PracticeAccounting FirmsDramatic plunge in PwC revenues

Dramatic plunge in PwC revenues

The first ever UK annual report by PricewaterhouseCoopers has revealed a 7% decrease in turnover, with revenues topping £1.5bn.

Link: E&Y’s results stand up to competition

The shrink in turnover came even though PwC’s Big Four rivals reported steady growth, though even these figures were boosted by the acquisition of former Andersen interests.

Reporting for the year to 30 June 2003, PwC revealed that average profit per partner fell to £429,000, a drop of 9%. The sale of PwC Consulting to IBM generated profit of £223m.

Despite the drop in revenues, Kieran Poynter, chairman of PwC UK, remained buoyant, declaring that the UK results had ‘held up so well’ in the toughest market conditions he could remember.

He also welcomed the publication of the firm’s first annual report: ‘In recent years we’ve been helping our clients respond to the growing demand for broader transparent reporting. We’ve tried to follow that lead by summarising the past 12 months in an open and transparent way.’

The firm also issued its global annual review which showed net revenues of $14.7bn, up 5.5%, for its international network.

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