PricewaterhouseCoopers LLP (PwC) said turnover for the year ended June 2009 reached £2.25 billion up from £2.24 billion, a marginal increase on the previous year, with underlying net revenue increasing 1% to £1.98 billion.
The advisory business achieved growth of 5% to £737 million with our assurance and tax businesses seeing small declines in turnover of 1% to £861 million and 4% to £650 million respectively.
Ian Powell, UK Chairman, commented: “This year has been one of general economic turmoil and against this backdrop our results represent a solid financial performance as we held our nerve and stayed close to the market and our clients.”
Profit available for division among members increased by £3m to £667 million, but profit per partner at £777,000 decreased by 3% from £797,000. Powell will take home the largest entitlement to profit at £3.3 million.
The firm's closest rival, Deloitte, reported revenues were down 2% to £1.97bn, when it published results at the beginning of August. Ernst & Young and KPMG are still to report results for 2008-09.
Commenting on the firm’s outlook, Powell said: “The outlook in the UK remains uncertain in an environment where consumer confidence remains fragile and business investment slow. Business and government need to work hard to ensure that the attractiveness of the UK is maintained. As a firm we will continue to make long-term investments and do the right thing for our people, our business and the wider community to ensure that we have the balance of skills and resources to support our clients as we move out of the downturn.”
The firm’s 2009 annual report also reviews its performance in non-financial terms. Highlights include:
• Named finance sector graduate employer of the year in The Times High Fliers survey and topped the accountancy sector for the tenth year running;
• Placed seventh up from eleventh in The Times best big companies to work for survey;
• The appointment of four PwC partners as administrators to Lehman Brothers in Europe which showcased PwC at its best as a ‘one firm’ team of business recovery, banking and financial experts;
• Britain's finance directors voted the firm 'Large Audit Firm of the Year' in the Real Business Awards;
• Recognised for outstanding environmental performance in The Sunday Times Best Green companies list;
• Admitted 53 new partners, including 21 direct entry partners;
• 16% of partner admissions were women, bringing the total number of women partners to over 100;
• 4,600 of our people donated over 41,300 working hours to a wide range of activities focusing on education, employability and the environment in addition to their personal volunteering efforts;
• Total community contributions totalled £7.9 million (cash, time and in-kind support) compared with £6.8 million in FY08.