Double-digit growth in the Midlands supports PwC’s revenue rise

PwC has recorded its second year of double-digit growth as revenues reached £3.44bn in the year to June.
Revenues were up 11%, although profits only edged up slightly, rising 1% to £829m.
This resulted in a 5% fall in the average distributable profit per partner before tax to £706,000, which was caused by an increase in the number of equity partners, up 41 to 926.
Matt Hammond, PwC’s regional chairman in the Midlands, said its offices in Birmingham, Castle Donington and Milton Keynes all individually achieved double-digit growth. The firm employs 1,600 people across the region.
“It’s been a strong year for the Midlands business, with double digit growth overall and in each of our offices,” he said.
“Every part of our business grew, driven by our high growth consulting business, significant volume and value in our transactions and crisis deals businesses, important audit wins for our assurance business and heavyweight investment in our tax business. We also saw strong growth in our listed and private business segments.”
PwC announced this year it is relocating to One Chamberlain Square, part of Birmingham’s Paradise development, in early 2019 with work having just begun on the site.
The firm, which welcomed David Cameron to its Birmingham office during the EU referendum campaign, sounded a neutral note about the expected impact of Brexit on its own performance.
Mr Hammond said: “We will be working closely with our clients and people in the Midlands to contemplate the impact of the EU referendum decision and support them in embracing the opportunities that come with change.”
PwC’s chairman Kevin Ellis added: “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.”
The firm’s four core areas – assurance, tax, deals and consulting – all delivered “good growth”. A 26% rise in revenue from its consulting division, to £720m, saw that part of the business overtake its deals division, which increased revenues by 4% to £654m.
Assurance brought in £1.24bn while tax contributed £822m to the firm’s income.

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