Big 4 accountancy firm PWC today announced that it revenue in the UK rose to more than £3.1 for the financial year ending 30th June 2015. This was a 10% increase on the previous years revenue (£2,814 million).
Profit growth lagged with a 6% increase (£818 million) the firm explained this was as a result of continued strategic investment in its people, training and skills, infrastructure and technology.
Ian Powell, Chairman and Senior Partner of PwC UK, commented:
“The momentum in our business today is a reflection of our long-term investment strategy and the decisions we took during the downturn to ensure that we deliver responsible, profitable growth. Over the past seven years we have invested close to £1 billion in developing our people, technology, infrastructure and new services to meet the future needs of our business.”
- Each of the firm’s four business divisions delivered good growth. Assurance grew by 9 percent to £1,121 million, Tax by 7 percent to £763 million, Deals by 8 percent to £628 million, and Consulting by 16 percent to £571 million.
- The average distributable profit per partner before tax was £740,000, up 2.5 percent from £722,000 in 2014.
- Regional revenues grew by 15 percent with growth in all UK regions.
- The firm’s total tax contribution to the UK Exchequer, including the contribution of partners, was £1,073 million, up from £984 million last year. The effective tax rate for partners was 48 percent.
Commenting on the business and economic outlook, Ian Powell added:
“Business confidence has been improving and, while uncertainties remain, the UK economy is performing well. Britain is one of the fastest growing major western economies and is well-placed to achieve a number of years of respectable growth. British business is innovative and dynamic, and I am optimistic that the UK will continue to be very attractive for inward investment and job creation.”