PwC UK reports 3% revenue increase despite pandemic

  • PwC UK has reported its final financial results for 2020, showing an increase in revenue despite the effects of the pandemic.

    The final end-of-year financial results for PwC UK have been released. These figures include the revenue figures for PwC Middle East and are for the year ending June 30th 2020, so they cover the start of the Covid-19 pandemic and the company's response to it.  The results showed stable revenue with a 3% increase to £4,380m but an 8% drop in profits year-on-year.

    The figures also highlight some key actions the company has taken during the pandemic, including hiring over 3,000 new staff. Major investments in Northern Ireland include both hiring new graduate staff and investing in the upcoming Merchant Square office in Belfast, which will open in Summer 2021.

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    Kevin Ellis, PwC Chairman and Senior Partner, said: "I’ve been impressed by the resilience of our people and business as we’ve adapted to new ways of working while keeping a constant focus on supporting our clients. As is to be expected the pandemic had a significant impact on our financial performance in 2020, however I am proud that we have continued to invest in our people and regional growth opportunities."

    Regional Market Leader for Northern Ireland Kevin MacAllister added "The development of Merchant Square is a signal of our ongoing confidence for the region, providing a world-class home for our talented workforce where we’ll help our clients and partners seize new opportunities and develop innovative solutions.”

    Although growth slowed significantly by the end of June 2020 as the effects of the pandemic set in, good performance in the preceding 8 months improved the financial results. The company's Audit and Risk Assurance sections had robust performance, and more recently the company has seen an increase in demand in areas areas such as Deals, Consulting and Tax, and Digital Transformation.

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    While PwC UK was able to hire 3,000 people this year despite the pandemic, the firm is already planning for next year's graduate wave with the recent launch of a new AI-powered virtual recruitment portal to help students engage with the company. The company is also putting a specific focus on hiring outside of London and on promoting diversity.

    "While we know a different balance between office and working from home is here to stay, our offices across the UK will continue to play a vital role," explained Kevin Ellis. "We are reviewing the layout and technology of all of our offices to ensure they are best equipped for a hybrid working world."

    The company's outlook for 2021 is good, with demand since the summer driven by digital transformation, companies overhauling business models, and companies attempting to deliver Net Zero targets. Outlooks have also been positive following the rollout of the covid-19 vaccine.

    Source: Written based on press release.

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