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September 15, 2014

PwC UK revenue up 5% to £2.8bn

PwC UK has reported an increase of £125m in its fee income to £2,814m ($4,576m) in the year to 30 June 2014.

The 5% increase in fee income "reflects an improving economy, the growing confidence of our clients and the ongoing investment we have made in the firm over the past six years to create a responsible, profitable and well diversified business," according to PwC UK chairman and senior partner Ian Powell.

PwC UK saw an increase in fee income across all its service lines with assurance up 6% to £1,025m, tax 5% to £714m, deals business up 3% to £580 and consulting by 4% to £495.

With assurance services, including audit, contributing to just over £1bn of the overall revenue the firm said 63% of its revenue was generated from clients it does not audit.

Due to retendering rules and pending implementation of the European audit reform, the UK market has seen many FTSE 350 companies retender their audit contract. In the past year PwC has won audit tender such as HSBC, Vodafone, British Land etc.

PwC has retained its leading position as the largest professional services firm in the UK, with its close competitor Deloitte UK reporting revenues of just over £2.5bn in the year to 31 May, an increase of 1.4%.

PwC UK said this year it has invested £200m of the planed £750m six year investment plan, which is to help grow and transform the business.

"The firm increased its capabilities in areas that are hot issues for our clients, such as cyber security, data analytics, digital, and real-time assurance. We have also acquired businesses such as Mokum and Geotraceability, and participated in the PwC global network’s acquisition of Strategy& (formerly Booz & Co) to enhance our reach and capabilities," PwC UK said.

The firm hired 2,700 people and the average distributable profit per partner was £722,000, up 2% from £711,000 in 2013.

The firm’s results also include the PwC network Middle East practice.

 

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