PwC partners collect £868,000 as firm posts record full year results

PwC partners collect £868,000 as firm posts record full year results

Kevin Ellis

The average pay for partners at Big Four accountancy firm PwC soared by more than a quarter last year to a whopping £868,000.

According to the firm’s full-year results, a deal-making boom boosted demand for its advisory services.

PwC also paid out a huge £128 million in staff bonuses and awarded employees an extra week’s salary as well as an extra day off in order to “recognise their efforts” during the COVID-19 pandemic.

The firm posted a 25% increase in profits, reaching £1.2 billion in the 12 months to June.

Revenues at the firm rose by 2% to £4.45bn, while underlying net revenue rose by 5% due to a fall in client-related expenses such as travel costs.

Kevin Ellis, PwC chairman and senior partner, said: “Against a backdrop of uncertainty, I’ve continued to be incredibly impressed by the focus and resilience of our people as they’ve navigated the challenges of the last 12 months.

“The year really has been a story of two parts. Last summer, like many businesses, we faced significant economic disruption and huge uncertainty about how the pandemic would play out.

“After a challenging first six months where we held our nerve, made no redundancies and honoured job offers, we were well-placed to meet demand and create investment capacity as confidence in the market picked up.”

He added: ” Like our clients, we see the pandemic recovery as a catalyst of profound change, driving increased demand for our deals, financing, digitisation, ESG and supply chain transformation services.”

Looking ahead, PwC said that while uncertainty remains, the company is a “bellwether for the economy” and sees positive signs as its own trading pipeline strengthens.

It added that the UK needs an “employment-led” recovery that is focused not simply on a war for talent but on creating talent with the skills to address the urgent issues of socio-economic inequality, the climate crisis and the need to harness tech innovation.

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