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.
