PwC UK’s annual results reveal cut to partner payouts amid £100m AI investment
PwC UK has posted its financial performance for the last fiscal year, showing a rise in consolidated revenue by 16% to £5.8 billion.
In line with their commitment to emerging technology, the company has decided to invest an additional £100 million in state-of-the-art technologies like AI and digital collaborations with partners such as Harvey, Microsoft, Icertis, and ContractPodAI. This investment also facilitates generative AI skills training for all PwC UK staff.
This year’s payouts to PwC partners is averaged at £906,000, a drop from over £1m in 2022. It is understood that the reduction is a conscious decision in favour of the £100m investment in AI.
The UK workforce has expanded to over 26,000 individuals, a rise from around 24,500 the previous year. This number includes 4,850 technologists.
Kevin Ellis, chair and senior partner at PwC UK, said: “Against a backdrop of political and economic upheaval, our multidisciplinary business has chartered a strong course.
“Continued investment in people and technology, including a string of generative AI alliances, has powered our business. Our clients are looking for things that will give them an edge – where the costs of sitting still are too great to ignore.
“Considering the sizeable investments we’ve made in our people and technology, partner profits beat our forecasts. Our strong performance is due to the adaptability of our business in supporting our clients and is a credit to the talent of our people.”
Looking forward, Mr Ellis said: “The economy may be sluggish, but it is also changing as new technologies and the climate emergency change production and consumption.
“We will continue to invest in skills and technology so we can help our clients and communities adapt. This way we can address the unknowns with confidence – both the challenges and opportunities.”