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.
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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.