PwC’s lead as the UK’s largest accountancy firm has been cut after annual profits fell and sales growth slowed.
The Big Four accountant’s revenues grew by five per cent to £3.6bn. But profits per partner fell by eight per cent to £652,000.
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 UK chair and senior partner Kevin Ellis told City A.M. partner pay outs were “quite a fall” but added it was a product of investing heavily in technology for the future and the fact the overall number of partners had risen from 926 to 953.
Read more: PwC adds 52 new partners to UK office
“We only really focus on ourselves,” said Ellis.
Everyone has got a slightly different business, but I think their [Deloitte’s] results are impressive.
We’re not really watching them, because, as the market leader, we focus on what we are doing and what we are investing in, in terms of technology.
PwC’s Deals division was the only one of the firm's four arms that shrank in revenue terms, falling one per cent to £649m. This was hit by a reduction in forensic and insolvency revenues, in part a product of the reduction of PwC’s mammoth clear up of Lehman Brothers’ European arm.
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.