Monday, September 10, 2007

PricewaterhouseCoopers LLP UK turnover up 6%, profits grow 11%

PricewaterhouseCoopers LLP United Kingdom recently reported a 6% increase for FY 2007 turnover to £2.1 billion. PricewaterhouseCoopers LLP FY07 financial year runs from 1 July 2006 to 30 June 2007.

Of this:

  • Assurance increased 4% to £947 million (core audit services grew 8%)
  • Tax turnover sped up 13% to £667 million
  • Turnover in Advisory grew moderately at 4% to £493 million (Performance Improvement Consulting grew by 8%. Net revenue growth in Corporate Finance was 12%)
  • Revenue at Business Recovery Services unit (aka bankruptcy consulting) declined due to good economic conditions

Underlying net revenue increased 9% and underlying profit shot up 11% to £631 million from £586 million in 2006.

Average profit per partner rose 6% to £757,000, with partner numbers up to 822. 56 new partners were admitted on 1 July 2007, with 15 new partners recruited externally during the course of FY07.

Note that turnover includes expenses and disbursements associated with client assignments; and underlying net revenue excludes these items.
Recently we blogged that Deloitte UK reported even stronger results: Sales were up 16% and profits payable to partners were up 17%, profit per partner was £877,00. Deloitte UK has now turnover of £1.8 billion and profits of £572 million and 652 partners.

It appears that Deloitte UK is growing both the top and bottom lines much faster than PwC UK; we don’t have enough reported information to really analyze why this differential exists.

But if this is indicative of global results which are to come shortly, it may not be long before Deloitte beats PwC in revenue as Deloitte posts high double-digits revenue gains versus high single-digits revenue growth for PwC. We shall see in November 2007!


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