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Turnover rises in PwC’s business recovery services 12 September 2011

The accountancy firm revealed the turnover rise, up from £837m in June 2010, in an annual report that also shows the group’s profits increased to £656m from £642m a year ago.

The group recruited 3,200 people during the past 12 months and turnover worldwide increased 6% to £2.46bn. Within this group-wide figure, UK turnover grew 4% to £2.28bn.

Ian Powell, PwC UK chairman and senior partner, said: “I am pleased to a strong performance in a period of volatile financial markets, fragile economic confidence and the tightening of public expenditure.

“We continued to stay close to our clients and to invest in the future of our business. These investments included the recruitment of 3,200 people, 81 new partners, opening a new and environmentally leading London office and the acquisition of the Diamond consulting business.”

PwC said that its advisory practice, which has more than 4,100 staff, performed “exceptionally well in a fiercely competitive market.”

The company said it is investing heavily in its capability to deliver advisory services to owner-managed and mid-cap businesses, adding that it sees “strong growth potential in these sectors in the near future.”

On the Lehman Brothers case, PwC states that it to date, more than £12bn of assets have been returned during the administration.

Powell added that average profit per partner increased marginally to £763,000 compared to £759,000 last year and the bonus pool paid to staff in the UK increased by 10% to £89m, recognising the contribution that staff have made to its success.

He said: “I believe we are very well positioned for long-term sustainable growth across the firm, to continue to meet client demand for our services and to create high quality professional jobs.

“Competition in our markets remains fierce and we recognise that we need to continue to demonstrate to our clients that we can deliver the quality and value they demand both here in the UK and internationally.”

Managing partner Richard Collier-Keywood said that last year, PwC’s offices outside London accounted for 39% of its UK business.



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