Stronger regional economy sees PwC in the Midlands exceed national performance
PwC in the Midlands has bettered the performance of the national business by recording annual growth of 7%, latest figures show.
Figures released today by the professional services firm show reported revenue growth of 5% to £2,814m for the year ended June 30, 2014 – a rise of £2,689m on the previous year.
Each of the firm’s four business divisions grew, with the Assurance practice, which includes the audit business, growing by 6% to £1,025m, Tax by 5% to £714m, Deals by 3% to £580m, and Consulting by 4% to £495m.
Commenting on PwC’s performance in the Midlands, Mark Smith, regional chairman, said: “We achieved growth of over 7% growth in the Midlands, reflecting the continued improvement in economic conditions and increased business confidence in the region.
“All of our businesses grew during the period with particularly strong performances in our Risk Assurance, Pensions and Consulting practices. Our Deals team also benefitted from an increase in mergers and acquisitions activity in the region.
“Looking ahead, we believe business confidence will continue to improve and we expect the region’s economy to grow by around 3.1% this year.”
Ian Powell, UK chairman and senior partner, agreed that the strong performance reflected an improving economy, adding that growing confidence amongst clients and a programme of ongoing investment in the firm had also reaped dividends.
“Encouragingly, the UK economy is showing positive signs of rebalancing. We are seeing significant growth potential in the UK regions and the announcement of infrastructure investment in the Northern corridor will provide a further boost,” he said.
The firm said it had faced significant regulatory change and as a consequence 2014 had seen an increase in listed company audit tenders. It was selected as auditor for companies such as HSBC, Vodafone, British Land, Dunelm and Morrisons.
In 2014 it made direct investment of over £200m, part of the £750m invested over the past six years to grow and transform the business. The firm said this programme would continue it order to sustain growth.
The firm also took on a record 2,700 people, as more than 90,000 people applied for jobs with it.
In outlook, Powell added: “I am optimistic about the shorter term economic outlook, we expect the UK economy to grow by around 3% this year and by some 2.6% in 2015.
“However, there is no room for complacency given the important issues faced by the UK and the potential for global events to affect the economy. Government and business must work together to spread the message that the UK provides a compelling and stable environment to operate in. We are aware of some 100 overseas businesses looking to increase their footprint in the UK, but are equally aware that these companies look for relative political and regulatory certainty before they invest.”
