PROFESSIONAL services firm PwC has reported record revenue for the last year, with growth in Scotland outpacing the UK overall for the fourth year in a row.

PwC revealed revenue of £3.6 billion for the year ended June 30 2017, up 5 per cent from £3.44bn last year, along with a 6 per cent rise of revenue in Scotland.

Profits for 2017 were £822 million, down 1 per cent on 2016, as the firm continued to invest in people, technology and growth areas.

Lindsay Gardiner, regional chair for PwC in Scotland, said: “As across the UK this has been a challenging year, but I’m delighted that we have managed to not only keep operating to our high standards, but also grow the business.

“This is across a number of lines of service, ranging from core services, like audit, tax and deals, to more modern challenges of technology, digital and security.

“What is also particularly pleasing is that our expertise in these new areas is being recognised at the highest levels.

“For example, our Scottish cyber security operation is one of the largest in the country and was involved in delivering analysis alongside the National Cyber Security Centre and BAE Systems after uncovering and disrupting the major global cyber espionage campaign known as Operation Cloudhopper.

“Add in to this our significant investment in CodeBase and our creation of Scale, one of Scotland’s first long-term initiatives to help scale-up firms in Scotland, we are showing we are changing in response to the changing nature of the Scottish market and Scottish businesses while still offering the more established services our clients expect.

“Our investment hasn’t purely been external though. Our Aberdeen operation moved to the city centre to take up residence in The Capitol building and we have invested in the latest cloud-based working methods internally, giving staff a lot more flexibility and collaborative agility.

“Oil and gas activity for the Scottish offices picking up by 4 per cent also seems to confirm what we said in our last Sea Change report – that with the right advice and the industry coming together, there is life in the North Sea yet.”

The annual report also showed that across Scotland, more than 100 graduates and school leavers started their careers with PwC or undertook paid work experience and internship opportunities.

PwC also extended its commitment to diversity by becoming one of the first firms to publish BAME pay gap data, in addition to its gender pay figures, with progress made against gender and ethnicity targets.

Gardiner said: “Encouraging social mobility and promoting diversity are vital for the future success of the firm. Our Scottish senior leadership team has a 50/50 gender split and our largest business lines – assurance and tax – are led by women.”

The average distributable profit per partner before tax was £652,000, down 8 per cent from £706,000 last year, as the overall number of equity partners increased to 953, from 926 last year.

Kevin Ellis, PwC chairman and senior partner, said: “We’re transforming our business to ensure we have the right skills and technologies to assist with the challenges facing our clients as a result of the fourth industrial revolution.

“Building a vibrant and sustainable economy right across the UK is essential for the UK to prosper post-Brexit.”