For Advertisers
How is the ongoing Wall Street and credit crisis impacting you?
Deeply affected Moderately affected
Totally unaffected
PricewaterhouseCoopers 2008 Revenue Up 14%, Maintains Top Position
PricewaterhouseCoopers 2008 Revenue Up 14%, Maintains Top Position
PricewaterhouseCoopers just released its 2008 revenue figures for the year ending June 30, 2008. Global revenues were US$28.2 billion, increasing at 8% at constant foreign exchange rates and 14% at variable exchange rates, since the US dollar plummeted against foreign currencies during this period. In USD reporting terms, 2008 revenues of $28.2 billion did grow 14% from 2007 revenues of $24.7 billion. With this, PwC remains the top dog among Big Four firms.
Assurance practice reported revenues at US$13.8 billion were up only 3% due to difficult market conditions and settling down after many years of high growth. PwC also pointed to “changing regulatory requirements and the very competitive nature of the assurance market” as a reason for this relative sluggishness.
Tax operations increased 13% to US$7.5 billion due to strong growth on all service offerings. Advisory business were up 14% to US$6.9 billion due to good performances in all major markets, a fast maturing consulting business, and good M&A advisory despite the drooping M&A transactions area.
Combined tax and advisory were 51% of PwC’s global revenues compared with 48% in FY2007 and 44% in FY 2003. With non-assurance businesses now in the majority, we ask a rhetorical question whether the Big Four firms are truly in the public audit business or really global consultancies offering tax, M&A, management advisory with an attached assurance division.
Geographically, Asia revenue was up 21%, Middle East and Africa up 20%, Central and Eastern Europe up 20%, Western Europe was decent at 8% but North America was up only by 2%. Which brings up another rhetorical question – are the Big Four firms are really US-centric, given that North American revenues are only 30% of total revenues and it is the slowest growing region among all.
As we blogged earlier, PwC is implementing a new “global cluster” structure, and said, “The new structure is effective immediately. PwC member firms will continue to be locally owned and managed partnerships, preserving the organisation\'s entrepreneurial culture and retaining a high level of accountability to stakeholders and regulators.”
Finally, we saw Deloitte grow its 2008 revenue by 17% to $27.0 billion from 2007 revenue of $23.1 billion. Deloitte is only $1.2 billion behind PwC in 2008 whereas it was $1.6 billion behind PwC in 2007, rapidly closing this gap. Consider hypothetically that if Deloitte grew 15% from its 2008 revenue of $27.0 to 2009 revenue of $31.1 billion, and PwC grew 10% from its 2008 revenue of $28.2 to 2009 revenue of $31.0 billion, Deloitte could conceivably become the largest Big Four firm on the planet.
PricewaterhouseCoopers, 2008 revenue, tax and advisory, assurance, cluster structure, growth
Posted by: Big4 10.01.2008 11:07 am
PricewaterhouseCoopers just released its 2008 revenue figures for the year ending June 30, 2008. Global revenues were US$28.2 billion, increasing at 8% at constant foreign exchange rates and 14% at variable exchange rates, since the US dollar plummeted against foreign currencies during this period. In USD reporting terms, 2008 revenues of $28.2 billion did grow 14% from 2007 revenues of $24.7 billion. With this, PwC remains the top dog among Big Four firms.
Assurance practice reported revenues at US$13.8 billion were up only 3% due to difficult market conditions and settling down after many years of high growth. PwC also pointed to “changing regulatory requirements and the very competitive nature of the assurance market” as a reason for this relative sluggishness.
Tax operations increased 13% to US$7.5 billion due to strong growth on all service offerings. Advisory business were up 14% to US$6.9 billion due to good performances in all major markets, a fast maturing consulting business, and good M&A advisory despite the drooping M&A transactions area.
Combined tax and advisory were 51% of PwC’s global revenues compared with 48% in FY2007 and 44% in FY 2003. With non-assurance businesses now in the majority, we ask a rhetorical question whether the Big Four firms are truly in the public audit business or really global consultancies offering tax, M&A, management advisory with an attached assurance division.
Geographically, Asia revenue was up 21%, Middle East and Africa up 20%, Central and Eastern Europe up 20%, Western Europe was decent at 8% but North America was up only by 2%. Which brings up another rhetorical question – are the Big Four firms are really US-centric, given that North American revenues are only 30% of total revenues and it is the slowest growing region among all.
As we blogged earlier, PwC is implementing a new “global cluster” structure, and said, “The new structure is effective immediately. PwC member firms will continue to be locally owned and managed partnerships, preserving the organisation\'s entrepreneurial culture and retaining a high level of accountability to stakeholders and regulators.”
Finally, we saw Deloitte grow its 2008 revenue by 17% to $27.0 billion from 2007 revenue of $23.1 billion. Deloitte is only $1.2 billion behind PwC in 2008 whereas it was $1.6 billion behind PwC in 2007, rapidly closing this gap. Consider hypothetically that if Deloitte grew 15% from its 2008 revenue of $27.0 to 2009 revenue of $31.1 billion, and PwC grew 10% from its 2008 revenue of $28.2 to 2009 revenue of $31.0 billion, Deloitte could conceivably become the largest Big Four firm on the planet.
PricewaterhouseCoopers, 2008 revenue, tax and advisory, assurance, cluster structure, growth
Posted by: Big4 10.01.2008 11:07 am
 Views: 211 |
 Comments: 0 |
 Votes |
COMMENTS:
Free Subscription
Subscribe to
Newsletter
Newsletter
