PwC to cast its net wider for work as profits rise
PROFESSIONAL service firm PwC’s northern operation has contributed positively to the firm posting increased annual profits and turnover but the short-term economic outlook for the region remains “uncertain”.
PwC reported turnover growth of 6% to £2.46bn for the year ended June 30. Total profit for the financial year increased by £14m to £656m. Average profit per partner was £763,000, an increase of 0.5%.
Steve Denison, PwC’s Northern chairman, said entrepreneurs, mid-cap and private companies were key targets as the firm was seeing increased demand from regional businesses outside the FTSE.
“We also anticipate further strong growth from our consulting and risk assurance businesses in 2012,” Mr Denison said.
“We are pleased to note that many of our clients are well positioned to face economic uncertainties and seize opportunities that should arise when the upturn materialises. We have the right strategy and market focus to help our clients and grow our business across the North.”
The firm – in numbers the largest of the Big Four in the North West – has offices in Manchester and Liverpool, where it employs 740 and 63 respectively.
Nick Boden, Senior Partner at PwC in Manchester, said: “North West businesses are resilient and innovative. We’re seeing first-hand the entrepreneurial drive and ambition across the North West, through our growing private client and private business practice.
“These flexible and agile businesses will continue to deliver market growth in the region, despite the difficult trading conditions. Our inaugural Private Business Awards, created to celebrate the contribution and quality of the private and entrepreneurial businesses nationally, bear testament to the strength and depth of our regional market, with six North West companies having been shortlisted for awards.”
Boden said PwC had ‘held its nerve’ in the past year by recruiting new people, including three new partners in corporate finance, private client and consulting.
“We are offering significant opportunities for young people as we took on more than 40 graduates and school leavers last year. We will continue to invest to support our clients by creating high quality professional jobs here in the North West.”
Ian Powell, PwC’s UK chairman and senior partner, said the firm’s performance was a strong one in a “period of volatile financial markets, fragile economic confidence and the tightening of public expenditure”.
“Competition in our markets remains fierce and we recognise that we need to continue to demonstrate to our clients that we can deliver the quality and value they demand both here in the UK and internationally,” he added.
PwC provides assurance, tax and advisory services and employs more than 162,000 people in 154 countries.
