Revenues and earnings rise at PwC
ACCOUNTANCY group PwC has seen annual revenues grow by 7% across its business.
The firm said income for the year to June 30 climbed to £2.62bn, up from £2.46bn. Profit was up 11% at £727m.
It saw particular growth in audit, consulting, deals and actuarial services.
Average profit per partner was £798,000 up from £763,000 in 2011 while profits distributable to partners – after deducting payments to retired partners and equity adjustments – was on average £679,000, down on last year’s £707,000.
During the year PwC said it recruited 2,300 people, including more than 1,200 graduates and 100 school leavers, who joined professional training programmes. The firm has 700 staff across offices in Manchester and Liverpool.
Recently-appointed regional chairman Iwan Griffiths said: “While the short term economic environment remains tough, I am confident in the North West’s longer term prospects.
“Companies are holding their nerve and locally we’re seeing growth in the technology and financial services sectors and in businesses who are expanding their markets by exporting.
“We’ve had some real successes last year by winning many new clients in a highly challenging and competitive market place, especially in the energy and financial sectors.
“We will continue to invest so we are best placed to support the economic recovery when it comes. We are continuing to plough resources in our growth areas and plan to maintain our record recruitment levels in the coming year to add to our 700-strong team, particularly with talented graduates and apprentices.”
Ian Powell, PwC chairman and senior partner, said: “We delivered strong performance across all of our businesses over the past year in what remains a very challenging market. We took a decision at the start of the downturn to continue to hold our nerve and invest in our business.”
