PwC saw revenues rise by almost £150 million during a year where the firm recruited 2,300 new staff - more than half of which were new graduates.
The results saw the company and its partners pay £975 million in tax while average profit per partner was £798,000 up from £763,000 in 2011 although actual profits distributable to partners after deducting payments to retired partners and equity adjustments was on average £679,000, down from £707,000 in 2011.
Ian Powell, PwC chairman and senior partner, said the 7 per cent growth in revenue to £2,621 million for the year ended June 30 was the result of a bold business strategy.
“We delivered strong performance across all of our businesses over the past year in what remains a very challenging market,” he said. “We took a decision at the start of the downturn to continue to hold our nerve and invest in our business.
“We have recruited significant numbers of new people, and invested heavily in our infrastructure to make sure we deliver a world class service to our clients. This has included the recruitment of some 2,300 people, including 1,200 graduates and 100 school leavers, the admission of 61 new partners, a net 3% increase, and a number of strategic acquisitions.
“We continue to see high growth potential for our consulting, risk assurance, forensic and actuarial businesses, as well as our Middle East firm. We have invested heavily in growing our long-standing private business practice which achieved 7 per cent growth over the past year, and in our regional network of offices. We see significant potential for increasing our market share in the private and fast growing company sector.”
Mark Smith, regional chairman at PwC in the Midlands, added: “This has been another positive year for the firm in the Midlands and the results reflect a strong trading performance in the region. Much as has been done nationally, we have continued to invest in the local offices by recruiting graduates and school leavers and strengthening our team of partners and directors.
“This month we have welcomed 110 graduate starters to the firm in the Midlands and we have also recently announced the promotion of four new partners and added seven new directors to our regional team.”