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Gardiner hails growth at PwC Scotland

Lindsay GardinerPwC in Scotland has reported a fourth consecutive year of double digit revenue growth following 12 months of investment in staff, technology and client services.

For the UK as a whole it is the second year that the firm has grown at this rate.

Milestones for the year included:

  • being appointed global tax advisors to Aggreko and John Menzies
  • the Cyber team working on multi-million pound projects with a major UK bank and public sector body
  • external audit wins at a range of organisations including Virgin Money, Weir Group and Aberdeen Asset Management.
  • for the Deals team it was a particularly strong year with completed international deals including several North Sea energy sector transactions, the sale of Worldmark to CCL Industries, the sale of InterBulk Group to Den Hartogh BV, a major asset sale for SSE and most recently the sale of coffee roaster Matthew Algie to Tchibo GmbH.
  • consultancy teams carrying out major pieces of work in financial services and oil and gas across the public and private sector as well as bringing unique experience gained helping develop the Modern Slavery Act guidance for companies to clients across the country.

The past 12 months also saw PwC acquire Praxism – an Edinburgh-based consultancy specialising in identity and access management (IDaM) – to bolster capabilities and client offerings in the IT sector.

claire-reidLondon-based partner Clare Reid (right) returned to her Scottish roots to not only head up assurance but play a key role in the Scottish Leadership Team and developing the cyber and technology offerings. There was an expansion in the number of females in the team.

The firm hired former Scottish Secretary Michael Moore as a special adviser on devolution matters, including the ramifications of the EU Referendum. It created its first head of innovation with the appointment of technology business expert Douglas Shand.

Lindsay Gardiner (pictured), regional chairman PwC Scotland, said: “Our ongoing successes allow us to be able to contribute to the Scottish economy and generate GDP in so many ways.

“And while it was a strong year, we are already looking ahead. Our Aberdeen team are moving to new premises at The Capitol in November, renewing our commitment to the North-east, our graduates continue to impress in their exam results and overall, while we are in uncertain times, we are certain we can deliver a strong offering to clients across multiple lines of service in the coming year.”

Across the UK, revenues grew to a record £3.44 billion for the year ended 30 June 2016, up 11% from last year’s £3.08bn. All of PwC’s core businesses – assurance, tax, deals and consulting – delivered good growth, with assurance and consulting recording double digit increases.

Investing in People

The firm has made significant investment in its people this year. PwC now employs over 21,000 people across its 64 offices in the UK, Channel Islands and Middle East and this year promoted a record 61 equity partners, taking the total number of equity partners to 926.

Distributable profit per partner was down 5% to £706,000 due to the strategy of continuing to invest in people and technology, which included key acquisitions, record partner promotions and increases in staff remuneration.

Following PwC’s leading stance in publishing its gender pay gap, the firm is publishing social mobility data for its graduate intake, as well as gender and ethnicity targets and progress for all job roles for the first time this year. The firm is also publishing its gender pay gap for the third year in a row, all as part of its second fully digital annual report.

Kevin Ellis, chairman and senior partner at PwC, said: “We want to be the employer where people can reach their full potential, regardless of background, ethnicity, gender or sexual orientation. We’ve made great progress but recognise that to create a truly diverse organisation we need to set ourselves stretching targets and hold ourselves accountable to drive real change.

“Diversity makes solid business sense with different views, perspectives and experience leading to better problem solving and ultimately better performance.

“Anyone can easily access our social mobility data and see the progress we’re making against our gender and ethnicity targets via our digital annual report. We believe that greater transparency drives action and shows that our firm is open to all.”

Highlights

  • The firm’s profits increased to £829m while average distributable profit per partner before tax was £706,000, down 5% from £740,000 last year as the overall number of equity partners increased to 926, from 885 last year.
  • Average distributable profit per partner was a 12.8 multiple of average employee pay and bonus, compared to 13.6 in 2015.
  • UK regional revenues grew by 10.6%.
  • The firm’s total tax contribution – which comprises taxes borne and taxes collected – was more than £1.12bn, up from £1.08bn last year.


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