PwC 2007 revenues rises to $25.2 billion
Date: 01-10-2007
Source: Hugin Press Release
PricewaterhouseCoopers today reports that worldwide gross revenues of its network of firms increased 10.5 per cent at constant exchange rates, to a record US$25.2 billion for the fiscal year ended 30 June 2007. At variable rates of exchange, growth was even higher at 14.4 per cent.
Revenue figures are released along with PricewaterhouseCoopers' 2007 Global Annual Review. The Review provides insights into the strategies, operations and activities in the broader global community by the PwC worldwide network.
"Revenues for the PwC international network remained strong in FY2007, reflecting strong economic conditions, our strategic focus on key growth markets and the increasing scale and scope of our tax and advisory businesses," says PricewaterhouseCoopers' Global CEO Samuel A. DiPiazza, Jr. "Our network has again achieved healthy growth across the globe in each of our lines of service, as we continue to capitalise on the strength of our brand and the quality of our people and services."
Revenues for PwC's Global Advisory service line increased 14.6 per cent in FY2007 to US$5.7 billion driven by a large volume of deals-based activity and strategic emphasis on priority services and clients. Global Tax revenues increased by 15.1 per cent to US$6.3 billion, again boosted by growth from M & A-related activities.
Despite lower demand for work related to adoption of International Financial Reporting Standards, Sarbanes-Oxley-related business, and the more mature nature of the assurance market for PwC in developed economies around the world, worldwide assurance revenues were up 6.7 per cent to US$13.1 billion.
"We believe the prospects for continued growth remain good, despite the current dip in worldwide business confidence caused by subprime credit concerns in the United States. For PwC, the long-term challenge is to maintain our leading position in the world's developed countries and at the same time build on the healthy growth we are producing in fast developing economies," says Mr. DiPiazza.
The PricewaterhouseCoopers network performed well in all major geographic markets in FY2007. Developing markets continued to show particularly strong growth. Revenues increased by 22.4 per cent in Central and Eastern Europe, 19.1 per cent in South and Central America and 20.8 per cent in the Middle East and Africa. Revenues from North America and the Caribbean were up 7.8 per cent, and in Asia, revenues rose 18.8 per cent.
Western Europe and Australia and the Pacific Islands also continued to perform well with revenues up 9.4 per cent and 10.3 per cent respectively.
For the third consecutive year, many large PricewaterhouseCoopers firms achieved double-digit revenue growth, with particularly strong performance reported in India, China, and the Middle East.
In the 2007 Global Annual Review, Mr. DiPiazza says that the accounting profession has made an effective transition to a regulated business, based on continuous efforts to improve the quality of its people, its technical advice and its client service. He calls for convergence of overlapping regulatory systems, including registration, inspections and discipline, in order to cut complexity and cost without reducing protection for investors.
Mr. DiPiazza also calls for "far reaching and radical reform" of corporate reporting to allow for better international comparability of company results.
* Growth Continues in All Major Regions and Territories
* Tax Business Up 15.1 Per Cent
* Advisory Business Up 14.6 Per Cent
* India, China, Middle East Particularly Strong
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