Big Four firm reveals it will not publish its full results, including profits and partner pay, until January next year, as it grapples with the impact of the pandemic on its business
PwC has announced that it will delay the publication of its financial results for the year ending 30 June 2020 until January 2021. The move represents a shift from its normal timetable which would have seen the UK’s largest firm publish its results in September.
In a statement, the firm said: ‘Our current priorities are managing our business, supporting our clients and preserving jobs before we make any decisions about the quantum of the bonuses we pay to our staff and distributions to our partners.’
Publishing in January would still be within statutory requirements. In April, the firm said it believed that it was right that its partners should bear any financial impact of the crisis first and that the firm’s priority was to protect jobs, delaying discussion and decisions about reward until the autumn when the situation would be clearer.
Last year, the firm increased its revenue for the year ended 30 June 2019 by 12% to £4.23bn, up from £3.76bn on the previous year. Profit for the financial year was £1,016m (2018: £935m) and the average distributable profit per partner before tax was up 7.5% at £765,000 (2018: £712,000).