Profits dip at accountancy giant as Covid-19 hits growth

Profits at accountancy giant PwC have fallen by 8%, according to pre-close results revealed by the firm on Thursday morning.

The company is set to post profits of £938m for the year-ending June 30 2020, with revenues increasing by 3% to almost £4.4bn.

PwC’s partners are set to be hit in the pocket with profit per partner down 10% to £685,000. The firm said the drop was down to effort to protect jobs, salaries and paying staff bonuses.

PwC said it felt growth slow “significantly” in June, with the pandemic impacting the last four months of its financial year.

Kevin Ellis, PwC UK chairman and senior partner, said: “I’ve been impressed by the resilience of our people and business as we’ve adapted to new ways of working while keeping a constant focus on supporting our clients. As is to be expected the pandemic had a significant impact on our financial performance in 2020, however I am proud that we have continued to invest in our people and regional growth opportunities.”