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PwC UK grows 5% in 2018

PwC UK reported revenue of £3.76bn ($4.92bn) for the year ended 30 June 2018, up 5% from £3.60bn last year.

The firm cited investment in people and technology across the UK as a reason for its growth.

Assurance revenues increased by 3%, consulting revenues were up by 1%, deals grew by 10%, and the tax practice, which includes specialists in areas such as immigration, legal services and pensions, experienced growth of 7%. The Middle East practice grew by 15.7% in US dollar terms.

PwC UK chairman and senior partner Kevin Ellis said: “Despite uncertainty over Brexit, all four of our business divisions grew this year, with high demand for technology-related services, including cyber, data analytics and GDPR. Twenty-nine percent of the firm’s revenues came from inbound - organisations headquartered outside the UK - highlighting the importance of the UK as a global business hub.”

The firm highlighted its investment in technology as a driver for its increase in revenue. Ellis commented: “We are adopting new technologies to ensure our business is efficient and connected for the future. We’ve made a step change in our own digital transformation this year with significant investment in cloud-based technologies such as Google for Work, Salesforce, and Workday, as well as continuing to invest in emerging technologies expertise in AI, virtual reality and a drones team to build and innovate client services.”

Despite the firm’s growth, PwC faced two investigations from the UK’s Financial Reporting Council in regards to BHS and Tenon in its last financial year. Reflecting on this and the scrutiny which the UK audit market has faced over the last year, Ellis said: “During the year there has been significant scrutiny of our profession and the audit market in particular, with recent commentary highlighting concerns over competition, choice and audit quality. We are committed to helping regulators find practical remedies to increase choice and are clear that audit quality must be the top priority.

“This year we settled two Financial Reporting Council investigations (BHS and Tenon) where our work fell below the standards expected of us and that we demand of ourselves.  Our goal is always to deliver work of the highest calibre. When we get things wrong we put our hands up, learn the necessary lessons and improve our processes. Audit remains a fundamental part of the firm and the commitment to continuously improve audit quality is at the forefront of our strategy.”

Revenues by business line: 

Business area   

2018 revenue   

Growth v 2017     

2017 revenue   

  Assurance

   £1,334m

      +3%

  £1,296m

  Consulting

   £778m

      +1%

  £772m

    Deals

   £711m

     +10%

  £649m

     Tax

  £941m

      +7%

  £881m

 

 

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