International Investing

PwC reports $39.5 billion (£30.93 billion) in global revenues


Big Four accounting network PwC reported total global gross revenues of U.S. $35.9 billion (£28.12 billion) for the fiscal year that ended June 30, an increase of over 7 percent.

The firm said that growth was strongest in developing markets, with revenues from Asia increasing 10 percent, tying with Central and Eastern Europe, while those from South and Central America growing 9 percent, those from North American and Caribbean growing 8 percent, and revenues from Western Europe up 6 percent.

In terms of practice area, assurance services, including IT, risk and data assurance, grew 6 percent, to $15.3 billion (£11.98 billion). Advisory service revenues hit $11.5 billion (£9.01 billion), up 8 percent, with “excellent growth” in consulting, forensics and deal-related work. PwC said that a strong market for deals also boosted its tax operations, which hit $9.1 billion (£7.13 billion) in revenue, up 7 percent.

“Our revenue growth in FY16 across all major markets and businesses is testament to our fundamental purpose of building trust and solving problems,” PricewaterhouseCoopers International chairman Bob Moritz said in a statement, “To secure future growth, we are investing heavily in technology to enhance the quality and impact of our services and make the best use of the skills of our 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 added. “Whether it’s the tax and audit services of the future, transformational consulting, blockchain or augmented reality, we are implementing a strategy to meet the long-term needs of our stakeholders and the career aspirations of our people.”

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The author Paul