PwC announces record £3.1bn revenues in annual report
Big 4 firm PwC has highlighted the contribution it makes to the UK economy in the company's annual report.
The professional services firm has claimed a £4.2bn input to the wider economy alongside £1.1bn in payments it made directly to the exchequer last year.
PwC's own latest annual report said that its revenues for the year reached a record £3.1bn and saw profits jump 6% to £818m overall.
The UK financial sector giant also claimed that its contribution to the UK economy totalled £4.22bn when job creation, growth generation, skills development and other benefits were all taken into account.
During the year in question, the group took on 4,100 people in the UK, having received more than 100,000 job applications. Those given employment included more than 1,500 graduates and school leavers.
Distribution of profits
PwC’s profits are distributed to around 885 partners who pay tax on their share at an effective rate of 48%. The average profit per partner increased from £722,000 to £740,000 over the year, meaning a total of £1.1bn went to the Treasury when tax paid by PwC’s other employees is added.
Chairman and senior partner Ian Powell, who is nearing the end of an eight-year two-term stint in the job said: “We’ve advised firms on their total tax contributions and felt it was appropriate to report on the same basis.”
Powell noted that each of the four business sectors that make up the firm had delivered good growth. Assurance fees grew by 9% at £1.1bn, tax advice went up to £763m (7%), work on deals increased by 8% at a total of £628m and consultancy work brought in £571m, a rise of 16%.