PwC 2014 Global Revenues: $34 Billion
PwC has reported total global gross revenues of $34 billion USD for the fiscal year ended on June 30, 2014.
Revenue growth was strong across all lines of business for all of PwC’s largest firms and in all geographic regions. At constant exchange rates, PwC’s total global revenues rose by 6 percent.
“PwC Bermuda’s positive results in FY2014 contributed to the strong global performance and are directly attributable to our extraordinary talent who work tirelessly to deliver capabilities and foresight to solve our clients’ important problems,” said Darren Johnston, CEO, PwC Bermuda [pictured left].
“PwC’s global performance affirms our commitment to being the leading professional services network. Our success is built on the talent of our people, the strength of our unmatched global network, and our ongoing investments in the quality of our services here in Bermuda and right across the world.”
A spokesperson said, “PwC’s bedrock Assurance practice, its largest business and the largest practice of its type in the world, grew by 3 percent to $15.1 billion USD, accounting for 45 percent of PwC’s global revenues. This growth in the highly competitive and mature market for audit and assurance services is a credit to PwC’s leading brand and reputation, a continuing focus on quality and substantial investment in people and technology.
“Demand for broader forms of assurance services, such as reporting on internal audit and risk controls, continues to expand. This trend is expected to continue as assurance principles are applied in such areas as social and environmental reporting.
“Revenues from PwC’s Advisory practice again grew very strongly in fiscal year 2014, increasing by 10 percent to $10 billion USD, a doubling of global advisory revenues in the past five years and making up 29 percent of PwC’s total global revenues. Growth in advisory revenues was primarily organic and reflects a focus on cross-border assignments involving a broad range of services from strategy through execution implementation.
“The acquisition of Booz and Company, renamed Strategy&, boosted PwC’s capability to perform strategy work; and revenues from strategy consulting are expected to grow strongly in the year ahead. The Strategy& acquisition was only completed in the last quarter of fiscal year 2014 and therefore its full impact will not be felt until fiscal year 2015.
“Revenues from PwC’s tax practice also grew strongly, increasing by 8 percent to $8.8 billion USD in fiscal 2014, confirming PwC’s position as the largest tax practice in the world. Demand for tax services is expected to remain strong next year, driven by growing needs for both tax compliance and tax advisory work.
“PwC firms operate under a global tax code of conduct, first issued in 2005. PwC’s tax revenues make up 26 percent of global revenues and also include revenues from PwC’s Human Resource Services operations and PwC Legal.”
“This strong performance was despite economic challenges in some countries, increased regulation and stiff competition in all our markets,” said Dennis M. Nally, Chairman of PricewaterhouseCoopers International Ltd.
“PwC’s growth in emerging markets outpaced that in the developed economies. The emerging markets are an increasingly important part of our business. They now make up 20 percent of our global revenues and are expected to grow substantially over the next five years. We had strong revenue growth in India, up 24 percent, China, 11 percent, and Brazil, 10 percent.
“We also saw excellent results from our largest firms in the developed world. Revenues were up in the US by 6 percent, in the UK by 5 percent, Germany by 4 percent, and in Japan by 10 percent.”
“We plan to recruit even more graduates across the world in fiscal year 2015 than we did in fiscal year 2014, with a particular emphasis on students in the emerging markets and those studying overseas who plan to return to rapidly expanding markets like Africa.
“We are also actively recruiting students studying science and engineering to meet the growing need for data and analytics expertise by our clients.
“Overall, we’re optimistic about prospects for the global economy in the year ahead, and expect global GDP growth to increase to 3.2 percent in 2015.”
“In fiscal year 2014, PwC firms and people donated nearly $87 USD million to community activities and more than 53,000 PwC people donated more than 600,000 hours in professional services and skilled volunteer activities.
“PwC continues to focus on recruiting the best talent, adding 45,000 people in fiscal year 2014, including 20,000 new graduates, to bring the global workforce to more than 195,000.
“Across all its lines of business and firms, the PwC network serves a wide and diverse range of clients including 84 percent of the companies in the Fortune Global 500 list, 93 percent of the FT Global 500, and over 100,000 entrepreneurial and private businesses around the world.”
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