Revenues at PwC UK grew to £3.4bn in 2016, from £3.08bn last year. Meanwhile profits rose 1.3% to £829m.
However, distributable profit per partner fell 5% to £706,000 as the firm invested in people and technology, with acquisitions, promotion of partners and increases in staff remuneration. PwC promoted 61 equity partners in 2016, taking the total number of partners to 926.
PwC’s tax division grew 8% to £822m, while assurance revenues rose 11% to £1.24bn. Revenues at consulting and deals also increased 26% and 4% respectively, to £720m and £654m.
Kevin Ellis, PwC’s chairman and senior partner
We’re seeing particularly high demand for our technology services, largely as a result of investment in targeted acquisitions
The firm’s annual report also revealed its total tax contribution rose to £1.12bn from £1.08bn last year.
Moreover, it reported an increase in demand for cyber security services, data analytics, technology services, and help navigating the complex regulatory environment.
Kevin Ellis, PwC’s chairman and senior partner, said, “We’re seeing particularly high demand for our technology services, largely as a result of investment in targeted acquisitions.
“We have prioritised building market-leading teams to help our clients capitalise on market disrupters such as blockchain, artificial intelligence and cloud technology.”
Ellis also said that the impact of leaving the EU is still being worked through.
“UK business has a good track record of innovating in the face of change and it’s important that businesses continue to invest to ensure that the UK is in the best possible position when negotiating our exit from the EU and entering into other trade agreements,” the chairman said.
“We are working with our clients to navigate the changing landscape and we’re seeing increased appetite for strategic advice and support around immigration, trade negotiations and financial services.”
One year after dropping UCAS points as graduate recruitment entry criteria, the firm saw an increase in the number of applications from more diverse backgrounds. While 73% of the applicants went to state schools, 38% were first generation graduates and 14% came from homes eligible for income support.
Furthermore, PwC unveiled that its gender gap was of 15.2% this year and set out its gender and ethnicity targets for the first time for all levels of the business.
In June this year, PwC signed the Treasury’s Women in Finance charter, which aims to promote a gender balance across financial services.
Businesses who sign the charter pledge to support the progression of women into senior roles in the financial sector by focusing on the executive pipeline and the mid-tier level.