PwC grows 7%, but partner profits drop
The UK and Middle East wing of Big Four firm PwC reported a 7% increase in its fee income to £2.6bn for the year to 30 June 2012. Profits for the year were up 10% to £727m, but individual partners saw their actual profit shares drop £28,000 from last year to £679,000.
PwC has taken on 2,300 staff during the past year, including more than 1,300 graduates and school leavers.
The firm’s various practices made the following contributions to the total fee income for the UK and Middle East, with growth rates in brackets:
- Assurance £963m (up 6% from £909m in 2011)
- Tax £659m (up 2% from £645m)
- Deals (business recovery, corporate finance etc) £561m (up 8% from £518m)
- Consulting £438m (up 13% £389m).
“We continue to see high growth potential for our consulting, risk assurance, forensic and actuarial businesses, as well as our Middle East firm,” said chairman Ian Powell in the firm's results announcement.
Out of the total profit for the year of £727m (2011: £656m), the amount available for division among members was of £672m (up 8% from £622m last year). The average profit per partner disclosed in the accounts increased from £763,000 to £798,000, but deductions to cover annuity payments to certain former partners other equity adjustments brought the distributable profit per partner down 4% from £707,000 in 2011 to £679,000 for this year.