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

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

3h Emma Smith, Managing Editor
Where is your next client coming from?

Accounting Firms Where is your next client coming from?

2d James Noble, Propero Partners
Specialist VAT service provider joins MHA

Accounting Firms Specialist VAT service provider joins MHA

2d Austin Clark, Reporter
Top 50+50: Big Four hold steady, shake-up outside Top 20

Accounting Firms Top 50+50: Big Four hold steady, shake-up outside Top 20

2w Emma Smith, Managing Editor
Top 50+50: Revenue rises spark rankings shake-up

Accounting Firms Top 50+50: Revenue rises spark rankings shake-up

2w Emma Smith, Managing Editor
Grant Thornton expands financial services regulatory team

Accounting Firms Grant Thornton expands financial services regulatory team

1w Austin Clark, Reporter
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
Top 50+50: Firms fall short on diversity

Accounting Firms Top 50+50: Firms fall short on diversity

2w Alia Shoaib, Reporter