PwC Reports FY2010 Global Revenues of US$26.6 Billion
Total Network Revenues Rise - Advisory Business Returns to Strong Growth
LONDON - PwC reported aggregate gross
revenues of US$26.6 billion for its worldwide network of member firms
for the fiscal year ended 30 June 2010, showing a slight increase in
revenues at constant exchange rates. In US dollars PwC's FY2010
aggregate network revenues rose by 1.5 per cent from FY2009.
Revenues for PwC firm's flagship Assurance services held up well, given
the economic conditions, at US$13.3 billion, down only very slightly
(1.3 per cent) from the previous year. Despite the continued slow
economy, demand increased for Assurance services, but the rise in
demand was more than offset by ongoing pricing pressure in a fiercely
competitive market. PwC's Assurance operations continued to invest in
service quality and maintained their status as the largest assurance
practice in the world.
Demand for Tax services also improved during the course of the year as
the global economy strengthened. Tax revenues, however, ended the year
down 2.9 per cent to US$7.1 billion held back by the worldwide slowdown
in corporate deals and restructuring activity.
PwC's Advisory businesses returned to healthy growth in FY2010 with
revenues of US$6.2 billion, up 7.9 per cent over the previous 12
months. PwC's consulting businesses grew particularly strongly up 15
per cent. Advisory results also reflected an improvement in the
economic environment over the course of FY2010, as well as revenues
from a number of strategic acquisitions. PwC Advisory is expected to
remain a key source of future growth.
"The increase in revenues is a creditable achievement and PwC firms in
our key countries consistently maintained their positions as market
leaders," said Dennis M. Nally, Chairman PricewaterhouseCoopers
International. "This performance reflects the commitment and dedication
of our people, and the ongoing effort of PwC firms to manage through
the downturn without losing sight of the need to keep focused on the
potential for renewed growth.
"The global economy has taken longer to recover than many of us
anticipated, and sluggish business conditions in many parts of the
world continue to weigh on our clients and on PwC," said Mr. Nally.
"There were some signs of improvement in the last quarter of FY2010 and
we are hopeful of continued growth through the remainder of FY2010 and
beyond. So far in FY2011 we have seen encouraging growth in volumes of
business right across our range of services."
Geographically, like the overall economic recovery, results for PwC
firms varied widely by region. Revenues grew by 8.2 per cent in Asia,
and by 8.5 per cent in the Middle East and Africa. Revenues remained
steady in Western Europe but slipped slightly (1.7 per cent) in North
America and the Caribbean.
Looking forward Mr. Nally said: "The new economic and business
realities emerging in the recovery demand a sharpened focus on
providing distinctive, first quality service for our clients, while
understanding the need to remain very cost effective in the current
economic climate. PwC has recently introduced changes in our branding,
including a renewed brand promise that will be the focus of all our
162,000 people around the world - to build relationships with clients
that help them to create the value they seek."