PwC posts 12% growth
PwC cashes in on IFRS and Sarbanes-Oxley to record a 12% increase in turnover, which climbs £200m to reach £1.7bn
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%.