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PwC UK has announced that group revenues rose by 16% to £5.8bn in FY23, with growth seen across all business lines.
The firm’s consulting revenues maintained the “significant” growth levels of the previous year, with growth of 30%, in part driven by demand in the Middle East, as clients invested in programmes to modernise and diversify the region’s economy beyond oil.
In addition, expanded reporting requirements increased client demand for the group’s audit services, where FY revenues grew by 19%. Over the year, the UK practice won a number of high profile mandates, including becoming auditor to Natwest from 2026, and being reappointed by HSBC.
Meanwhile, PwC’s tax division recorded 19% group revenue growth,while its risk and deals divisions “outperformed in a tough market”, each achieving 6% revenue growth. Finally, financial services reported growth of 15% in FY23.
In its latest results, the Big Four firm noted that pay for its partners dipped slightly, as distributable profit per UK partner averaged £906,000, down from £920,000 in FY22.
Kevin Ellis, chair and senior partner at PwC UK, said: “Against a backdrop of political and economic upheaval, our multidisciplinary business has chartered a strong course. Continued investment in people and technology, including a string of generative AI alliances, has powered our business. Our clients are looking for things that will give them an edge – where the costs of sitting still are too great to ignore.
“Considering the sizable investments we’ve made in our people and technology, partner profits beat our forecasts. Our strong performance is due to the adaptability of our business in supporting our clients and is a credit to the talent of our people.”
