Big Four

PwC reports sharp fall in profits due to Covid

PwC revealed it was not immune to the financial effects of the pandemic in its full-year results, as it reported an 8% drop in profits for the year ended 30 June 2020, despite a 3% rise in revenues.

Profit for 2020 was £938m, down from £1,016m over the same period last year.

This resulted in a 10% cut to partner payouts, with the average distributable profit per partner being £685,000 compared to £765,000 in 2019.

Kevin Ellis, PwC UK chairman and senior partner, said: “I’ve been impressed by the resilience of our people and business as we’ve adapted to new ways of working while keeping a constant focus on supporting our clients.

“As is to be expected the pandemic had a significant impact on our financial performance in 2020, however I am proud that we have continued to invest in our people and regional growth opportunities.”

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He added: “We were clear in our response to the crisis from day one that we prioritised providing support and reassurance to our people. We took an early decision not to take government funding through the furlough scheme or loans.

“Supporting our people enabled us to continue to deliver for our clients. Through the hard work of our partners and staff we have maintained our focus while recognising it’s been a difficult time for everyone and that many of our people have been personally impacted.”

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