While turbulent trading conditions of the past year have affected the firm's overall revenues, most areas of the business have recorded strong growth.

According to a report in The Financial Times, revenues are up 6.5% in the financial year to June 30 at £2.24bn, strengthened by a 13% growth in its advisory business, which includes restructuring work.

PwC remains the largest of the Big Four firms, however, Deloitte reported revenues for the year to May 31 of £2.01bn - an 11% jump increase on the same period the year prior.

Ian Powell, incoming chairman of PwC, said increased regulation coupled with tax uncertainties is weakening the degree of competition throughout the UK's economy.
In a report on telegraph.co.uk, Powell said he shares his clients' concerns over business risks.

'The quantity and scope of regulation combined with the level of uncertainty and complexity in this country's tax system are particular causes of concern,' he said.

timesonline.co.uk reported the direct correlation between PwC's performance and the pay packets of its senior executives.

Kieran Poynter, outgoing chairman of PwC, who stepped down from the top job in June, leaves with a tidy £3m salary.

Poynter is surpassed only by Deloitte's John Connolly, who took home £5.7m in the past year.