PwC hails growth in revenues despite market challenges

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ACCOUNTANCY giant PwC today announced that revenues grew by three per cent last year to £2.689bn.

The Big Four firm, which has offices in Leeds, Sheffield and Hull, said all four divisions – assurance, tax, deals and consulting – achieved a good performance in spite of the tough economy.

PwC did not provide a breakdown of how it fared in Yorkshire during the year ending June 30. Nor did it reveal profit per partner.

Chairman and senior partner Ian Powell said: “It’s been a strong year as we continue to navigate a clear course to deliver responsible, profitable growth in challenging market conditions.

“Our performance reflects a balanced portfolio of businesses, the high quality of our client work, and the range and depth of our people’s expertise.

“We are clear that our growth must be sustainable and profitable, and founded on long-term objectives, such as continually improving the quality of our work, achieving greater diversity among our people, and focused on our contribution to the wider community.”

PwC promoted seven new directors, nine senior managers and 20 managers at its 600-strong Leeds office. It also recruited 47 graduates and four apprentices.

Office senior partner Arif Ahmad said: “We’ve focused on delivering a quality service to our clients through ongoing investment in our people and technology.

“Our raft of promotions and continued commitment to our graduate and Higher Apprenticeship schemes reflect our strategy of building the right team of specialists to help our clients.

“This has helped us to win business and new clients across a range of sectors and grow our revenues.”

Mr Ahmad said the office supported the Teenage Cancer Trust, the charity Wellbeing of Women and a number of local social enterprises during the year.

At a national level, PwC said 62 per cent of revenue came from non-audit clients, up from 60 per cent the previous year.

And 16 per cent of revenue came from work performed and billed to clients outside the UK.

It said the firm’s total tax contribution to the UK exchequer, including the contribution of partners, amounted to £960m.

Last year, PwC reported a “marked upturn” at its Yorkshire operations, after seeing revenues fall five per cent in 2011.