PwC reports 'double-digit' growth
PwC has reported a second consecutive year of double-digit revenue growth as it continues to invest heavily in staff, technology and new client services, the firm announced.
Revenues grew to a record £3.44bn for the year ending 30 June 2016, an 11% increase from last year’s report of £3.08bn.
The PwC core businesses of assurance, tax, deals and consulting have delivered good growth, enhanced in part by several acquisitions, including consultancy business Strategy&.
Targeted investment in regional UK practices continued to deliver good growth, while revenues from privately owned businesses grew significantly.
PwC said its clients have also displayed an increased demand for cyber security, data analytics, technology services and help navigating the complex regulatory environment.
The news is the latest in a series of announcements that indicates the advancement of professional services firms. Both PwC and EY reported double-digit growth last year and Deloitte revenues recently hit a record high of £3.1bn.
Kevin Ellis, PwC Chairman and Senior Partner, said: “Our second year of consecutive double-digit growth is the result of the long-term investment we’ve continued to make in our people and new technology.
“We’ve had a strong year across all of our business areas. We’re seeing particularly high demand for our technology services, largely as a result of investment in targeted acquisitions. And we have prioritised building market-leading teams to help our clients capitalise on market disrupters such as blockchain, artificial intelligence and cloud technology.”
PwC now employs over 21,000 staff across its 64 offices in the UK, Channel Islands and Middle East and this year raised its total number of equity partners to 926.
It also recently announced plans to hire a further 1000 people as technology specialists in order to meet client demand.
Kevin added: “We’ve made great progress but recognise that to create a truly diverse organisation we need to set ourselves stretching targets and hold ourselves accountable to drive real change.
“Diversity makes solid business sense with different views, perspectives and experience leading to better problem solving and ultimately better performance.
“Anyone can easily access our social mobility data and see the progress we’re making against our gender and ethnicity targets via our digital annual report. We believe that greater transparency drives action and shows that our firm is open to all.”