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Having seen its technology-centric consulting revenues decline in FY24 (see here), it appears that Deloitte UK has continued to find the going heavy in the IT services arena during its just competed fiscal year. Reports have emerged that twelve months ended 31st May proved to be a particularly challenging time for the Big Four firm’s Technology & Transformation division, which is said to have fallen materially short of its performance goals. Overall, Deloitte UK's total profits for FY25 are anticipated to be up slightly yoy, but below the firm’s original plan.
Deloitte UK began its last financial year in a cautiously positive mood. The firm expected the period to see both improved economic stability and a gradual return of growth opportunities. As the months passed, however, it became increasingly obvious that the hopes for an uptick in demand were not being realised. Redundancy rounds in October and November (see here) were followed by the start of a cost cutting programme in December focused on halving staff travel and expenses for the remainder of the FY.
The firm is, however, by no means that only player to have seen its UK IT Services fortunes wane of late. More detail on this will soon be available when our Supplier Rankings 2025 report is published at the end of this month.
This news was first reported by The Financial Times.
Posted by: Duncan Aitchison at 09:25
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consulting
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IT+services