PwC UK Partner Pay Hit as Profits Fall and Revenue Growth Eases

PwC reported subdued results for its UK and Middle East arm Wednesday, with profits down amid sluggish UK growth and provisioning against legal and regulatory costs.

The Big Four accounting, tax, and consulting firm recorded 9% revenue growth to £6.3 billion ($8.4 billion) across the business, which also includes its Channel Islands operation, in the year to June 30. Revenue was bolstered by 26% growth in the Middle East, but the firm’s UK revenue nudged up by just 3%. Overall profits fell 14% to £1.1 billion as staff costs and provisioning surged, leading to a fall in average partner pay ...