Our turnover growth is particularly pleasing given the current UK and global economic conditions and the reduction in deal related activity. Our financial performance benefits from our strategy of continued investment and having a diverse range of strong businesses and services.
Operating costs
Our staff costs increased 4% in the year, with headcount up 9%, in part reflecting a full year impact of the Middle East. Staff bonuses across the Group increased 14% to £81m.
Profit for the financial year
Total profit for the financial year of £642m
Average profit per partner, which is stated after excluding the impact of members on overseas secondment, decreased 2%, down from £777,000 to £759,000.
Net assets and financing
Our balance sheet remains strong, with net assets of £538m (2009: £497m). Working capital management continued to remain healthy, with profit after interest, tax and working capital adjustments generating a positive operating cash flow of £681m
Total tax contribution
Our firm makes a significant contribution to the UK public purse through the taxes paid by our business and employees. In the past year this amounted to £615m.
Creditor payment policy
We seek to agree commercial payment terms with our suppliers and, provided performance is in accordance with these terms, to make payments accordingly. The number of days outstanding between receipt of invoice and date of payment, calculated by reference to the amount owed in respect of the Group’s trade payables at the year-end as a proportion of the total amounts invoiced by suppliers and overseas PwC member firms during the year, was 28 days (2009: 23 days).
Political donations
The firm does not make any cash donations to any political party or other groups with a political agenda. However, in the interests of the firm and its clients, we seek to develop and maintain constructive and balanced relationships with the main political parties.
Designated members
The designated members (as defined in the Limited Liability Partnerships Act 2000) of PricewaterhouseCoopers LLP during the year were Ian Powell, Richard Collier-Keywood, Keith Tilson and Owen Jonathan.
Going concern
The Executive Board has a reasonable expectation that the firm has adequate financial resources to meet its operational needs for the foreseeable future and therefore the going concern basis has been adopted in preparing the financial statements.
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