PwC partners set for bumper pay day as Brexit advice helps push profit over £1bn
Partners at the accountancy and consulting firm PwC will be paid an average of £765,000 this year after profits soared to more than £1bn, which it attributed to increased demand for advice on Brexit.
Nationally, turnover rose to £4.23bn over the year, with PwC’s 900 partners set to benefit from the firm’s biggest annual payday in a decade as it experienced higher than expected growth over its financial year as clients sought help tackling “uncertainty, risk and the need to transform”.
PwC now employs over 2,000 people in Birmingham and is nearing the milestone of employing 2,500 people in the Midlands, as it continues to invest in its “regional growth aspirations”.
PwC Midlands has seen a 35% increase in the number of new joiners starting their careers with the professional services firm this month, with 223 people joining across its three Midlands offices, in Birmingham, East Midlands and Milton Keynes.
PwC Birmingham will, at the start of 2020, move into the entire commercial office space at One Chamberlain Square, the firm’s single largest investment in the UK outside London.
Across PwC’s business divisions, Assurance revenues increased by 8.1%, Consulting revenues were up by 22.1%, Deals grew by 8.7%, and the Tax practice, which includes specialist areas such as workforce consulting, legal services and pensions experienced growth of 13.5%.
In the Midlands, growth was concentrated on areas of key focus for the firm, including private business and international markets.
Matthew Hammond, Midlands region chairman for PwC in the Midlands, said: “As we continue to build the workforce of the future we are in a strong position going into our 2020 financial year.
ith our latest intake of new joiners we have surpassed a key milestone as our Midlands-wide team increased to in excess of 2,500 people. I am delighted that the 2019 cohort of graduate recruits have helped us to reach a landmark of 2,000 colleagues based here in Birmingham as we grow towards our planned target of 2,300 by the end of next year.
“There was a high demand for our core services across our Midlands offices, and, in particular, for technology-related solutions. Against a challenging political and economic backdrop, our performance reflects our commitment to working with our clients to solve complex problems whilst making continual investment in our people and our business.
“It is particularly pleasing to see revenue growth in areas where we see potential for expansion, such as in private business and international markets.”
