PwC profits hit double digits

The firm said revenue for the year to July 2016 hit £3.44 billion, up 11 per cent from £3.08 billion in 2014/15, with growth across its core businesses of assurance, tax, deals and consulting.

However, the ‘Big Four’ firm has seen profits per partner fall five per cent, to £706,000 from £740,000, in the latest year as turnover grew faster in Scotland than the UK as a whole.

PwC said revenues increased by 12 per cent in Scotland in the year to June, a period which saw the winning of the Weir Group audit and being appointed global tax adviser to Glasgow-based power supplier Aggreko.

PwC also acquired Praxism during the past twelve months, an Edinburgh-based IT consultancy specialising in identity and access management.

The number of UK equity partners increased by around five per cent to 926, from 885 at the global accountant which disclosed that the fall in distributable profit per partner was due to its strategy of investing in people and technology, citing key acquisitions, record partner promotions and increases in staff remuneration.

Three new equity partners were appointed in Scotland in the latest year, maintaining partner numbers at 32.

PwC said profits over the past 12 months were driven by increased demand in particular for cyber security, data analytics and technology services while revenues from privately owned businesses grew significantly.

Lindsay Gardiner, regional chairman PwC Scotland, also said the Brexit vote sparked a demand for advisory services.

He explained: “We are seeing increased appetite for strategic advice and support around immigration, trade negotiations and financial services.”