Revenues increase at PwC after strong year in the North East

The big four accountancy firm reported revenue of £2.8bn in 2014, a 5% increase on 2013's results

Bill Macleod, Senior Partner of PwC
Bill Macleod, Senior Partner of PwC

Accountancy giant PwC reported revenues of £2.8bn in the year to the end of June 2014 - a 5% increase on last year’s performance.

Revenues were up from £2.6bn in 2013, and profit for its 2014 year increased to £772m, from £750m.

The big four operator employs 300 people at its new Newcastle offices on Central Square South, close to the Stephenson Quarter development.

Bill MacLeod, senior partner in Newcastle, said the firm had a strong year in the region with involvement in many of the North East’s key M&A projects.

Throughout the period PwC’s North East deals team worked on projects including investment into Gateshead’s Express Engineering by LDC, the management buyout of Fine Industries, and the acquisition of Advanced Electronics to Halma Plc.

The firm’s business recovery services unit also led the administration and subsequent sale of North Shields waterpark Wet N Wild, which is now operated by Moirai Capital Investments.

During the year the Newcastle offices recruited 23 graduates and three Higher Apprentices. Nationally PwC said it had received over 90,000 job applications.

In August it was revealed that PwC would move part of its Newcastle audit operation to Poland, putting 19 people at risk of redundancy.

Mr MacLeod said: “Our North East practice has had a strong year, with growth in revenues, significant wins and involvement in many of the region’s leading M&A projects.

“Support of our local community remains a priority and the office has donated time and money to Changing Lives and the Washington Wildfowl and Wetlands Trust.

“Our inclusive network, GLEE@PwC launched in Newcastle this year and represented the firm at this year’s Gay Pride in the city.

“We continue to support Newcastle Business School with the Flying Start programme and were delighted this year when the first alumnus, a former Newcastle trainee, was promoted to director within the firm.”

Nationally, each of the firm’s four business divisions grew, with the assurance practice growing by 6% to £1,025m, tax by 5% to £714m, deals by 3% to £580m, and consulting by 4% to £495m.

PwC said 63% of its revenue generated came from clients it did not audit.

Ian Morrison, PwC’s Yorkshire & North East regional leader, added: “Our strong performance reflects an improving economy, the growing confidence of our clients and the ongoing investment we have made to create a responsible, profitable and well diversified business.

“We have continued to invest throughout the year, recruiting experienced hires, graduates and school leavers. This has positioned us well for the return of market confidence and reflects our strategy of building the right team of specialists so that we can continue to help our clients, and therefore the region, be successful.”

PwC’s Newcastle operations service clients throughout the North of England and elsewhere in the UK.

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