Regional growth and economic recovery boost profits at PwC

IAN MORRISON: Momentum down to investment strategy and decisions taken during downturn.
IAN MORRISON: Momentum down to investment strategy and decisions taken during downturn.
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​​​​PwC reported ​​double-digit growth​ in its Yorkshire practice after ​​a strong performance across all business areas​.​

The accountancy firm said its growth reflects​ the​ increasing pace of economic recovery in the region and mounting business confidence, which is reflected in increased deal activity.

Ian Morrison, PwC’s Yorkshire & North East regional leader, ​said:​ ​“The momentum in our business today is down to our long-term investment strategy and the decisions we took during the downturn.

“​​Over the past seven years we have continued to invest in our people, admitting five new partners into the practice last year, and welcoming a further four equity partners in 2014. We have also recruited high levels of experienced hires, graduates and school leavers.

“Our significant investment in infrastructure, with the relocation of our Sheffield and Newcastle practices to new offices in 2014, and the confirmation that our Leeds office will anchor Central Square from 2016, underlines our continued commitment to the region.​”

Groupwide, PwC reported ​​revenue growth of 10 per​ ​cent to 
£3.1bn ​and said profits increased by ​six​ per​ ​cent to £818​m in the year to June 30.

Arif Ahmad, PwC’s senior partner in Leeds, added:​ ​​“​Particularly pleasing was the significant growth in our deals practice, with the team involved in numerous high-profile transactions including the disposals of Poundworld, Tuffnells Parcel Express and a number of IPOs in the region.”