PwC reports record revenues
PwC, the professional services firm, has reported record revenue of £3.60bn for the year ended 30 June 2017, up 5% from £3.44bn last year – however, profits dropped slightly.
The figures show the 14th consecutive year of revenue growth for the firm, which has East Midlands offices on Pegasus Business Park, near East Midlands Airport.
Profits for 2017 were £822m, down 1% on 2016, as the firm continued to invest heavily in people, technology and growth areas. The average distributable profit per partner before tax was £652,000, down 8% from £706,000 last year, as the overall number of equity partners increased to 953, from 926 last year.
Kevin Ellis, PwC chairman and senior partner, said: “Overall, business performance was solid in a challenging and complex market. We continued to invest significantly in our core and digital services, new technologies and create jobs, despite a slowdown in some sectors due to uncertainties related to the EU Referendum result, US Presidential and UK General election.
“We saw high demand from UK and overseas clients for our insurance, regulatory and real estate services, as well as for supply chain, transaction services and cost reduction support. Across the UK, we grew strongly in Northern Ireland, Scotland, Midlands and the South East.”
The Assurance, Consulting and Tax business divisions grew by 4%, 7%, and 7% respectively, with the Deals practice down slightly (-1%) as strong transaction services based growth was offset by the winding down of some long-term insolvency and forensic assignments. The Middle East practice performed particularly strongly, up 23%.”
