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Financial services firm has posted a five per cent turnover growth in its latest annual results.

In the year to June 30, 2014, the firm, whose Birmingham operation is in , said º£½ÇÊÓƵ-wide turnover had risen from £2.689 billion to £2.814 billion.

Profit for the year increased to £772 million from £750 million and the average distributable profit per partner was £722,000, up two per cent from £711,000 in 2013.

It said that each of its four divisions also posted a revenue rise with assurance up by six per cent to £1.025 billion, tax up by five per cent to £714 million, deals by three per cent to £580 million and consulting by four per cent to £495 million.

Midlands regional chairman Mark Smith said today: "We achieved growth of over seven per cent in the Midlands, reflecting the continued improvement in economic conditions and increased business confidence in the region.

"All of our businesses grew during the period with particularly strong performances in our risk assurance, pensions and consulting practices.

"Our deals team also benefited from an increase in mergers and acquisitions activity in the region.

"Looking ahead, we believe business confidence will continue to improve and we expect the region's economy to grow by around 3.1 per cent this year."

PwC said 2013/14 saw an increase in listed company audit tenders and was selected to be auditors to companies such as HSBC, Vodafone and British Land.

During the period, it said it made direct investment of more than £200 million into the business, part of the £750 million invested over the past six years to grow and transform the business.

It also increased its capabilities in areas such as cyber security, data analytics, digital and real-time assurance and acquired businesses including Mokum and Geotraceability.

It recruited a record 2,700 people from than 90,000 application to work there.