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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 firm slowed and rising costs dented profits.
Partners at the UK firm, which also encompasses its Middle East operations, received a 5 per cent pay cut on average as total revenue growth slowed to 9 per cent compared with 16 per cent in 2023 amid a more difficult economic backdrop.
The firm’s performance was bolstered by its business in the Middle East, which reported a 26 per cent surge in sales, compared with a rise of just 3 per cent in the UK.
Total profits for PwC UK also fell 14 per cent to £1.1bn during the year to June after staff costs swelled by nearly a fifth during the period. Total revenues for the year came in at £6.3bn.
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.
Marco Amitrano, senior partner of the UK and Middle East firm, said: “We’ve achieved growth in a tough UK market while investing in the technology and skills that will help our clients evolve [and] improve how our people work . . . core services such as tax and audit have proven particularly resilient.”
