PwC UK has said it needs to delay its full-year results until next year, as it can’t work out partner and staff pay and bonuses!
The annual report is due in September, but PwC has revealed the impact of the pandemic means it will not release its accounts until January 2021.
PwC is reported as saying: “Our current priorities are managing our business, supporting our clients and preserving jobs before we make any decisions about the quantum of the bonuses we pay to our staff and distributions to our partners.”
PwC’s partners agreed to take a 20% cut in monthly profit distributions.
All this hasn’t stopped PwC’s worldwide from reporting! Revenue at the firm hit $43 billion for the first time for the year to the end of June, despite the pandemic. PwC’s Middle East and African operations reported the fastest growth in revenues – rising 9.6% to $1.8 billion, followed by Asia, which achieved a 5% growth to $6.4 billion.
The only region to show a decline in revenue was Australasia and the Pacific, which dipped by 1% to $1.7 billion in revenue.