PwC Reports 4% Growth: Turnover Hits £2.33 Billion

Lucas Gilmore, “Big 4″ observer
August 31, 2010 /

Pricewaterhouse Cooper’s has grown by 4%. It has reported a turnover of £ 2.33 billion.

Ian Powell, who is UK Chairman for the firm, has said in a statement that the 4% growth has been made possible because it has “held in nerve” despite the challenging economic climate that have resulted due to the recession.

In an interview to the Accountancy magazine, Ian Powell has said that the last couple of years have been tough for the economy as a whole and that the auditing profession has been hard hit by it as well.

Powell said that the audit market was fiercely competitive and the reason why his firm differentiated from the rest of the audit firms was because it continued making investments in the directions it felt was right.

Powell said that the turnover was slightly more than what was expected.

The turnover figure brings in more difference between Pricewaterhouse Coopers and Deloitte, a Big 4 member firm and the arch rival of PwC. Last year, Deloitte reported a 0.8% fall in its revenues for its most recent financial year.

For the year ending on June 30, 2010, Pricewaterhouse Cooper had clocked up a turnover of £2.33 billion. This was up from its turnover of 2009, which was reportedly £ 2.25 billion.

Within PwC’s advisory business, the consultancy practice grew by 15% from last year. Powell said that the reason for this success was because of the firm’s focus on cost reduction work, supply chain management and revenue growth. He also said that the firm expected to grow further in this area.

Powell also said in the interview that the firm’s risk assurance practice was also “doing particularly well”.

The firm announced that the firm would create 800 more jobs in the market and hire 1200 graduates over the next year.

 

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