News Article - 13 September 2006
Category:

The era of huge profits at the big four accountancy firms could be coming to a close, according to PricewaterhouseCoopers' chairman and senior British partner.

Accountancy Age reported that Kieran Poynter warned that the lack of new regulatory frameworks such as Sarbox or IFRS on the horizon meant that there will be little to push fee incomes in the future.

Mr Poynter warned that PwC will not likely see the double digit growth it had become used to, after posting an 11 per cent rise in fee income for the 12 months to the end of June - breaking the £2 billion barrier.

"There are no special factors for this year," he claimed.

"Clients have got through the initial period of applying Sarbox ­- the heavy lifting [has] been done. I think the economy will be broadly similar, with growth perhaps tailing off in 2007."

However, Mr Poynter predicted that PwC's competitors would unlikely get near its £2 billion revenues.

"I don’t know what the others will do, but I’m sure they won’t be catching up," he claimed.

Article keywords: access uk

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