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East Midlands Chamber News

PwC reports strong growth in the year to June 2013

PwC, the professional services firm and DNCC patron, has reported revenue growth of three per cent to £2,689m for the year ended 30 June 2013, up from £2,621m the previous year.

All four of PwC’s business divisions achieved a good performance. The firm’s Assurance practice, which includes the audit business, grew by one per cent to £969m, Tax grew by three per cent to £680m, Deals remained constant at £562m, reflecting the relatively flat mergers and acquisitions market, and consulting grew by nine per cent to £478m.

Ian Powell, PwC chairman and senior partner, said: “It’s been a strong year as we continue to navigate a clear course to deliver responsible, profitable growth in challenging market conditions. Our performance reflects a balanced portfolio of businesses, the high quality of our client work, and the range and depth of our people’s expertise."

He added: "PwC is optimistic about the economic outlook and we now expect the UK economy to grow by 1.3 per cent this year followed by 2.3 per cenet growth in 2014. Though this may not be strong growth by comparison with pre-financial crisis trends, we believe it reflects a ‘new normal’ for growth affecting all western economies.”

Paul Norbury, senior partner at PwC in the East Midlands, said: “These results underline our commitment to delivering upon a clear and robust strategy for growth. A strong trading performance in the region is reflected within these results and we continue to strengthen our business locally, particularly by investing in talented people.

“We have grown steadily over the years and now employ 350 people including 30 partners and directors in the East Midlands. Our expansion represents our efforts to continue delivering value-added support to local businesses and we look forward to maintaining and strengthening the services we offer in the year ahead.”

Other highlights from the 2013 financial year include:
· 62 per cent of revenue generated from clients we do not audit (2012: 60 per cent).
· 16 per cent of total revenue was for work performed and billed to clients outside the UK.
· The firm’s total tax contribution to the UK Exchequer, including the contribution of partners, amounted to £960m.
· PwC named Times Top 100 Graduate Employer of the Year for a record-breaking 10th consecutive year.
· Voted the sector specific ‘Employer of Choice for Accounting’ for a 15th successive year.
· Again recruited around 1,200 students, including over 100 school leavers, and over 500 additional students joined our paid internship programmes.
· Promoted 44 new equity partners, in addition to the 11 recruited externally during the past 12 months.
· Around £20m invested in developing and delivering formal training programmes, and over 900 students joined professional qualifications training routes.
· Pioneered and offered the first Higher Apprenticeship for the professional Services industry, and will have over 200 higher apprentices working at PwC by the end of next year.
· PwC won an Opportunity Now diversity award for ‘Advancing Women in the Workplace’.
· Employees volunteered 45,386 hours to community and social initiatives, including dedicating almost 16,000 hours to help social enterprises across the UK.
· The PwC Social Entrepreneurs Club is helping over 190 social entrepreneurs and the firm has opened five new Centres for Social Impact in Scotland, the North and the Midlands.
· £100m investment in the refurbishment of the firm’s Embankment Place head office to market leading environmental standards.
· Carbon footprint down by nearly eight per cent compared to last year, meaning we are currently ahead of our goal to reduce our total greenhouse emissions by 25 per cent from 2007.
· The firm’s electricity consumption has fallen by more than 13 per cent, largely through good energy management and running an energy efficient biodiesel generator in our London office.