Global firm holding on to reins in tough times
Sep 16 2009 by Peter McCusker, The Journal
PROFESSIONAL services firm PricewaterhouseCoopers (PwC) saw global turnover for the year ended June 2009 rise marginally to £2.25bn from £2.24bn in the previous year.
However in the North – Newcastle, Leeds, Manchester, Hull, Liverpool and Sheffield – PwC saw turnover fall to £168m from £176m in the previous year.
Paul Woolston, senior partner, PwC, Newcastle said: “It is clear from our results that we have remained strong in the North East and held our nerve, despite the difficult economic trading conditions.
“We have witnessed growth within our government and public sector department, in particular relating to the non external audit services we provide to the market.
“Local revenues for our assurance practice grew by 1%, reflecting a number of successful wins and our business recovery practice helped secure many local jobs following our work on a number of restructurings and administrations, including The Officers Club.
“Despite the challenging mergers and acquisitions market, the Newcastle corporate finance team successfully completed the complex multi-million pound disposal of Gateshead-based Anson to National Oilwell Varco Inc in April 2009.
“We were also delighted that our corporate finance director Paul Mankin was named Accountant of the Year at The Nigel Wright North East Accountancy Awards.
“We remain a key employer in the North East, with 20 new graduates joining the office in September and we will continue to invest in our people, clients and local communities through the recession and beyond.”
PwC says it has not made any redundancies in Newcastle in the last year.
It now employs 24 partners and directors and 301 staff in the city.
Steve Denison, Northern chairman of PwC said: “Against this backdrop of general economic turmoil our results represent a solid financial performance as we held our nerve and stayed close to the market and our clients.
“Despite the challenging environment we grew our advisory and assurance businesses whilst our tax business showed a small decline.
“Our strategy is to bring the scale and reach of our firm to the benefit of our North East clients by delivering excellent service.
“This combined with tight management of our cost base has allowed us to continue to invest for the upturn.”
Mr Denison added: “The outlook in the region remains uncertain in an environment where consumer confidence remains fragile and business investment slow.
“Business and government need to work hard to ensure that the attractiveness of the UK is maintained and this will be a critical success factor for our region.
“As a firm we will continue to make long-term investments and do the right thing for our people, our business and the wider community to ensure that we have the balance of skills and resources to support our clients as we move out of the downturn.”
