PwC revenues boosted as UK optimism rises

Ian Powell has been UK chairman since 2008
REVENUES at PwC rose five per cent to £2.81bn in the last year, as the professional services firm highlighted a big increase in client confidence across the UK in a further sign of strengthening economic recovery.

PwC revealed it had seen solid performance and growth across the board of its UK business, with re­gional areas in particular seeing stronger growth, in a “pos­itive sign of rebalancing” in the UK economy, according to the firm.

PwC UK chairman and senior partner Ian Powell said: “I am optimistic about the shorter term econo­mic out­look, we expect the UK economy to grow by around three per cent this year and by some 2.6 per cent in 2015.”

However, Powell said there was “no room for complacency”, adding: “We are aware of some 100 overseas businesses looking to increase their footprint in the UK, but are equally aware that these companies look for relative political and regulatory certainty before they invest.”

Meanwhile, PwC saw its profits for the year to June 30th rise to £772m, up from £750m in 2013.

Average profits per partner was £722,000, up from £711,000 in 2013 while Powell will take a £3.7m share of profits, up marginally on £3.6m in 2013.

PwC promoted 53 new equity partners during the year, of which 40 per cent were women, in addition to 25 partners recruited externally in the last 12 months.