Annual turnover soars for PwC

Sep 12 2007 by Iain Laing, The Journal

ACCOUNTANTS PricewaterhouseCoopers LLP has announced 6% growth in annual turnover for to £2.1bn.

The giant firm said underlying net revenue grew 9% and underlying profit grew 11% to £631m. Average profit per partner rose 6% to £757,000, with partner numbers up to 822.

Overall turnover in Assurance grew 4% to £947m, turnover in Tax increased 13% to £667m and turnover in Advisory grew 4% to £493m.

The North-East arm of the firm performed well, and all major parts of the business have maintained their strong market position in the region.

The firm’s North-East Deal Team, led by corporate finance director, Paul Mankin, had a very successful year as the appetite for mergers and acquisitions remained buoyant. The team advised clients including CA Group, CTC Marine Projects, Pfizer Morpeth and eaga plc.

The firm’s Newcastle practice has witnessed considerable growth over the last year and currently employs more than 300 staff and over 25 partners and directors.

Last week 20 new graduates joined the Newcastle office and the firm have also expanded their team with two new directors and a partner.