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September 24, 2009

UK’s largest firm reports grow

PwC UKPricewaterhouseCoopers (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.

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