PwC HAS TAKEN another step towards £3bn in revenues, after seeing broad growth across its service lines.
The firm reported revenues of £2.81bn for the year ended 30 June 2014, from £2.69bn a year earlier. Its four business divisions all grew, with audit up 6% to £1.03bn. Its ‘deals’ division grew 3% to £580m.
Profit climbed to £772m from £750m, with average distributable profit per partner up to £722,000 from £711,000 in 2013.
Nearly two-thirds of its revenues came from non-audit clients (63%).
Ian Powell (pictured), chairman and senior partner of PwC UK, said: “Our strong performance reflects an improving economy, the growing confidence of our clients and the ongoing investment we have made in the firm over the past six years to create a responsible, profitable and well diversified business.
“Encouragingly, the UK economy is showing positive signs of rebalancing. We are seeing significant growth potential in the UK regions and the announcement of infrastructure investment in the Northern corridor will provide a further boost.”
Powell expects 3% growth in the UK this year, with a 2.6% prediction for 2015, revealing that PWC is aware of 100 overseas businesses looking to increase “their footprint” in the UK.
“However, there is no room for complacency given the important issues faced by the UK and the potential for global events to affect the economy. Government and business must work together to spread the message that the UK provides a compelling and stable environment to operate in.”
HMRC has defeated a tax avoidance scheme used by Greene King and marketed by EY, protecting around £30m in tax.
Businesses will have to think more strategically about where they can source those non-audit services in the future
Powell, who recently stepped down as chairman and senior partner at PwC, is set to join FTSE 100 firm Capita
The FD's of two highly respected British businesses have added their signature to a letter formed by the Remain campaign