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AIA

PwC grows by 11% to near £2 billion turnover

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30th Sep 2006
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Revived demand for business transaction, tax and consultancy work helped PricewaterhouseCoopers achieve 11% growth in the year to 30 June, almost hitting the £2 billion turnover barrier for the first time. The strongest growth came in transaction services, which grew 27% to "record levels" of activity.

Consulting work grew strongly, with 20% growth in HR services (particularly pensions and actuarial advice) and an 18% rise in "performance improvement" work. Following a relatively weak performance in 2002-05, PwC's tax practice bounced back with 15% growth this year.

Following the intensity of last year's transitional work, activity relating to the implementation of international financial reporting standards dropped this year and the firm's clients experienced some "uncharacteristic delays", according to chairman Kieran Poynter.

The firm and its clients continue to face regulatory challenges, Poynter said, with the Basel II and Solvency II banking accords crating significant demand for regulatory advice.

Poynter also used his annual report statement to speak out in defence of the Big Four and to urge support company law reforms that will allow audit firms to negotiate liability caps with their clients.

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