PwC global revenues up 7% to $37.7bn

PwC's firms around the world reported total gross revenues of $37.7bn for the year ending 30 June 2017, an almost 7% increase and marking 20 years of consecutive revenue growth for the PwC network, but leaving the firm in second place behind Deloitte’s global network total of $38.8bn

The firm said revenues rose in all major markets and across all lines of business. In the Americas, revenues grew by almost 7%. Growth was steady in western Europe, up by 4%, and much stronger in central and eastern Europe (up 13%).

Revenue growth from Australasia and the Pacific doubled over last year rising by 10%, while sales from Asia were also up 10%. Revenues from the Middle East and Africa grew steadily up 4%.

PwC’s assurance operations grew by 6% to $16bn, including what the firm described as ‘exponential’ demand for digital services in areas such as cyber security and privacy, advanced data analytics, as well as enterprise systems solutions.

The firm’s advisory operations grew by almost 8% to $12.3bn, with a particularly strong performance in its Strategy and technology practices, up by 17% and 20%, respectively.

Tax and legal revenues grew by 6% to $9.5bn with growing demand for tax compliance and consulting work for direct and indirect taxes globally. With over 41,000 tax professionals, PwC has the largest tax network in the world.

The firm has also invested in its tax outsourcing business, including an agreement with GE, hiring 600 of GE's tax team members from around the world and acquiring GE's tax technology. PwC’s global legal services network now has 3,300 lawyers serving clients in over 90 countries. 

Over the year, PwC’s global headcount grew 6% to 236,235 people, with the biggest increases in Asia (14%) and central eastern Europe (13%).

A record 59,252 people joined PwC firms around the world - including 28,238 graduates and 25,982 experienced professionals. In FY17 half of the graduate recruits and 45% of the experienced hires were female.

PwC firms admitted a record total of 862 partners around the world with 25% female. The network has PwC firms in 158 countries, with offices in 736 locations.

Bob Moritz, PwC's global chairman, said: ‘Our strategy of investing heavily in technology, quality, innovative new services and recruiting top talent paid off with strong revenue growth across all our lines of business, both new and established, in FY17. 

‘We're also investing in areas such as our data privacy practice. As more and more data is generated and shared, and companies are exposed to new digital vulnerabilities, we're helping clients to develop their cyber security and privacy programmes, and respond to incidents.

‘We are also committed to being more transparent and this year, in our global annual review, we are, for the first time, disclosing the results of our internal audit quality reviews.  This is an important step on a road to increasing transparency for PwC which I hope will set a benchmark for our industry.’

Report by Pat Sweet

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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