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PwC 2012 Revenues Up 8% to $31.5B, Beats Deloitte, Remains Numero Uno
October 8, 2012
PwC just reported results on 04-Oct-2012, with a record total gross revenues for the fiscal year ended 30 June 2012 of US$31.5 billion, rising 8% at constant exchange rates.
PwC North America and South America firms revenues rose 13%. Middle East and Africa was also strong – up 15%. PwC firms reported revenue growth of 4% in Western Europe and 8% in Central and Eastern Europe, both higher growth rates than in the previous year. Revenues from developing markets now account for 20% of PwC’s aggregate global revenues. They are expected to reach 40% by 2017.
In FY 2012 PwC firms recruited a record 20,500 graduates, and expanded workforce by 7% to exceed 180,000 for the first time.
In the US, revenues were up by 15%; in the UK by 6%; in China by 14%; in India by 16%, in Russia by 13% and in Brazil by 14%. Revenues from PwC firms in Australia and the Pacific were down by 5%. This revenue decline is on the back of an exceptional item in FY2011 which significantly boosted revenue growth last year. Without this exceptional item, revenues from Australia and the Pacific continued to grow steadily, up 3%.
Assurance revenues across the PwC network, increased by 3% to US$14.9 billion. Advisory revenues, increased by 17% to US$8.7 billion. PwC’s Tax practice continued to grow well in FY 2012, up 8% to US$7.9 billion.
In FY 2012 two thirds of Advisory and Tax revenues came from clients that are not audited by PwC. Among all its service lines, the PwC network serves 84 percent of the companies in the Fortune Global 500 list, and 88 per cent of the FT Global 500.
And to top all this, the good news for PwC is that its 8% growth and revenues of $31.5 billion kept it ahead of faster-growing Deloitte at 8.6% but lower achieved revenues of $31.3 billion.
Keeping PwC in the leadership spot in FY 2012 by a slim margin of $200 million. And that’s two years in a row!!