PwC posts 12% growth

The UK’s largest accounting practice, PricewaterhouseCoopers, maintained its
position as the most powerful firm in the country as it reported a 12% increase
in revenues this morning.

Overall revenues came in at £1.7bn for the year ended 30 June 2005. The firm
benefited from Sarbanes-Oxley regulation and International Financial Reporting
Standards, as assurance revenues rocket by 18% to bolster the firm’s overall
turnover by £100m.

PwC chairman Kieran Poynter said the firm had benefited from strong demand
for professional services.

‘In a buoyant marketplace we performed strongly across the board,’ said
Poynter. But he warned that the impressive growth generated from IFRS and
Sarbanes-Oxley was ‘unlikely to be repeated’.

The firm’s tax arm grew 8%, advisory services climbed 9% and performance
consulting saw a 28% rise in turnover. Business recovery services fell 6%.

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