PwC’s UK business grows but Iran conflict hits wider group
Big Four giant PwC reported steady financial growth in its UK business, with revenue and profit per partner both increasing slightly from the previous year, despite group revenue slipping due to the Middle East conflict.
For the year ended 30 June 2026, PwC’s UK business’s revenue grew to £4.365bn, up two per cent on the previous year. While profit per partner (PEP), a key metric for large professional services firms, edged up to £935,000, up eight per cent from £865,000 the previous year.
Among PwC’s UK business divisions, the firm reported revenue growth in tax, consulting, deals, and audit, which, PwC said, marks “the largest sales quarter on record.”
However, the firm’s risk and consulting practices across the wider group, which includes the Middle East and Channel Island businesses, faced tougher market conditions, resulting in revenues for each declining by 9.8 per cent for consulting and 8.9 per cent for risk.
“Our continued transformation is delivering results. UK revenue growth increased to a solid two per cent, from 0.3 per cent the previous year, partly offsetting a more difficult trading environment in the Middle East,” Marco Amitrano, senior partner PwC UK and PwC Middle East Alliance, said.
Amitrano added that “there is always more to do” and that the firm’s “focus now is on maintaining that momentum – continuing to transform, helping our clients take the opportunities ahead, and creating sustainable value for our business, our clients, our people and the wider UK economy.”
“While the economic environment remains uncertain, the UK has considerable strengths and significant potential. Unlocking that potential and growth requires greater confidence, investment and productivity. Businesses are keen to understand how technology, AI and new sources of capital can help them transform and grow, and we have an important role to play in helping them turn that ambition into action and outcome,” he added.
Big Four firms slashing headcount
Alongside the other Big Four firms, PwC has been reducing its headcount as it grapples with slower demand and the rise of artificial intelligence.
In July, City AM revealed the firm was slashing jobs in its audit division due to low staff attrition, targeting senior associates and managers.
PwC is one of several Big Four firms slashing its UK audit workforce, with City AM also revealing in July that KPMG was set to cut 10 per cent of its group corporate services division.