PWC partners’ income reduced by investment in new areas

Big four accountants PwC have published its annual results to the end of June where it has booked a fall in profit by one per cent to £822m despite a rise in revenue by five per cent to £3.6bn.

Last month, Britain’s second-placed firm Deloitte reported an 11 per cent growth in revenue to £3.4bn, figures which included returns from its Swiss arm.

PwC’s consulting, tax and assurance business divisions all saw revenues rise, but income from its deals business fell by 1%.

Average distributable profits before tax per partner dropped to £652,000, falling 8pc on £706,000 the previous year, in part because the total number of equity partners increased to 953, up from 926.

More than 1,500 graduates and school leavers’, including 151 higher apprentices, started their careers with PwC and 960 students undertook paid work experience and internship opportunities. More than half (55%) of this year’s graduates were hired to roles based outside London.

PwC Chairman Kevin Ellis hailed the results as a “solid performance” in “a challenging and complex market”.

He said he remained optimistic about the market outlook despite continuing uncertainty over the UK’s exit from the EU.

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

The firm’s tax contribution was £1.16bn, up from £1.12bn a year ago.

The accountancy firm said it was one of the first private firms to publish BAME pay gap data in addition to its gender pay figures in its annual report.

The data showed the accounting group’s pay gap for 2017 was 13.7 percent, down from 15.2 percent in 2016.

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