2018 Annual Report: PwC NI is top performing region - creating 460 jobs in new export divison

Northern Ireland is top performing PwC region, creating 460 new jobs in new export division

·       Annual revenue for UK firm increased by 5% to £3.76bn

·       New Belfast-based division brings in over £40m

·       Firm welcomes more than 3,400 joiners

PwC in the UK boosted annual revenues by five percent to more than £3.7bn in the year to 30 June 2018, according to the firm’s annual report published today [Monday 17 September 2018].

Northern Ireland is its fastest growing UK region, with the Belfast office now a recognised global centre for technology and digital advisory services. The annual report singles out the Belfast-based PwC Operate division which brought in annual revenues of over £40 million - predominantly from export markets.

PwC Operate was created to support growing demand from multinational organisations dealing with political, economic and regulatory change. In the year to June 2018, PwC Operate almost doubled its workforce from 540 to 1,000 and its broad skills-base has transformed how PwC supports clients - particularly in regulated industries.

Projects bring together regulatory experts, highly skilled operational staff and advanced technology to solve client challenges, often helping them implement new regulations or comply with existing ones.  While the majority of these engagements have been in Financial Services, PwC Operate is also working for global clients in Oil & Gas, Utilities, Retail, Pharma and the Public Sector.

Ian McConnell, the PwC Northern Ireland partner responsible for Operate, says PwC’s decision to support the growth of PwC Operate in Belfast, is a tribute to the availability of skilled graduates and an abundance of technology skills:

“Having ‘best in class’  operational capability alongside our deep subject matter expertise is a strategic imperative for the firm. PwC Operate is playing a significant role in helping clients transform their businesses and address challenges such as changes in regulation, improving customer experience and reducing costs.

“After just one year, we’ve proved the model is robust and scalable. As we target larger, repeatable programmes, we are focussing on further using technology to automate processes where possible; and combining automation with the skills our people bring to efficiently deliver an incomparable service for our clients.”

The firm created 460 new jobs in its Belfast-based PwC Operate division and more than 3,400 school leavers, graduates and experienced professionals joined the firm in total across the UK. The launch of a Flexible Talent Network is opening up new career opportunities for people who don’t want traditional work patterns.

During the year, PwC introduced its Intelligent Digital market position, which demonstrates how it combines innovative technology with the business understanding and human insight to solve client’s problems. The innovative and award-winning drones team is one example of its investment in new technologies that build and transform client services.

Kevin Ellis, PwC UK Chairman and Senior Partner, commented:

“Despite uncertainty over Brexit, all four of our business divisions grew this year, with high demand for technology-related services, including cyber, data analytics and GDPR. Twenty-nine percent of the firm’s revenues came from inbound - organisations headquartered outside the UK - highlighting the importance of the UK as a global business hub.

“Momentum in our business is good, driven by a strong deals market and demand for technology-driven business expertise, as we see organisations turn to us to help them transform their business models, many in response to digital disruption.”

PwC has also launched fully-funded tech and data degree apprenticeships in Queen’s University Belfast and another four universities in the UK which will give over 100 students a traditional university experience while receiving paid on-the-job training.

Kevin continued: “As a major UK employer we believe our business is stronger for having a diverse workforce.  With technological changes having a significant impact on the jobs market, it is more crucial than ever that we ensure high skilled and high paid jobs of tomorrow are attainable regardless of a person’s background.”

       2018 financial highlights:

·       Revenues by business line:

                               Business area

   2018 revenue 

Growth v 2017   

2017 revenue

                       Assurance

£1,334m

+3%

£1,296m

                      Consulting

£778m

+1%

£772m

               Deals

£711m

+10%

£649m

           Tax

£941m

+7%

£881m

 

·       Profit was £935m and the average distributable profit per partner before tax was £712,000. The effective UK tax rate for partners was 48%.
Profit before tax was £935m and the average distributable profit per partner before tax was £712,000. The effective UK tax rate for partners was 48%

 

·       The firm’s total tax contribution was £1,182m (up from £1,163m in 2017) and consisted of £709m in taxes collected and £473m in taxes borne.

2018 non-financial highlights:

·       For the 4th consecutive year, PwC has published a digital annual report.  By analysing readership data for our previous reports we learned what people are most interested in about our firm and provided more detail on these areas. You can explore the report at www.pwcannualreport.co.uk.

·       PwC published its progress against its gender and ethnicity targets for all levels of the business for the third year running and launched a five point action plan to promote diversity and inclusion.

·       PwC was one of the first organisations to voluntarily disclose its pay data and is publishing its gender pay data for the fifth year in a row and black and minority ethnic (BAME) pay data for the second year.

·       PwC UK’s mean gender pay gap under the government’s regulatory reporting requirement is 12.2%, down from 13.7% in 2017.

·       PwC UK’s mean gender pay gap including partners for 2018 is 43.2%, down from 43.8% in 2017. The mean BAME pay gap including partners for 2018 is 35.7%, down from 35.9% in 2017.

·       More than 104,000 people applied for a job with PwC and new joiners included 1,297 graduates and school leavers and 2,144 experienced professionals.

·       46% of new hires were women and 29% were BAME.

·       60% of new graduate roles and 78% of school leaver roles were outside London.

·       We bought products and services from 40 social enterprises and received the Buy Social Market Leader Award at the UK Social Enterprise Awards.

·       Our people contributed over 66,400 hours of volunteering to communities and charities during the working day and helped over 10,000 young people with skills training.  

Ends

Notes to editors:

Digital Annual Report

We’re using case studies, data explorers, infographics and videos in our Annual Report to help people learn more about our firm, allowing us to be more transparent about what we’re doing, how we’re innovating, and what we stand for.  We hope this will help build understanding of who we are and what we do. Please do take a look at www.pwc.co.uk/annualreport.

Total tax contribution

This is based on the taxes borne by the firm and partners which included corporation tax, income tax, employer National Insurance Contributions and business rates and the taxes collected on behalf of the government – PAYE, net VAT and employee National Insurance Contributions.

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