PwC reports global revenues of $42bn

For the 12 months ending 30 June 2019, PwC firms around the world had gross revenues of $42.4bn (£34.1bn) – up 7% in local currency and 4%.

The ‘Big Four’ accountancy firm said revenues grew across all lines of business and major markets, boosted by “the power of the PwC brand and continued significant investments in quality, technology and people”.

In the Americas, revenues were up by 5% compared with 4% the prior year, with a “particularly strong performance” from operations in the United States and Canada, offset by some challenging economic conditions in Brazil where revenue rose by 2%.

Growth in Western Europe was also up by 7%. In Central and Eastern Europe, revenues continued to grow strongly – up 10% – marking the fourth consecutive year of double digit growth.

Revenue growth from the Middle East and Africa was also strong, despite some challenging market conditions, increasing by 9%. Across Asia, revenues grew by 9% while in Australasia and the Pacific, PwC enjoyed another strong year with revenues rising by 10%.

PwC’s tax and legal revenues increased by 6% to $10.7bn (£8.7bn), which it said was driven by “continued complexity and change in many local tax systems, as well as the state of flux in the global regulatory and economic landscape”. It added that demand was particularly high for its people and organisation services, legal services, and tax reporting and strategy services.

Its advisory arm was found to be the biggest contributor to revenue growth, up 10% to $14.4bn (£11.7). The firm said it has developed a “strong reputation for delivering value for clients from strategy to execution” and as such is driving high demand, particularly relating to deals, value creation and business transformation.

It also reported that despite “very mature and highly competitive markets”, revenues from PwC assurance operations grew by 5% to $17.4bn (£14.1bn)

Bob Moritz, PwC’s global chairman, said: “Over the past year, we’ve continued to focus on delivering value to our stakeholders, working hard to build trust and help our clients solve their most complex problems. As a result, PwC businesses grew in all major markets around the world.

“Our strong growth in revenues has enabled us to continue to invest in our businesses and our people. Investments in technology are making our services more relevant and enhancing the quality of our work.”

He added: “PwC firms now employ 276,000 people worldwide and are investing heavily in learning and development to ensure our people can build rewarding careers and are prepared for the future world of work.”