Record revenue growth for PwC

PROFESSIONAL services giant PwC has reported a second consecutive year of double digit revenue growth.

Revenue grew to a record £3.44bn for the year ended June 30 2016, up 11% from last year’s £3.08bn. 

The firm’s profits increased to £829m while average distributable profit per partner before tax was £706,000, down 5% from £740,000 last year as the overall number of equity partners increased to 926, from 885 last year.

All of PwC’s core businesses – assurance, tax, deals and consulting – delivered good growth, with assurance and consulting recording double digit increases, the latter enhanced by the successful integration of Strategy&.

There was increased demand in particular for cyber security, data analytics and technology services. Targeted investment in regional UK practices continued to deliver good growth, while revenues from privately owned businesses grew significantly.

Iwan Griffith’s, PwC’s North West regional chairman, said:  “The North West region has had another strong year of growth.  We’ve created more jobs for the region and brought in more specialists to support our clients.

“As well hiring more people we admitted six new partners into our practice in July, with a further two partners set to join later in the year.  This, combined with our move to a new office in Spinningfields in 2017 demonstrates our commitment to invest in the region.”

“We are creating new jobs and also an environment which will help attract and retain the best possible talent.”
        
Kevin Ellis, chairman and senior partner, said:  “Our second year of consecutive double-digit growth is the result of the long-term investment we’ve continued to make in our people and new technology.

“While the impact of leaving the EU is still being worked through, we believe we’ll be in the strongest position by continuing to invest in new technology and leading the way in student recruitment – just as we did during the 2008 financial crisis.”