Revenue growth at PwC's UK firm has halved in the past year, according to the firm's annual report released today, but partnership pay outs have recovered from last year's dip.
PwC revenues for the year ended 30 June 2013 totalled £2.68bn compared with £2.62bn the year before, an increase of 3%. In comparison, revenues in 2012 were up by 7%, from £2.46bn in 2011.
And amidst scrutiny of companies and their tax arrangements, the firm disclosed that its total tax contribution to the UK Exchequer, including the contribution of partners, amounted to £960m.
Profit for the year was £740m, up from £727m in 2012. Partners at PwC took home an average of £705,000 in 2013, which represents a 4% rise compared to last year's average distribution of £679,000, although the figure is below the £707,000 paid out on average in 2011.
Performance at the firm's assurance practice, which includes the audit business, was largely flat by comparison with the previous year. Revenues grew by 1% to £969m, compared with a 6% rise in 2012 when revenues reached £963m.
Tax grew by 3% to £680m in 2013. Deals remained constant at £562m, whereas they grew by 8% the previous year, which PwC says reflects the relatively flat M&A market.
Consulting once again showed the strongest growth of PwC's four business divisions, increasing by 9% to £478m, although this was a lower growth rate than the record 13% reported in 2012.
Ian Powell, chairman and senior partner, PwC, said: 'It has been a strong year as we continue to navigate a clear course to deliver responsible, profitable growth in challenging market conditions. Our performance reflects a balanced portfolio of businesses, the high quality of our client work, and the range and depth of our people's expertise.'
Powell highlighted the firm's investments in new technologies over the year, which include the acquisition of SkyVal, a pensions valuation tool for multinational and domestic employers, and initiatives such as One, a crowdsourcing platform which he described as allowing clients to tap into 'the collective brainpower of all 17,000 of our people' in order to generate ideas and solve problems.
'We are confident about the future. While the business environment and competition remain tough, we are in great shape, our strategy is robust and we are well placed for future success, both in the UK and internationally,' Powell said.
According to the financial report, 16% of PwC's total revenue was for work performed and billed to clients outside the UK, while 62% of revenue was generated from non-audit clients.
