PricewaterhouseCoopers (PwC) has cemented its
position as the highest earning professional services firm in the
UK, reporting growth of 4% to £2.3 billion ($3.53 billion) in the
year to 30 June 2010.
Over a similar reporting period, PwC stretched
its lead over nearest rival Deloitte by £68 million to £347
The firm’s advisory business produced strong
revenue growth of 9% to £804 million. Audit revenue grew 4% to £893
million while tax revenue dropped 2% to £634 million, affected by a
decline in M&A advisory work.
Other highlights of the past year include the
formation of a strategic alliance with PwC’s Middle East firms and
the acquisition of corporate performance management business
Partners pay cut
Despite a solid increase in revenue, the
partners’ share of profits fell by 2% to an average of £759,000.
PwC said the decrease is due to the firm’s investment strategy.
PwC senior partner and chairman Ian Powell
received 9% pay rise to £3.6 million, a figure that is set by the
Powell said he considers the performance as
good given the market conditions.
“While we see some signs of an economic
recovery, the continued competitiveness of the UK economy remains
challenging. I remain convinced that as a firm we took the
right decision last year to hold our nerve and continue to recruit
and invest in our business,” Powell said.
In the 2009/2010 fiscal year, PwC recruited 1,750 staff, which
included appointing 57 partners. PwC said it is planning to recruit
800 staff and 1,200 graduates in the next 12 months.