PWC achieves record revenue despite facing challenging market

Ian Morrison of PwCIan Morrison of PwC
Ian Morrison of PwC
PWC, the professional services firm, achieved record revenue in the last financial year, despite facing a challenging market.

The firm has reported revenue of £3.60bn for the year ended June 30 2017, up 5 per cent from £3.44bn last year.

Profits for 2017 were £822m, down one per cent on 2016, as the firm continued to invest heavily in people, technology and growth areas.

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The average distributable profit per partner before tax was £652,000, down 8 per cent from £706,000 last year, as the overall number of equity partners increased to 953, from 926 last year.

Kevin Ellis, PwC’s chairman and senior partner, commented: “Overall, business performance was solid in a challenging and complex market. “We continued to invest significantly in our core and digital services, new technologies and create jobs, despite a slowdown in some sectors due to uncertainties related to the EU referendum result, US Presidential and UK General Election.

“We saw high demand from UK and overseas clients for our insurance, regulatory and real estate services, as well as for supply chain, transaction services and cost reduction support.

“Across the UK, we grew strongly in Northern Ireland, Scotland, Midlands and the South East.”

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Ian Morrison, PwC Yorkshire & North East regional leader, said: “Supporting our clients across the region is our priority and we’ve invested in innovative new services, using artificial intelligence, virtual reality, and innovative cloud technologies, to help them tackle their immediate and longer term challenges and opportunities.

“We’re transforming our business to ensure we have the right skills and technologies to assist with the challenges facing our clients as a result of the fourth industrial revolution. Building a vibrant and sustainable economy right across Yorkshire and the North East is essential for the region to prosper post-Brexit, and we need to play our part.”