The PwC network reported total global gross revenues of $35.4bn (£23.37bn) for the fiscal year ended on 30 June 2015, a 10% increase which saw PwC just overhaul Deloitte’s fee income of $35.2bn to take the top slot among the Big Four global accounting networks
PwC says revenues were up markedly from the previous year, marking the strongest year-on-year growth that the network has seen since FY07. Growth was strong across all lines of business and in all geographic regions, led by the largest firm, PwC US, which saw revenues rise 10% to $12.2bn. The UK firm, PwC’s second largest, reported revenues up 9% to $4.1bn.
There was double-digit growth in Middle East and Africa (16%), North America and the Caribbean (12%) and Australasia and Pacific Islands (11%).
Revenues from PwC’s assurance operations, which include the audit line, rose by 6% to S15.2bn. Advisory operations increased by 18% to $11.2bn and now accounts for more than 30% of PwC’s revenues. Tax operations saw revenues up by 7% to $8.9bn.
The global headcount grew 6% to more than 208,000 people, a record high, with PwC adding 53,049 people in FY15, including 24,600 graduates.
Dennis M Nally, chairman of PricewaterhouseCoopers International, said: ‘Our strongest growth for eight years is a result of the significant investment we have made in recruiting the best people, enhancing the quality of our services and building new product offerings such as data analytics. We have also continued to make key strategic acquisitions to complement and expand our core business.
‘We have strong momentum going into FY16 with many significant accomplishments to build on. All of our lines of business and geographic regions are growing, the acquisition of Booz & Company (now Strategy&) has provided a major boost to our ability to provide services ranging from strategy right through to execution.’
Last month Deloitte Global reported aggregate revenues of $35.2bn (£23.23bn) for the fiscal year ended 31 May 2015, a 7.6% increase, while EY’s global revenues were up by 11.6% at $28.7bn.
Deloitte has held first place among the Big Four global networks for the past two years, and in 2014 its fee income of $34.2bn just pipped PwC International’s $33.95bn (£18.48bn) in revenues.
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