Double-digit growth in Yorkshire as PwC’s revenues pass £3bn
PROFESSIONAL services firm PwC added £46m to its bottom line as revenues soared above £3bn, it has announced.
The average distributable profit per partner before tax was £740,000, up 2.5%, while the firm’s profits were up 6% to £818m in the year to June 2015. Revenues increased at a faster rate, up 9.6% to £3.08bn.
Its Yorkshire practice delivered “a strong performance across all business areas”, reporting unspecified double-digit growth which it said was in line with the performance of its UK regional practice, which grew its revenues by 15%.
“The momentum in our business today is down to our long-term investment strategy and the decisions we took during the downturn, said Ian Morrison, PwC’s Yorkshire and North East regional leader.
“Over the past seven years we have continued to invest in our people, admitting five new partners into the practice last year. Our significant investment in infrastructure, with the relocation of our Sheffield and Newcastle practices to new offices in 2014, and the confirmation that our Leeds office will anchor Central Square from 2016, underlines our continued commitment to the region.
“Each of our core businesses – assurance, tax, consulting and deals – delivered well and our newer businesses such as cyber security, data analytics and digital and technology consulting performed particularly strongly.”
PwC said its performance in Yorkshire and the North East “reflects an increasing pace of economic recovery in the region and mounting business confidence”.
Arif Ahmad, PwC’s senior partner in Leeds, added: “It has been an exciting year for our Leeds office, with plans to move to Central Square well underway, and excellent levels of growth across every part of our practice.
“Particularly pleasing was the significant revenue growth in our deals practice, with the team involved in numerous high profile transactions including the disposals of Poundworld, Tuffnells Parcel Express, and a number of IPOs in the region.”
Overall, PwC’s four core businesses all grew by at least 7%, with its consulting division increasing fastest, achieveing 16% growth. Assurance accounted for 36% of the firm’s turnover, with tax bringing in 25%, deals 20% and consulting 19%.
