PricewaterhouseCoopers LLP reports turnover of £2.24 billion with Scotland demonstrating revenue growth of 11%

PricewaterhouseCoopers LLP today announced 7% growth in UK turnover for FY08 to £2.24 billion. Despite signs of softening in the market over the summer, Scotland was one of the top performing regions across the UK with net revenue growth of 11%, taking the overall revenue to in excess of £100m.

Frank Blin, Executive Chairman, Scotland, PricewaterhouseCoopers LLP commented:

“Market conditions, particularly over the summer months, have remained testing with construction, property and real estate being hardest hit. While the credit crunch has taken its toll on the deal market, we are still seeing reasonable levels of activity particularly from the Oil and Gas sector.

“As the market leading provider to the Scottish Financial Services industry we are cautious about next year’s growth, however overall, the demand for our services remains solid. Our award-winning tax practice* continues to deliver significant growth and has actively contributed on the issue of Local Income Tax, through its submission to the Scottish Parliament.

“While recognising that there may be some benefit to such a system we highlighted the difficulties that implementation of the new regime could present, and the risk that Scottish business would face a competitive disadvantage in the international marketplace if its headline rate of income tax was higher than the rest of the UK.

“We are well placed over the coming months to help guide our clients through what will undoubtedly be challenging times ahead. As the credit crunch and economic downturn gathers momentum, we have the experience and proven track record to support our clients as they face a wide range of issues be it refinancing, securing working capital, addressing pension deficits or cost reduction. We are acutely aware that the continuing prosperity of the Scottish economy on which we rely is dependent on the ongoing success of our clients.

“I am particularly pleased by the growing impact our CSR programme, A Force For Good, has on communities, with over 60% of our employees now involved in some form of voluntary work. This was recently recognised with a Business in the Community ‘Big Tick’ Award for Excellence for Developing Talent through Community Involvement, and has particular resonance in the current climate with charitable organisations and vulnerable people often becoming silent victims of the credit crunch and the economic downturn. This strategy also fits well with the development of our sustainability team, a growing area where we are helping clients and in which we are investing.” 

Key milestones and achievements over the past year in Scotland include:

• Increase in employee numbers from 810 to 830 including the appointment of two Partners and six Directors
• Voted UK’s number one graduate employer, with the intake in Scotland in excess of 80
• Supporting the re-launch of the well-respected Fraser of Allander Economic Commentary
• Strong performance in Assurance - 23% growth in transaction services and Risk Assurance, an expanding HRS Tax business ranging from international mobility and reward, to pensions and business engagement, and a robust Audit base
• The largest deal flow in Scotland with a 46% increase in revenue by the Transactional Services team, and activity from the team and Corporate Finance, reflected by –
  • Reporting Accountants for the £32m AIM IPO of Craneware plc, Scottish IPO of the Year and the Small/Mid-sized Deal of the Year at last week’s Deal & Dealmakers Awards
  • Post acquisition due diligence for Heineken on the £7.8bn acquisition of Scottish & Newcastle
  • SMG's £53m disposal of Virgin Radio Holding to TMC Golden Square Ltd and disposal of Primesight to GMT Communications Partners
  • Sale of The Weir Group PLC's Nuclear and Defence division (Strachan & Henshaw) to Babcock for £65m
  • £96m buy-out of Ashtead Technology Rentals by a management team led by Andy Doggett and backed by Phoenix Equity Partners
• Continuing demand for Performance Improvement Consultancy (PIC) particularly in the media and local government sectors
• Significant Business Recovery Services assignments in early 2008 including the re-financing of businesses, substantial restructuring involving both schemes of arrangement and Company Voluntary Arrangements, and renegotiation of pension obligations arising from pension deficit situations
• Winning the Tax Team of the Year and Outstanding Achievement Award for Frank Blin at the inaugural Scottish Accountancy Awards *

Contact details
Email: Lynn Hunter
Tel: +44 (0)141 245 2152