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

WorkStyle: Helping accountants to support new contractors

Accounting Firms WorkStyle: Helping accountants to support new contractors

5d ClearSky Accounting | Sponsored
Grant Thornton grows profits while radically reshaping portfolio

Accounting Firms Grant Thornton grows profits while radically reshaping portfolio

6d Alia Shoaib, Reporter
How to protect LLP firms from a damaging team move

Accounting Firms How to protect LLP firms from a damaging team move

1w Clive Greenwood, Lewis Silkin
Grant Thornton reports gender pay gap at 26.6%

Accounting Firms Grant Thornton reports gender pay gap at 26.6%

3w Alia Shoaib, Reporter
5 ways to adapt your accounting services for millennial clients

Accounting Firms 5 ways to adapt your accounting services for millennial clients

4w Receipt Bank | Sponsored
Smith & Williamson reports double digit growth

Accounting Firms Smith & Williamson reports double digit growth

4w Alia Shoaib, Reporter
RSM UK reports 9% revenue rise

Accounting Firms RSM UK reports 9% revenue rise

4w Alia Shoaib, Reporter
Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

1m Simon Adcock, HSBC