Pwc partners hit despite 11% growth

PwC has reported a second consecutive year of double digit revenue growth, with revenues up by 11% to £3.44bn, making it the largest firm in the UK, but distributable profit per partner has dipped by 5% due to the firm’s investment strategy and a greater number of partners.

PwC’s profits increased to £829m while average distributable profit per partner before tax was £706,000, down from £740,000 last year as the overall number of equity partners increased to 926, a 4.6% rise on the 885 last year.

Average distributable profit per partner this year was a 12.8 multiple of average employee pay and bonus, compared to 13.6 in 2015. PwC said the drop was ‘due to our strategy of continuing to invest in people and technology, which included key acquisitions, record partner promotions and increases in staff remuneration.’

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