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September 11, 2011

PwC UK reports 6% growth

PwC UK has reported 6% growth in revenue, from £2,331m ($3,724m) to £2,461m in the year to 30 June 2010. This follows solid 7% growth by Deloitte’s UK firm, indicating some positive results for the Big Four.

Elsewhere in the market, 2010/2011 results have been mixed with Grant Thornton and Baker Tilly reporting contractions while RSM Tenon and Smith & Williamson posted growth.

PwC UK’s fiscal year highlights included recruiting 3,200 people, appointing 81 new partners, investing in a new London office and acquiring Diamond consulting.

PwC UK chairman and senior partner Ian Powell said despite the challenging environment “our assurance business performed well competitively winning the Aviva, TUI and IG Holdings audits and achieving turnover growth of 6% to £909m”.

The firm reported growth of 8% to £907m in advisory services, including a 10% increase in consulting. Tax grew by 2% to £645m.

PwC’s average profit per partner increased marginally to £763,000 compared to £759,000 last year, and the bonus pool paid to staff increased by 10% to £89m.

“While the short-term economic outlook remains uncertain, we see excellent long-term growth prospects, particularly in our consulting, human resource services and risk assurance businesses and in the financial services sector,” Powell said.

Powell said PwC is seeing strong growth potential in serving the needs of entrepreneurs, mid-cap and private companies and in the Middle East.

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