22%.
Even though the wider economy is on its knees, house repossessions are on the rise and more companies are struggling than ever before, life at Deloitte is not too bad to say the least. Revenue for the full year rose to just of £2 billion and pre-tax profits came in at a very impressive £654 million, 16% higher than last year.
However, it was the profit sharing pot which caught the eye, jumping by 19% to £683 million pounds leading to the 650 partners of the firm taking home an average income of £970,000, up from £877,000 last year.
The core audit business seems to have been the star performer, winning a number of new high profile clients such as Barratt Developments, Corus and Gallaher but the mergers and acquisitions division saw a significant slowdown as expected.
Forecasts for the current year are positive and the group is set to benefit even more from the doom and gloom among businesses and individuals. |
Tax
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