- Price Waterhouse Coopers Revenues Hit $35.9b
Price Waterhouse Coopers (PwC) International Ltd has reported global gross revenues of $35.9 billion for the fiscal year ended June 30, 2016. The firm said at constant exchange rates (local currency), its total global revenues rose by over seven per cent.
Pricewaterhouse Coopers (PwC) International Ltd Chairman, Bob Moritz, said the revenue growth was as a result of the strength of its brand, the opportunities it provides for its people, the quality of services and its focus on meeting the needs of stakeholders.
Noting that these attributes remain at the heart of PwC and how it measures its success, Moritz said, “Our revenue growth in fiscal year 2016 across all major markets and businesses is testament to our fundamental purpose of building trust and solving problems.”
He said that to secure future growth, PwC was investing heavily in technology to enhance the quality and impact of its services and make the best use of the skills of its people. “The world is changing rapidly and we are planning for the services our clients, capital markets and other stakeholders will need tomorrow, as well as serving their needs today,” he said.
Moritz said whether it’s the tax and audit services of the future, transformational consulting, block chain or augmented reality, the firm was implementing a strategy to meet the long-term needs of its stakeholders and the career aspirations of its people.
“This is an era of unprecedented scrutiny and the public expects more from business today. We are focused on how we can best serve not just the needs of our core stakeholders, but society at large. This is reflected in our purpose, the culture we’re building right across our network and in the stories we tell in our annual review,” he stated.
PwC’s fiscal year 2016 global annual review is an online digital experience that uses video, graphics and stories to show who the firm is, what it does, what it thinks and how it is doing.
According to a report, more revenue growth was coming from developing markets – particularly Asia where revenues grew by 10 per cent, with strong performances in India and China.
In North America and the Caribbean, revenues grew by eight per cent boosted by a strong performance from the United States (US), the firm’s largest market in the world. While in South and Central America, revenues were up nine per cent.
In Western Europe growth was steady, up six per cent. Central and Eastern Europe posted robust revenue growth of 10 per cent.
Demand for PwC’s network’s audit and assurance businesses remained strong despite fierce competition and price pressure across the world.
In the year under review, PwC’s $15.3 billion assurance business grew by six per cent.
Broader assurance services such as Information Technology (IT), risk and data assurance are all areas where PwC is driving innovation and increasing investment.
Advisory growth of eight per cent to $11.5 billion was driven by an increased demand from clients for PwC’s network strategy through execution services and by excellent growth across a broad range of consulting, forensics and deals-related work.
In particular, cyber security, digital and data & analytics services benefitted from the company’s significant recent investments.
The strong market for deals positively impacted its network’s tax operations, with revenues increasing by seven per cent to $9.1 billion. In addition, there was continuing strong demand for compliance, corporate consulting and transfer pricing work globally.
Moritz, however, said quality continues to be the driving force of all PwC’s operations around the world. He said 2016 alone, $500 million was invested to further enhance the quality and delivery of its services as the company continues to focus rigorously on meeting the needs of its stakeholders.
He added that the PwC network welcomed a record level of new joiners, adding 58,081 people in 2016, including 26,780 graduates. Overall PwC’s global headcount grew by over seven per cent to more than 223,000 people.