Big Four accountancy firm PwC has published its latest annual report revealing total revenue of £3.598 billion – up five percent from last year (£3.437 billion).
However, distributable profit for the firm’s 953 partner stood at £652,000 – down eight percent on the £706,000 partners received in 2016.
Kevin Ellis, chairman and senior partner said that despite the year being “solid”, the “external uncertainty and volatility” as a result the recent general election, Brexit and the US presidential election had “an impact on our trading and the first half of the year was significantly slower than the same period in the previous year.”
“Professional services are a good barometer of business sentiment and we found that our clients were delaying decisions while they waited for greater economic clarity,” he added.
Across its service lines, revenue broke down as: Assurance - £1.296 billion (2016: £1.241 billion); Consulting - £772 million (2016: £720 million); Deals - £649 million (2016: £654 million); Tax - £881 million (2016: £822 million)
At the same time private business accounted for £889 million in revenue (2016: £821 million) and within different industries, consumer and industrial products and services reported revenue of £1.611 billion (2016: £1.518 billion) whilst financial services generated £1.244 billion (2016: £1.208 billion).
22,610 staff received £1.6 billion in pay, a climb of 16 percent on 2016 and the firm’s total tax contribution to UK coffers stands at £1.163 billion – up three percent on last year’s £1.124 billion.
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