Member Article

PwC reports record £3.6bn revenue in 14th consecutive growth year

PwC, the professional services firm, has reported record revenue of £3.6bn for the year ended 30 June 2017, up 5% from £3.44bn last year.

For the third consecutive year PwC’s results are being released alongside a fully digital annual report, entitled Leading in Changing Times – making a difference, which provides detailed insight into the firm’s strategy, performance and societal contribution.

The Assurance, Consulting and Tax business divisions grew 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. The Middle East practice performed particularly strongly, up 23%.

Profits for 2017 were £822m, down 1% on 2016, although the firm says it continued to significantly invest heavily in people, technology and growth areas.

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.

Bill MacLeod (pictured), PwC’s office senior partner in Newcastle, said: “It is rewarding to see the regions continue to play their part in helping PwC deliver continued growth with the North East no exception.

“In spite of the continued economic uncertainty businesses remain optimistic and focussed on the potential opportunities ahead. Our Newcastle office has delivered another strong performance this year particularly on the back of a number of substantial transactions we worked on including Parkdean, Fine Industries and CAV.

“We have continued to invest in technology and our people, supported by record levels of recruitment and senior promotions, with two new partners and three new directors, to ensure we are best placed to serve new and existing clients from both traditional and emerging sectors.”

Ian Morrison, PwC Yorkshire & North East regional leader, added: “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.”