UK´s biggest firm sees growth rate lift to post revenues of £2.24bn

Written by Judith Tydd

Accountancy Age، 09 Sep 2008

PricewaterhouseCoopers´s underlying profit growth for the past financial year rose by 7% on a turnover of £2.24bn، the firm has reported.

The numbers will maintain PwC´s position as the UK´s biggest firm، but the gap in turnover with Deloitte is now less than £200m، or less than 10% of Deloitte´s total revenues.

The tax and advisory divisions of the business continue to excel، growing 8% and 13% respectively. Assurance grew just 3% to £1.043bn over the past 12 month period.

Overall PwC´s revenue grew by 7%، slightly up on last year´s 6%.

Ian Powell، UK chairman of PwC، described the performance as ´good´، especially when factoring in recent market conditions.

´The current economic uncertainty has affected business and consumer confidence with transactional activity down and a lowering of growth expectations for many UK and international businesses،´ he said.

While the downturn in the economy is set to continue for the short to medium-term، Powell said the firm is well positioned to steer clients through this period.

´We share our clients´ concerns over the risks to the continued competitiveness of the UK economy.´

The quantity and scope of regulation combined with the level of uncertainty and complexity in this country´s tax system are particular causes of concern، and remain at the top of the agenda for leading UK-based businesses.

Other highlights of the report include the admittance of 80 new partners to the firm – 26% of which were women، and the hiring of 2،500 staff.