PricewaterhouseCoopers
(PwC) UK has reported revenue of £2.25 billion ($3.75 billion) for
the year ended June 2009, up 1 percent from £2.24 billion in
2008.
PwC is the UK’s
highest fee earning firm. Second-placed Deloitte recently reported
a 2 percent drop in annual gross revenue to £1.97 billion in 2009.
This year’s results highlight a decline in growth since the 2004/05
financial year, where the market leader enjoyed a 12 percent
revenue increase (see chart).
PwC’s advisory
business grew by 5 percent to £737 million.
However, its
assurance and tax businesses experienced small declines in
turnover, dropping 1 percent to £861 million and 4 percent to £650
million respectively.
The firm
admitted 53 partners in the 2009 fiscal year; 6 percent of partner
admissions were women, bringing the total number of women partners
at the Big Four firm to more than 100. The profit distributable to
partners was £777,000, down 3 percent on the previous
year.
KPMG UK chair
Ian Powell said that during the current economic turmoil the firm’s
results represent a “solid” financial performance.
“Our strategy
is to bring the scale and reach of our firm to the benefit of our
clients by delivering excellent service. This combined with tight
management of our cost base has allowed us to continue to invest
for the upturn,” said Powell, whose share of spoils was £3.3
million.
