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PwC UK reports 2% growth in revenue but an 8% drop in profit per partner

PwC UK has reported annual revenues of £3,002m ($4,063.3m) in the year to 30 June 2017, up 2% year-on-year. But distributable profit per partner has dropped 8%, from £706,000 to £652,000 in the same period.

This is the second year in a row that PwC UK’s distributable profit per partner has dropped as it dropped 5% for the financial year ending June 2016. However, the number of UK partner increased to 917 this year compared to 890 for last year.

PwC UK is still ahead of Deloitte UK in the rankings since Deloitte reported revenues of £2,941m for financial year ending 31 May 2017, up 9% from the previous year.

However PwC UK owns 100% of the ordinary shares of PricewaterhouseCoopers (Middle East Group) limited which is incorporated in Guernsey. And when adding the figures of the Middle Eastern practice, the group PwC UK grew by 5% to £3,598m. Equally, Deloitte UK Group which includes the Swiss practice reported 11% growth up to £3,380m for 2017.

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