BusinessCompany NewsBackgrounder: PwC results cements dominance

Backgrounder: PwC results cements dominance

The release of annual results from PricewaterhouseCoopers has all but confirmed its position as the largest accounting firm in the UK

While turbulent trading conditions of the past year have affected the firm’s
overall revenues, most areas of the business have recorded strong growth.

According to a report in
The
Financial Times
, revenues are up 6.5% in the financial year to June 30 at
£2.24bn, strengthened by a 13% growth in its advisory business, which includes
restructuring work.

PwC remains the largest of the Big Four firms, however, Deloitte reported
revenues for the year to May 31 of £2.01bn – an 11% jump increase on the same
period the year prior.

Ian Powell, incoming chairman of PwC, said increased regulation coupled with
tax uncertainties is weakening the degree of competition throughout the UK’s
economy.
In a report on
telegraph.co.uk,
Powell said he shares his clients’ concerns over business risks.

‘The quantity and scope of regulation combined with the level of uncertainty
and complexity in this country’s tax system are particular causes of concern,’
he said.

timesonline.co.uk
reported the direct correlation between PwC’s performance and the pay packets of
its senior executives.

Kieran Poynter, outgoing chairman of PwC, who stepped down from the top job
in June, leaves with a tidy £3m salary.

Poynter is surpassed only by
Deloitte’s
John Connolly
, who took home £5.7m in the past year.

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