PricewaterhouseCoopers LLP, the market leading professional services firm, has announced 7% growth in turnover for FY08 to £2.24 billion. Underlying net revenue growth is 5% with underlying profit growth of 7%.

Overall turnover in Assurance grew 3% to £1,043 million, turnover in Tax increased 8% to £675 million and turnover in Advisory grew 13% to £526 million.

Ian Powell, UK Chairman, PricewaterhouseCoopers LLP, commented:

“We had a good performance given the toughest economic conditions seen for a decade. Growth remained strong in the first half but weakened in the second half of the year in line with the market. The current economic uncertainty has affected business and consumer confidence with transactional activity down and a lowering of growth expectations for many UK and international businesses. Despite the market conditions, as the market leader, client demand for our services remains solid."

He went on to add:

“Our Tax practice remains the leading tax business in the UK and it continued to deliver solid growth by helping our clients deal with the challenges of difficult and complex issues in an international economy. Our pension and human resources strategy businesses benefited from good penetration in the marketplace and were pleased to be recognised as the pensions and benefits consultancy of the year by Professional Pensions magazine for the second year running. In addition the firm won International Tax Review’s UK transfer pricing firm of the year and Accountancy Age’s merger and acquisitions tax team of the year."

The firm’s annual report, just published, also reviews PWC's performance in non-financial terms. Highlights include:

• Voted the UK’s number one graduate employer for the fifth consecutive year
• Highest ranked professional services firm in The Sunday Times Best Green companies ranking
• Platinum status in the Business in the Community Corporate Responsibility Index scoring over 95% for the fourth consecutive year
• Admitted 80 new partners, including 21 partners from outside organisations
• 26% of partner admissions were women, bringing the total number of women partners to over 100 for the first time in the firm’s history
• 2,500 people joined the firm – over 1,000 students and 1,500 experienced hires
• 40% of graduate recruits in 2008 were women and 24% from ethnic minority backgrounds

In his concluding comments, Mr Powell said that although uncertain economic conditions look set to continue for at least the short to medium term, in tough conditions PWC has the experience to support its clients and navigate its own business through the challenges of a difficult market. He sees particular opportunity in providing advisory services to UK corporate, mid tier and entrepreneurial private companies. He also sees huge opportunities flowing from markets outside the UK and the firm is making the right investments to maximise these opportunities.

However, in terms of the wider outlook, Mr Powell said he shares PWCs clients’ concerns over the risks to the continued competitiveness of the UK economy. The quantity and scope of regulation combined with the level of uncertainty and complexity in this country’s tax system are particular causes of concern, and remain at the top of the agenda for leading UK-based businesses.

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Article Added Tuesday, 09 September 2008 | 1057 Hits

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