Big Four

PwC UK annual revenues up 12% in 2018

‘Big Four’ accounting firm PwC UK has recorded a 12% increase for the year ended 30 June 2019 £4.2bn.

The rise in revenue is in part down to ‘higher than expected’ demand as clients seek help tackling uncertainty, risk and the need to transform.

Profit for the financial year was £1.01bn (up from £935m in 2018) and the average distributable profit per partner before tax was £765,000 (up from £712,000 in 2018).

Assurance revenues increased by 8.1% to £1.44bn, consulting revenues were up by 22.1% to £950m, deals grew by 8.7% to £773m , and the tax practice, which includes specialist areas such as workforce consulting, legal services and pensions, experienced a growth of 13.5% to £1.06bn.

The firm hired more than 4,000 new people in the UK including 1,345 graduates and school leavers, and 2,718 experienced hires. A new office in Bradford also opened, alongside new ‘Frontier’ technology labs opened in London and Reading.

Over the next year, PwC added it plans to invest £140m in people, quality, training, technology and upskilling.

Kevin Ellis, PwC chairman and senior partner, said: “At a time of considerable uncertainty, PwC continues to make a significant contribution to the UK economy. Professional and business services is the fastest growing sector in the economy, accounting for 11% of UK GDP, and the largest contributor to services exports.

“We experienced high demand for our core services and, in particular, for technology-related solutions. Against a challenging political and economic backdrop our performance reflects our commitment to delivering for our clients and making continual investment in our people and our business.”

He added: “We are committed to creating quality jobs across the UK and working with corporate Britain, government and education providers to ensure we’re building a strong digital future across the UK.”

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