PwC hikes bonuses after ‘mind-blowing’ rise in deals
Kevin Ellis: ‘It’s a deals-led recovery’
Britain’s biggest accountancy firm PwC will hike bonuses for staff this year after a surge in profits fuelled by a “mind-blowing’ rise in deals.
Partners will receive an average payment of £818,000 for the year to the end of June, plus a sum of around £50,000 relating to one-off items, including the sale of its tech platform.
That compares to a payout of £685,000 last year and a pre-Covid £765,000 in 2019.
The UK bonus pot was increased to a record £128 million, from £113m before the virus struck.
The firm has about 22,000 employees in the UK of which 940 are partners. It recruited 3,300 over the last 12 months.
The leap in bonuses follows a 25% rise in profit for the financial year to £1.17 billion based on strong demand in audit, deals and transformation services as client activity rebounded.
However, profits were flattered by lower business travel costs due to pandemic restrictions. Revenue increased by 2% year-on-year to £4.5bn, with deals revenue rising by 9% to £854m.
The UK has seen record takeovers and mergers so far this year, leading to rising demand for professional services and advice.