PwC Announce Profits Boost

Tue, 16 Sep 2008

PricewaterhouseCoopers, the world’s largest accountancy firm, has reported a 7 per cent boost in underlying profit to £664m for the year ending 30 June.

According to the firm’s annual results, turnover at the firm rose by 7 per cent to £2.24bn, with Kieran Poynter, who stepped down as PwC chairman in June, receiving a tidy £3m salary for his efforts – up from £2.8m the previous year.

However, Mr Poynter remains a distant second to Deloitte chairman John Connolly (£5.7m annual pay) as the world’s best paid accountant .

PwC's 840 partners received an average profit of £797,000, compared with £970,000 gained by workers at Deloitte .

The firm said its pay reflected the amount of investment it made during the year in businesses such as advising companies on corporate responsibility.

The annual results confirmed that PwC has managed to record strong growth in most areas of the business, with a slowdown in transaction-related business offset by a pick-up in business restructuring and forensic investigations activity, driven by the economic slowdown.

Ian Powell, the newly appointed chairman at PwC, commented: "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.

"Despite the market conditions, as the market leader, client demand for our services remains solid," he added
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