Member Article

PwC report growth in revenues

PwC have reported 7% growth in revenue to £2,621m for the year ended June 30, and profits of £727m.

Average profit per partner at the business services firm was £798,000, as key audit wins in the Assurance division, including Aviva, Dubai World and Genel Energy, helped to drive revenue.

The Consulting arm of the business, which includes Sustainability and Climate Change services, recorded 13% growth to £438m, while the Deals practice reported 8% growth to £561m, Tax grew 2% to £659m.

PwC recruited 2,300 people over the course of the year, including more than 1,200 graduates and 100 school leavers via professional training programmes.

Ian Powell, PwC chairman and senior partner, said: “We delivered strong performance across all of our businesses over the past year in what remains a very challenging market. We took a decision at the start of the downturn to continue to hold our nerve and invest in our business.

“We have recruited significant numbers of new people, and invested heavily in our infrastructure to make sure we deliver a world class service to our clients. This has included the recruitment of some 2,300 people, including 1,200 graduates and 100 school leavers, the admission of 61 new partners, a net 3% increase, and a number of strategic acquisitions.

“We continue to see high growth potential for our Consulting, Risk Assurance, Forensic and Actuarial businesses, as well as our Middle East firm. We have invested heavily in growing our long-standing private business practice which achieved 7% growth over the past year, and in our regional network of offices. We see significant potential for increasing our market share in the private and fast growing company sector.

“While the short term economic environment remains tough I am confident in the UK’s longer term prospects. We will continue to invest to ensure we are able to support the economic recovery when it comes and plan to maintain our record recruitment levels in the coming year.

“I am confident we will continue to add great value with our strong commitment to quality and doing the right thing for our people, our clients and our communities.”

This was posted in Bdaily's Members' News section by Tom Keighley .