PwC partners take pay cut as profits fall

The 1,036 UK partners at PwC received a share of profits averaging £862,000 for the year to the end of June, down from £906,000 in 2023, as Britain’s biggest auditor invested in the business.

Total revenue, which includes the UK, Middle East and Channel Island businesses, rose 9 per cent to £6.3 billion. However, profit before tax fell 8.5 per cent to £1.3 billion. Revenue growth in the UK was 3 per cent.

PwC’s thousands of consultants advise businesses on areas including taxes, mergers and acquisitions and technology.

Marco Amitrano said core services such as tax and audit were resilient last year

PWC

Marco Amitrano, PwC’s new senior partner and former head of clients and markets, who was elected in April to replace Kevin Ellis after eight years in the job, said the firm had “achieved growth in a tough

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