Record turnover at PwC with consecutive years of double-digit growth

PwC has posted a record turnover as the firm hit a double-digit growth in revenue for the second year in a row.

For the year ending 30 June, the firm had an 11 per cent rise in revenue, up to £3.44bn, as profits rose to £829m.

There was strong growth in all four of PwC’s main business areas – assurance, tax, deals and consulting. Assurance saw an 11 per cent rise to £1.241bn, while tax was up 8 per cent to £822m. Deals increased 4 per cent to £654m, while consulting rose 26 per cent to £720m.

The average distributable profit per partner before tax was £706,000. This was a 5 per cent decrease on last year’s £740,000, with the total number of equity partners increasing from 885 to 926.

Kevin Ellis, UK chairman and senior partner of PwC, said: “We’ve had a strong year across all of our business areas. We’re seeing particularly high demand for our technology services, largely as a result of investment in targeted acquisitions.

“We saw huge demand in areas like cyber security, data analytics and technology. It’s not only market demand – we’re seeing more interest from our graduates in joining these areas. Digital and data analytics will probably be the future of professional services.

“We have prioritised building market-leading teams to help our clients capitalise on market disrupters such as blockchain, artificial intelligence and cloud technology.”

PwC is the largest accountancy firm in the UK by revenue, ahead of its Big Four rivals Deloitte, Ernst & Young, and KPMG. The firm employs more than 21,000 people in 64 offices in the UK, Middle East and Channel Islands.