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PwC investments drive revenue growth 15 September 2014

PwC’s UK arm has announced a 5% rise in revenues to £2,814m for the year ended 30 June 2014, up from £2,689m in 2013.

Profits at also rose to £772m from £750m the year previously, with the average distributable profit per partner up 2% to £722,000.

The firm identified internal investments as having driven the increase, but also mentioned the improving UK economy as a significant contributor.

Ian Powell, chairman and senior partner of PwC UK, said: “Our strong performance reflects an improving economy, the growing confidence of our clients and the ongoing investment we have made in the firm over the past six years to create a responsible, profitable and well diversified business.

“Encouragingly, the UK economy is showing positive signs of rebalancing. We are seeing significant growth potential in the UK regions and the announcement of infrastructure investment in the Northern corridor will provide a further boost.”

Powell added he expected the UK economy to grow by “by around 3% this year and by some 2.6% in 2015”, but warned against complacency.

He explained: “There is no room for complacency given the important issues faced by the UK and the potential for global events to affect the economy. Government and business must work together to spread the message that the UK provides a compelling and stable environment to operate in.”

PwC is expected to be appointed to the administration of mobile phone retailer Phones4U, which entered administration on Sunday (14 September).

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