Pay and bonus boost at PwC after bumper year’s performance

PARTNERS at advisory and accountancy firm PricewaterhouseCoopers took home an average of £763,000 each this year, a share of profits marginally up on last year’s £759,000 according to its latest annual report.

The bonus pool paid to non-partner staff in the UK also increased by 10 per cent to £89 million, recognising the “contribution they make to the success of the firm”, PwC said.

Turnover at the firm grew 6 per cent to £2.5 billion in the year ended 30 June, 2011, up from £2.3bn in the previous year.

Frank Blin, executive chairman of PwC in Scotland, said that performance north of the Border mirrored the firm’s national performance.

He said: “We have stayed close to our clients and in the past 12 months have continued to invest in our business, recruiting over 100 people and welcoming four new partners.

“Looking forward, there is still significant uncertainty. However, we are pleased to note that many of our clients are well positioned to face these uncertainties and seize the opportunities that should arise when the upturn materialises.

“We will continue to invest to support our clients and to create high-quality professional jobs here in Scotland. We took on 70 graduates last year and we are offering significant opportunities for university students.”

Key deals PricewaterhouseCoopers was involved with during the year included the acquisition of Aker Solutions’ process and construction business by Jacob’s Engineering, the acquisition of PSN by Wood Group and the sale of BCW to Gothia Financial Services AS.

PwC said that it had also won significant assignments in business recovery services and work renegotiating pension obligations arising from pension deficits.