PwC weathers economic storm with solid 4% annual growth in UK
10/09/2010
PwC saw turnover grow 4% for year ended June 2010 and plans to create 800 new jobs in addition to recruiting 1200 graduates.


Fuente: http://www.consultant-news.com  Fecha: 10.09.2010

PwC weathers economic storm with solid 4% annual growth in UK

PricewaterhouseCoopers LLP (PwC), the professional services firm, announced turnover growth of 4% to £2,331m up from £2,248m in the previous year.

Ian Powell, PwC UK Chairman and Senior Partner, commented: “Notwithstanding a tough year for our clients and our business, we’ve delivered a good, solid set of results given the economic and market backdrop.”

The advisory business achieved turnover growth of 9% to £804m (including a 15% increase in net revenues for the consulting business). The assurance business performed well, achieving turnover growth of 4% to £893m, while the tax practice saw a small decline of 2% to £634m.

PwC said partner profit share declined 2%from £777,000 to £759,000, reflecting its investment strategy.

PwC said it continued to invest in its business, including the recruitment in the UK of 1,750 people, 57 new partners, a strategic alliance with its Middle East network firms, a new and environmentally leading London office and the acquisition of the Paragon consulting business.

“We are under no illusion that there remain challenges ahead,” said Powell. “However, in the next twelve months we intend to create 800 new jobs across our businesses to enhance the services and value we offer to our clients.”

Looking ahead, Powell commented: “While we see some signs of an economic recovery, the continued competitiveness of the UK economy remains challenging. Ensuring that the UK is seen as ‘open for business’ will determine the future success of our own firm and the UK economy. The government is clearly addressing the debt burden and making spending cuts is unavoidable, but the emphasis must be on investing to accelerate business growth in the interests of the UK’s long-term economic health. I remain convinced that as a firm we took the right decision last year to hold our nerve and continue to recruit and invest in our business. As a business, we have been able to build momentum which means we are well placed to focus on the significant growth opportunities we have identified.”

PwC UK’s annual report will be available on 20 September 2010.

Annual results reflect strong growth in sustainability practice

PwC’s sustainability and climate change practice said climate change has been repositioned in businesses’ mind in the recovery, leading to strong growth for the team.

Reflecting a growing trend towards auditing and verification of companies’ CSR reports, the firm now audits seven of the UK’s largest 55 companies who have their data publicly assured, up from one company two years ago. The firm’s dedicated UK sustainability and climate change practice now numbers 100 people, and leads the firm’s global network of over 700.

PwC’s sustainability teams across Europe have now been hired by over 50% of the global top 20 airlines to be their EU ETS auditors and verifiers under the new EU legislation requiring aircraft operators to submit independently verified emissions.

New assignments in ethical supply chain sourcing, forestry financing, carbon related verification and assurance, risk, valuation and international development have further extended the firm’s reputation in the sector.

Malcolm Preston, UK and global sustainability leader, PricewaterhouseCoopers LLP said: “Growth in this sector comes from getting the fundamental principles of business right, it’s about recognising where risk and value lies in a business.”

“The profile the Copenhagen summit gave to climate change issues moved conversations with clients to a different level. We’re doing around twice the level of work we were doing last year, and have recruited new specialists to build the team even further.

Over the past 12 months, PwC has provided policy support to the World Economic Forum, the UN Environment Programme, the World Business Council for Sustainable Development. Clients in both the public and private sector include private equity firms, and household names in financial services, retail, consumer goods and energy.

The firm said that investor and consumer pressure is demanding that companies show how they are managing environmental, climate and natural risks and issues, demonstrating return on their sustainability investment with the same rigour associated with financial decision making. Preston added:

“Regulation is the primary driver for investment by business in tackling the issues that are discussed at inter-governmental level. They expect more change, increasing investor interest, and consumer demand and business opportunities are convincing them to invest early to get one step ahead.”

The firm invested throughout the recession to build the practice, attracting specialist service and sector experts, including the acquisition of Sustainable Finance Limited, established specialists in financial services and investment.

Over the next 12 months the firm will recruit further specialists in a range of specialisms including carbon markets economics, forestry and ecosystems, international development, supply chain, and assurance.

Commenting on the growth and investment in the firm’s sustainability and climate change services, Ian Powell, PwC UK Chairman and Senior Partner said:

“Sustainability remains the most important issue we are going to have to deal with over the coming decades. In the years ahead, we do not think there will be many business decisions that are not impacted by the sustainability agenda.

“Experience with our clients supports this view and business awareness of climate change and sustainability issues has grown even stronger over the last year. We now have a team of market-leading experts, including some of the most respected commentators in the business on these issues.”

Since 2009, PwC has reduced its CO2e emissions by 4.2% to 52,930 tonnes, by travelling less, consuming less, producing less waste and recycling more. The firm’s new London office is the first office of its kind in the UK to achieve the ‘outstanding’ BREEAM environmental rating.