PwC UK consolidated Group revenue rose by 16% to £5.8 billion, according to the latest annual report (to year ended 30 June 2023).
The Group’s consulting revenues maintained the significant growth levels of the previous year, with growth of 30% (33% in FY22). This was driven by demand in the Middle East, as clients invest in programmes to modernise and diversify the region’s economy beyond oil. Energy diversification and sustainability are also behind many UK transformation projects, as the climate crisis and new reporting requirements galvanise businesses to move towards net zero.
Expanded reporting requirements have likewise increased client demand for the Group’s audit services. Group audit revenues recorded 19% growth, with the UK practice winning a number of high profile mandates, including becoming auditor to NatWest from 2026, and being reappointed by HSBC.
The average distributable profit per UK partner averaged £906,000, down from the £920,000 the previous year.
UK headcount, including partners grew to more than 26,000, however there has been a shift to ‘technologists’ -the firm took on nearly 5,000 techies.
Senior partner Kevin Ellis said: “Against a backdrop of political and economic upheaval, our multidisciplinary business has chartered a strong course. Continued investment in people and technology, including a string of generative AI alliances, has powered our business. Our clients are looking for things that will give them an edge – where the costs of sitting still are too great to ignore.”
- PwC’s UK consolidated Group revenues include the consolidated revenues from the Channel Island and Middle East firms.