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PricewaterhouseCoopers Overview

PwC is the biggest professional services firm on the planet. The company’s  2009 revenues were recorded at US$26.2 billion,  and they have 163,000 staff. Here’s a breakdown of the 2009 revenues: Audit $13.1B, Tax $7.0B and Advisory $6.1B. In 1849, Samuel Price formed Price. Price, Waterhouse was created in 1874. One year later,  William Cooper formed the firm called The  Cooper Brothers. In 1898, Lybrand, Ross was created. In 1957, the creation Coopers & Lybrand took place. In 1998, PricewaterhouseCoopers emerged. In 2002, PwC Consulting was sold to IBM. Dennis Nally is Chairman of PwC International.

PricewaterhouseCoopers PwC 2011 Performance

PricewaterhouseCoopers’s FY 2011 international revenues for the year ending June 30, 2011 was US$29.223 billion, a 10.0% increase from the US$26.569 billion in FY 2010 in US dollar terms. Still, in local currency terms FY 2011 revenues were actually higher than FY 2010 by only 8.2%. This very good performance aided the company to regain its top ranking as the largest accounting company worldwide. PwC maintained this top position over Deloitte, who reported FY 2011 revenues of $28.8 billion. These numbers placed Deloitte behind PwC by a good $420 million, after being in first place in 2011 by a very slim lead of just $9 million.

PwC revenues rose 10% in 2010. That was sufficient to regain top spot as the biggest accounting firm worldwide.

In relation to the service lines, 2011 Assurance revenues were up 4.9% in local currency terms to $14.140 billion, but in terms of US dollars, revenues increased even higher at 6.5% from $13.273 billion in 2010. PwC enjoyed outstanding performance despite the worldwide competitive market for audit and accounting services. There was even some downward price pressure which hid even stronger growth. Audit revenue growth in 2011 hit a four year high, since the service line grew 9.2% from 2006 to 2007. Tax services jumped 5.7% in local currency terms to $7.625 billion, and 7.5% in US dollar terms from $7.090 billion in 2010. PwC enjoyed even network  performance because of a rise in demand for tax and human resource consulting, indirect tax services as well as tax accounting and compliance endeavors.

PwC advisory services were the top service line as revenues jumped by 18.0% in local currency terms to $7.458 billion, and an astounding 20.2% in US dollar terms from $6.206 billion in 2010. PwC showed excellent performance from the consulting businesses because of a rebound in M&A activity. There was also an ongoing demand for consulting services and some strategic acquisitions.

Additionally, PwC noted expected growth and a robust FY2012 as it looked toward better times ahead. Geographically,  Asia and Australasia 2011 combined revenues rose to $5.1 billion from $4.2 billion in 2010. This marked Asian growth in local currency of 8.5% and 13.5% in US dollar terms; and is on a parallel with Australasia on a remarkable increase of 23.5% in local currency. As well there was  an increase of 38.4% in US dollar terms.

The Americas had an outstanding performance. There were  2011 revenues at $10.836 billion, up 11.6% in local currency terms and 12.7% in US dollar terms from $9.730 billion in 2010.

Europe combined revenues in 2011 of $13.283 billion, rose a solid 4.7% in local currency terms and 5.5% in US dollar terms from $12.611 billion in 2010. Western Europe revenues increased 3.7% in local currency terms and 4.1% in US dollar terms from $11.062 billion in 2010 to $11.518 billion in 2011. Central and Eastern European revenue increased 6.6% in local currency terms and 7.3% in US dollar terms from $0.726 billion in 2010 to $0.778 billion in 2011. PwC noted Middle East and Africa revenues rose 20% and South and Central America grew 23%

 


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