PwC remains ahead with 7% growth

PricewaterhouseCoopers’s underlying profit growth for the past financial year
rose by 7% on a turnover of £2.24bn, the firm has reported.

The numbers will maintain PwC’s position as the UK’s biggest firm, but the
gap in turnover with Deloitte is now less than £200m, or less than 10% of
Deloitte’s total revenues.

The tax and advisory divisions of the business continue to excel, growing 8%
and 13% respectively. Assurance grew just 3% to £1.043bn over the past 12 month

Overall PwC’s revenue grew by 7%, slightly up on last year’s 6%.

Ian Powell, UK chairman of PwC, described the performance as ‘good’,
especially when factoring in recent market conditions.

‘The current economic uncertainty has affected business and consumer
confidence with transactional activity down and a lowering of growth
expectations for many UK and international businesses,’ he said.

While the downturn in the economy is set to continue for the short to
medium-term, Powell said the firm is well positioned to steer clients through
this period.

‘We share our clients’ concerns over the risks to the continued
competitiveness of the UK economy.’

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,
and remain at the top of the agenda for leading UK-based businesses.

Other highlights of the report include the admittance of 80 new partners to
the firm – 26% of which were women, and the hiring of 2,500 staff.

Ian Powell, chairman of PwC

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