PwC recently announced its annual revenues increased 6.5% to a record £2.6bn with overall profits for UK, Channel Islands and Middle East operations rising 10.8% to £727m in the year ending June 2012.

PwC audits 40 of the FTSE 100 firms and posted 4.1% revenue growth to £656m for its audit unit. The insolvency division grew 8% to £561m.

Total staff costs rose 6% to £1.14bn with a 3% increase in head count.

Average profit per partner was £798,000 – up 4.6% but actual average profit distributed per partner was £679,000 – 4% lower than 2011.

I thought it was timely to consider the growth rates achieved by a substantial and highly successful professional service firm when so many legal, accountancy and property firms are submitting business plans with “dream world” growth rates in excess of 10%!