PracticeAccounting FirmsRevenues rise modestly at PwC

Revenues rise modestly at PwC

PricewaterhouseCoopers has reported a modest 4% growth in turnover to take the total up to £1.56bn, for the financial year to 30 June 2004.

Link: Rivals close the income gap with PwC

The firm’s second annual report, out today, also shows that the profit share of Kieran Poynter, PwC’s UK chairman, rose to £1.75m, up from £1.48m in 2003.

PwC also reports that growth supported by a 16% increase in revenues from services to non-audit clients.

Average profit per partner was up 5% to £511,000.

The firm reports strong growth in assurance (8%) and advisory (9%). Tax services saw a revenue drop of 4%, put down to the impact of regulation on listed audit clients.

Kieran Poynter said: ‘Our growth includes a healthy 16% increase in revenues from companies we do not audit, reflecting our decision to focus on this area. Of the firm’s 25 largest clients by revenue, 14 are now non-audit clients compared to eight a year ago.’

He added: ‘In the short to medium-term I see substantial growth opportunities for all our businesses. These opportunities are there because we are putting effort into the relationships we build, the way our teams work together and our relentless pursuit of quility in everything we do.

He said the latest results followed two of the toughest years he could remember in the UK professional services market. He said it was a ‘result of sticking to a simple winning strategy – being the leader in the markets we choose to serve and being a great place to work for all our people.’

Horwath Clark Whitehill was paid £500,000 to audit the group accounts.

Related Articles

British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1w Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1w Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2w Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2w Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

4w Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

1m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

1m Emma Smith, Managing Editor
Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

Accounting Firms Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

2m Karen Baxter, Lewis Silkin