Strong performance from PwC reflects improving economy

AN improving economy has helped boost PwC’s revenue growth 9% across its Yorkshire offices.

The professional services firm, which employs around 900 people across Leeds, Sheffield and Hull, saw revenue growth in all parts of the business in the year to June 30, 2014.

Nationally, the firm reported revenue growth of 5% to £2.8bn for the year, up from £2.7bn the previous year.

Total profit for the year grew to £772m from £750m.

Its total tax contribution to the UK Exchequer, including the contribution of partners, came to £984m, up from £960m last year.

The firm recently appointed five equity partners in Yorkshire, and promoted three new directors.

It also increased its graduate places by 36%, recruiting 79 graduates and ten Higher Apprentices.

Among its key projects, the Yorkshire deals teams advised some of the region’s highest profile deals including the IPOs of Bonmarche and Card Factory, the acquisition of Maplin by Rutland Partners, and Endless’ exit from Bathstore.

Its assurance division, which includes its audit business, won work with leading Yorkshire retailers Morrisons and ghd. Risk assurance recorded its fifth consecutive year of double digit growth

Its business recovery team played a key role in the administration and subsequent sale of Albemarle & Bond, which saved 128 branches and 628 jobs across the UK. The team also led on the financial restructure of Andrew Page allowing an injection of significant new capital.

Arif Ahmad, PwC’s senior partner in Leeds, said: “Our Leeds practice has had a fantastic year, with significant growth in revenues across the business, iconic wins, involvement in many of the leading M&A projects, and investment in senior appointments.

“Support of our local community remains a priority. Our Leeds office raised over £25,000 and spent time volunteering to support St Gemma’s Hospice and a number of national charities. We were awarded the Business in Schools Award for our continued work with Immanuel College in Bradford, a partnership that we will continue to grow and develop. We were also particularly proud to support Welcome to Yorkshire in its spectacular Grand Depart, working with them for the last two years to bring the Tour to the region.”

Ian Morrison, PwC’s Yorkshire & North East regional leader, said: “Our strong performance reflects an improving economy, the growing confidence of our clients and the ongoing investment we have made to create a responsible, profitable and well diversified business.

“We have continued to invest throughout the year, admitting new partners and recruiting high levels of experienced hires, graduates and school leavers. This has positioned us well for the return of market confidence and reflects our strategy of building the right team of specialists so that we can continue to help our clients, and therefore the region, be successful.”

 

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