Annual report 2016: Our year in review

Our financial highlights

Warwick Hunt, our Chief Operating Officer and Managing Partner - International, presents the financial highlights for the year to June 2016. Once again, we’ve seen good, broadly based growth from a whole range of areas of our business. Revenues increased to more than £3.4 billion and our tax contribution was £1.12bn. Warwick's video gives the detail, and you can find the full audited numbers in the downloads section. 

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Explore our revenues

We have a broad and well-diversified business with clients spanning a range of industries and sectors.

Line of service

Our core services are Assurance, Consulting, Deals and Tax. We tailor our services to specific client needs and we offer an integrated approach.

You can find out more about the highlights from our lines of service in the section below.

Market segment

A major strength of our business is our balanced portfolio. In FY16, 24% of our revenue came from work with private businesses and 30% from inbound clients headquartered overseas, reflecting the benefit of a strong and connected international network.

Industry segment

We saw good growth across our industry groups. This included 22% growth for our government and public sector practice, driven by public sector consulting work in the Middle East and an increase in Business Services and Industrial Manufacturing revenues driving double digit growth for our Consumer, Industrial Products and Services sector.

Service analysis

We’ve seen continued demand for services from our non-audit clients and Mandatory Firm Rotation has brought significant opportunities and allowed us to develop new relationships.

Line of service highlights

We offer clients an integrated approach to our services. Our core service lines - Assurance, Consulting, Deals and Tax have all seen an increase in revenue growth over the past year. This was driven by increased investment in our people and infrastructure, significant client wins and new offerings.

Find out more

International alliances and global network

Middle East

Our growth in the Middle East continues to be strong. We have been able to advise and support governments and business as they navigate some of the challenges in the region including the impact of lower oil prices, technology, demographics and geopolitical uncertainty.

With almost 4,000 people across our Assurance, Tax, Consulting and Deals businesses, we are ideally placed to help both regional and multinational clients develop and execute their strategies in the Middle East and beyond. Examples of this include our work with the Kingdom of Saudi Arabia on the development and implementation of its 'National Transformation Plan' and helping our clients prepare for the proposed introduction of VAT in the Gulf Cooperation Council countries.

Our combination with Strategy& further strengthens our leading market position in the region. We continue to invest and build capacity to deliver insights relevant to the region. This year we re-launched the ‘Ideation Centre’, a think tank aimed at helping business leaders interpret socioeconomic trends for better decision making.

You can find out more about our Middle East practice at www.pwc.com/m1

Africa

In Africa, PwC is the largest provider of professional services with over 400 partners and 9,000 people located in 34 countries. In July 2014, the UK firm announced its alliance with Africa to meet the increased demand for professional services as trade and investment activities grow.

We support market activity across the continent and grow sustainable capability and capacity by funding a number of key propositions, as well as for learning and secondment opportunities both into and out of Africa. These revolve around centres of excellence in Nigeria, Kenya and South Africa and include leadership roles in Advisory, Strategy&, Risk Assurance and the consumer and industrial products sectors .

Central and Eastern Europe

We formed a strategic alliance with Central and Eastern Europe in 2013 and strong revenue growth has been achieved again this year. This is against the backdrop of a complex political and economic environment with EU sanctions against Russia, falling oil prices and foreign exchange fluctuation making for a challenging market outlook.

A particular focus for investment in the region is technology, including cyber security, data analytics and forensic capabilities. We anticipate our joint acquisition of technology consulting business, Outbox, and our new drone technology offering, to further increase our future revenue growth opportunities.

Global

There are now member firms operating under the PwC brand in 157 countries, employing 208,109 people under the overall coordination of PricewaterhouseCoopers International Limited.

A Network Leadership Team sets the overall strategy and agrees the standards to which all member firms must adhere. PwC UK is well represented on this leadership team, as well as on the Global Leadership and EMEA Executive teams.

This year, Robert Moritz was selected as the new Chairman of PricewaterhouseCoopers International Limited following the retirement of Dennis Nally. You can find out more about Bob and the new global leadership team here.

Our regional business

Stephanie Hyde, our Head of Regions, provides an overview of the successful year for our regional business, looking at the stories of innovation and investment that are helping our clients respond to changing times while explaining the important role that our firm will have to play in rebalancing the UK economy.

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Case studies

Creating a technology enabled business

Jon Andrews, our Head of Technology and Investment, talks about the ways we are investing to become a leading technology enabled firm.

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Contact us

Corporate communications

Tel: +44 (0)20 7213 1768
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