PwC has reported a 25% year-on-year jump in consolidated profits in FY21, rising from £938m to £1.17bn.
In turn, the group’s average distributable profit per partner before tax also climbed 27% year-on-year to £868,000 for the period.
Gross revenue for the year ended 30 June 2021 also grew to £4.45bn, a slower increase of 2% from FY20’s £4.38bn.
This was driven by 7% and 9% jumps in audit and deals revenues respectively, as private sector demand resulted in strong performances at PwC’s transaction services and corporate finance teams.
However, revenues in the Big Four firm’s risk and consulting practices declined a respective 2% and 6% during the financial year, while its tax arm held steady at £1.07bn.
Kevin Ellis, chairman and senior partner at PwC, said: “The year really has been a story of two parts. Last summer, like many businesses, we faced significant economic disruption and huge uncertainty about how the pandemic would play out.
“After a challenging first six months where we held our nerve, made no redundancies and honoured job offers, we were well-placed to meet demand and create investment capacity as confidence in the market picked up.”
He added that the group sees recovery from the pandemic as “a catalyst of profound change”, with demand growing for the company’s “deals, financing, digitisation, ESG and supply chain transformation services”.