Deloitte’s UK partners will receive an average payout of about £1 million (€1.2 million) after the accounting firm’s profits rebounded from a pandemic slump last year, helped by the sale of its restructuring division.
The share of profits to 700 equity partners is the highest in at least a decade, according to people briefed on the annual results, which are due to be published next week.
The results are the latest example of a large professional services firm increasing profits during the pandemic as companies seek advice on digitising their businesses and strengthening supply chains. Costs were also reduced across the sector by curbs on business travel and client entertaining.
Last year the average share of Deloitte profits was £731,000. The people familiar with the results said the corresponding figure would rise for the financial year ending May 2021 but not surpass 2019’s level of £882,000.
However, the overall average payout will be boosted by an additional sum of about £200,000 following the sale of Deloitte’s UK restructuring arm to Teneo, the advisory firm backed by private equity group CVC Capital Partners, the people said. The highest earners will receive significantly more than £1 million in total.
Sourced from The Irish Times - written by Michael O’Dwyer