PwC revenue grew 12%, to top £5bn in the UK and Middle East, according to the latest stats released by the Big 4 firm.
Partner profits were a cool £920,00 each, up 12% on last year (£818.000). Now, the claim is that partners, who earnt £1 million last time around have agreed to take a pay cut to fund rises for the firm’s rank-and-file staff.
During the year the PwC Global Network also disposed of the Global Mobility and Immigration business. Around 50% of the UK’s share of proceeds was reinvested in the business in support of our strategic priorities, particularly people, skills and technology. The balance was distributed to partners as owners in the business (average £105,000).
So, in effect they still earnt their £1m plus salary.
Commenting on the financial performance PwC chair Kevin Ellis said: “Demand for technology enabled transformation has continued to grow during the second half of FY21 and into FY22. More and more clients are looking to cloud technologies, not just for the security benefits but for greater access to data as well as for opportunities to grow. We have also won more work in the area of Execution Managed Services, supporting our clients in the delivery and running of large and complex programmes. All of this has contributed to our overall Consulting revenues increasing 33%.”
To find out more go to: https://www.pwc.co.uk/press-room/press-releases/pwc-uk-2022-financial-results.html
