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Brexit vote, UK, US elections blamed for profits drop at accountants PwC

PwC said its profit fell to £822mln, down from £829mln a year earlier, with the average profit per partner was £652,000, down from £706,000 a year earlier

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The professional services group saw its revenue rise by 5% to £3.60bn mostly thanks to growth in its assurance, tax and consulting units

PricewaterhouseCoopers LLP saw its UK profit fall 1% for the full year to June 30, while average executive profit at the accountancy firm fell by 8% impacted by the consequences of the 2016 Brexit vote, and elections in the UK and US.

In the firm’s latest annual report, published on its website, PwC said its profit fell to £822mln, down from £829mln a year earlier, with the average profit per partner was £652,000, down from £706,000 a year earlier.

The professional services group saw its revenue rise by 5% to £3.60bn mostly thanks to growth in its assurance, tax and consulting units.

However, revenue at its deals division fell by 1% as strong transaction services were offset by the winding down of some long-term insolvency and forensic assignments.

Kevin Ellis, PwC’s chairman and senior partner highlighted a “slowdown in some sectors due to uncertainties related to the EU Referendum result and the US Presidential and UK General elections.”

He added: “While there is uncertainty ahead and UK businesses are looking for a smooth Brexit transition to minimise disruption to the economy and their customers.”  

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