PricewaterhouseCoopers revenue grows to £2.8 billion
Revenues are up five percent to £2.814 billion at PricewaterhouseCoopers as clients become more optimistic about the economic outlook.
Most recent data has pointed to a marked upturn in the UK’s economic fortunes as the business world looks forward to better trading conditions in the next few months and years. It makes sense that one of the touchstones of this success would be the professional services sector – after all, improvements in other sectors will have knock-on effects for the firms that provide services to them.
This became apparent at PricewaterhouseCoopers (PwC) yesterday, 15 September, as the company announcedthat revenues have risen on the back of encouraging improvements in client confidence.
PwC revenues rose by five per cent in the year to the end of June, rising to £2.814 billion from £2.689 billion in the previous year.
Each of its four business divisions showed improvements – deals grew by three per cent, consulting by four per cent and tax by five per cent. But it was the assurance practice, which includes audit services, that posted the biggest jump with an increase of six per cent.
Ian Powell chairman and senior partner at PwC UK, said that the positive figures indicated not only that the UK is recovering economically, but that PwC’s clients are growing in confidence.
“Encouragingly, the UK economy is showing positive signs of rebalancing,” he said. “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.”
What’s more, he explained that PwC has actually seen more interest from firms looking to export – one of the areas that recent figures have suggested is lagging behind the rest of the economy. In fact, the firm has invested in markets in Africa, central and eastern Europe and the Middle East to respond to demand from UK clients.
A substantial part of PwC’s growth has stemmed from regulatory change, the firm acknowledges.
That has meant an increase in listed company audit tenders that has boosted business for the professional services business, even though some clients have been lost along the way.
Mr Powell insists the figures show that professional services is one of the most successful sectors in the economy and plays a vital role in creating jobs and exports.
“It contributes more to gross domestic product than financial services or manufacturing, and grew throughout the economic downturn,” he adds. “As an integral part of this sector, I am confident that PwC is well-positioned to make a significant contribution to British business and society.”