PwC revenues rise 4% to £2.3bn

PwC has posted a 4% rise in turnover to more than £2.3bn, the firm said today.

The firm announced figures of £2.331bn, up from £2.248bn in the previous year, with underlying net revenue also increasing 4% to £2.069bn.

However, profits per partner dropped for the second consecutive year to £759,000 from £777,000 due to the firm's strategy of pumping more funds back into the business.

Breakdowns showed PwC's advisory arm achieved turnover growth of 9% to £804m while the assurance division saw turnover increase by 4% to £893m.

The tax practice posted a decline of 2% to £634m as the division was affected by a slump in mergers & acquisitions advice.

Ian Powell, PwC UK chairman and senior partner, said:

"Notwithstanding a tough year for our clients and our business, we’ve delivered a good, solid set of results given the economic and market backdrop. We stayed close to our clients through this testing period and continued to invest in the future of our business."

The investments which contributed to PwC's consistent performance included recruiting 1,750 people in the UK, 57 new partners, a strategic alliance with our Middle East network firms, and the acquisition of the Paragon consulting business.

To consolidate its position during the next twelve months PwC will create 800 new jobs across its business and also hire 1200 graduates.

Powell warned that the government would have to ramp up efforts to keep the UK as a destination for investors and overseas businesses.

“While we see some signs of an economic recovery, the continued competitiveness of the UK economy remains challenging. Ensuring that the UK is seen as ‘open for business’ will determine the future success of our own firm and the UK economy.

"The government is clearly addressing the debt burden and making spending cuts is unavoidable, but the emphasis must be on investing to accelerate business growth in the interests of the UK’s long-term economic health."

Further reading:

PwC revenues grow by just 0.5%