Record revenue of £3.60bn at PwC
PwC has reported record revenue of £3.60bn for the year ended 30 June 2017, up 5% from £3.44bn; in a year the company invested in technology to link up with clients, including virtual reality.
The professional services firm, which has a strong Yorkshire presence, saw its assurance, consulting and tax business divisions grow by 4%, 7%, and 7% respectively, with the deals practice down slightly (-1%) as strong transaction services based growth was offset by the winding down of some long-term insolvency and forensic assignments.
Profits for 2017 were £822m, down 1% on 2016. The average distributable profit per partner before tax was £652,000, down 8% from £706,000 last year, as the overall number of equity partners increased to 953, from 926 last year.
Ian Morrison, PwC Yorkshire & North East regional leader, said: “Supporting our clients across the region is our priority and we’ve invested in innovative new services, using artificial intelligence, virtual reality, and innovative cloud technologies, to help them tackle their immediate and longer term challenges and opportunities.
“We’re transforming our business to ensure we have the right skills and technologies to assist with the challenges facing our clients as a result of the 4th industrial revolution. Building a vibrant and sustainable economy right across Yorkshire and the North East is essential for the region to prosper post-Brexit, and we need to play our part.”
The firm launched a technology degree apprenticeship with the Universities of Birmingham and Leeds to give 80 students per year an opportunity to earn while they learn.
New innovations were introduced including the use of artificial intelligence in audits, the acquisition of data technology firm Selera Labs and GE’s tax team and technologies to digitise tax services. The company also invested in Brainspace and Seal technology to apply AI in forensic investigations and deals, and began using machine learning techniques to help predict GDP and other economic trends.
The firm established an alliance with CodeBase, one of Europe’s largest tech incubators to support fast growth businesses, and the Scale-up programme helped 33 disruptive start-ups across the UK grow their businesses, raise equity and build their networks.
PwC moved into new offices in Leeds, Bristol, Aberdeen and Southampton, opened a technology industry hub in Reading and built a specialist blockchain team in Belfast.
For the third consecutive year, PwC’s results are being released alongside a fully digital annual report, which provides detailed insight into the firm’s strategy, performance and societal contribution.
