Mounting costs dent profits at Big Four accounting firm
PwC’s UK partners took home an average of £862,000 this year, a drop on the previous 12 months as sales growth at the big four accounting firm slowed and rising costs dented profits.
PwC is the first of the big four to publish a breakdown of its UK results for the 2024 fiscal year. Rivals are also expected to report a slowdown in growth as a difficult economic environment prompted companies to cut spending.National children’s hospital: Board tells politicians project is a ‘hostage’ in the €2.
Like its rivals, PwC has axed hundreds of jobs in the past 12 months, and warned staff over the summer to expect lower pay rises and bonuses owing to “challenging market conditions”, the Financial Times previously reported. Despite merger and acquisition activity remaining subdued, revenues at the firm’s deals practice climbed 5 per cent, as clients looked for “forward-looking support”. Its risk division reported a slight drop in revenues.
PwC said it invested £100 million during its latest financial year in technology, including AI, as well as “other strategic priorities”.
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