PwC: Record Global Revenues Rise to US$31.5 billion

By Rob Starr, Content Manager, Big4.com

PwC has reported record total gross revenues for the fiscal year ended 30 June 2012 of US$31.5 billion. At constant exchange rates, PwC’s total global revenues rose by 8%. Sustained growth in North America and South America follows a similarly strong performance last year and consolidates PwC’s market position in the region. PwC firms reported revenue increases of 13% in those areas.

Developing markets of the Middle East and Africa also had strong  revenue growth that was  up 15% and these numbers reflected the commitment and increased investment in the region by the PwC network. PwC firms in Asia continued to grow well with FY 2012 revenues up 8%.

Dennis M. Nally, Chairman of PricewaterhouseCoopers International Ltd commented:

“PwC’s ability to increase revenues in all key markets in a challenging economic climate is testament to the trust that clients have in the quality of PwC work, the talent of our people and the strength of the PwC network,” he said.

Overall, PwC firms enjoyed underlying revenue growth in all its major markets around the world both developed and developing. Revenues from developing markets now account for 20% of PwC’s aggregate global revenues. They are expected to reach 40% by 2017.  The PwC network’s aggregate revenues also increased in Europe, despite the impact on growth of the uncertain outlook for the Eurozone. 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.

PwC’s largest firms around the world continued to increase local revenues. 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%. PwC’s Advisory practice continued to expand strongly around the world. Advisory revenues, across the PwC network, increased by 17% to US$8.7 billion, driven largely by higher sales in consulting services as clients recognised PwC’s ability to deliver transformational change across the spectrum of consulting from strategy to execution.