PwC has reported record revenue of £5bn, up 14% year on year, with a double figure increase in earnings for partners as investment in technology and staff salaries boosted fee income
Average distributable profit per partner was £920,000, up 12% on the previous year (£818,000), with an average effective tax rate of 47%.
Overall fee income for year end June 2022 was up by 14% year on year to £5.0bn from £4.47bn reported during the second year of the pandemic.
The firm reported profit of £1.39bn excluding the gain on sale of the global mobility and immigration services business on 29 April 2022. PwC said that half of the proceeds of the sale was reinvested in the business with partners receiving average payments of £105,000 from the divestment.
The strongest growth area was consulting with revenues up 33% to £1.3bn, up from £993m. Audit fees also increased 6% to £1.32bn from £1.06bn while tax services generated £1.01bn, again reflecting strong growth of 9% from the previous year’s £935m.
Audit
