Revenues steady at PwC as firm weathers pandemic

Fee income up €2m to €566m in 2020 as company looks to growth this year

Revenues at professional services group PwC stayed steady in 2020. Photograph: Nick Bradshaw

Revenues at professional services group PwC stayed steady in 2020. Photograph: Nick Bradshaw

 

Revenues at professional services group PwC in Ireland were steady in 2020, as the Big Four accounting firm weathered the storm of the Covid-19 pandemic.

On an all-Ireland basis, fee income for the group, which provides audit, tax and advisory services across the country, rose by just €2 million to €566 million in the year to December 31st, 2020. Employee figures rose by 2.4 per cent, or 130 to 5,418.

Feargal O’Rourke, managing partner with PwC Ireland, said the Covid-19 pandemic presented an “enormity” of challenges, but that the response of employees to the crisis was key.

“Without the fantastic efforts and commitment of our people, we simply would not have emerged from this pandemic in the robust shape that we are in today,” he said, adding that the group is now preparing for the post-Covid world “with optimism and positivity and planning for the new ways of working that Covid has shown us are possible”.

Challenges

Looking ahead, Mr O’Rourke said challenges in the climate change and the broader environmental, social, and corporate governance (ESG) agenda are to the forefront.

“We are optimistic for the future and we are currently recruiting high-calibre experienced resources across all areas of our business,” he said.

Overall, the sector appears to have maintained performance through the pandemic, although PwC is the only Big Four firm to disclose fee income for the full-year 2020 thus far.

Revenues at Deloitte for example, rose by 7.6 per cent in the year to May 31st, 2020, to €409 million, while employee numbers also rose by 7 per cent, to 3,400. EY also reported a strong 2020, with fee income up by 3.8 per cent to €359 million. However, this was in the 12 months to June 30th, 2020. Its employee figures rose by 117, or 4 per cent, to 3,045.